Question

Sam is an investor and owns a portion of a limited partnership that owns many pieces of real estate. Wishing to sell his interest, he contacts Broker Bob. In Illinois, what will Broker Bob need to do this?

a) A securities license.
b) An appraiser's license.
c) A real estate license.
d) A partnership license.

Answer 1

In Illinois, Broker Bob would need a real estate license to sell Sam's interest in the limited partnership that owns real estate.

Step-by-step explanation:

In Illinois, for Broker Bob to sell Sam's interest in the limited partnership that owns real estate, he would need a real estate license. A real estate license is required to engage in the buying, selling, or leasing of real estate properties. Since Sam owns a portion of the limited partnership that owns real estate, Broker Bob would need a valid real estate license to facilitate the sale.