Leasing License Practice Exam

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What is required when a licensee changes their address?

Notify the local real estate board
No notification is necessary
Notify the IDFPR of every address where they practice
Publish the new address in a newspaper

The correct answer is: Notify the IDFPR of every address where they practice

When a licensee changes their address, it is essential to notify the Illinois Department of Financial and Professional Regulation (IDFPR) of every address where they practice. This is important for regulatory compliance and ensures that the licensee's records are current, allowing for effective communication from the IDFPR. Keeping this information updated is critical for maintaining a valid license, as it allows for proper oversight and ensures that the licensee is reachable by the regulatory body. The requirement to inform the IDFPR emphasizes the need for accountability and transparency within the real estate profession. This helps foster trust and professionalism in the industry, ensuring that all parties involved in transactions can verify the legitimacy of the licensee's credentials and current professional address. Understanding this obligation highlights the regulatory framework that governs real estate practices and the importance of maintaining accurate and up-to-date information with licensing authorities.