Illinois Real Estate Exam Practice Question
Which of the following is exempt from the Illinois Real Estate License Act of 2000?
Correct Answer: A
Rationale: The executor of an estate is exempt from the Illinois Real Estate License Act of 2000 because they are acting under the authority granted by a will or court, managing property as part of their fiduciary duties rather than engaging in real estate transactions for profit.
In contrast, a farm manager (B) typically engages in activities that require a license, as they manage rental properties for compensation. A real estate referral company (C) also requires a license to facilitate transactions, as they earn fees for referrals. Lastly, property managers (D) are involved in leasing and managing properties for owners, which necessitates licensure under the Act.
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