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A real estate license is an authorization issued by a government body to give agents and brokers the legal authority to represent a home seller or buyer in a real estate transaction. Real estate agents and real estate brokers are required to be licensed when conducting real estate transactions in the United States and in a small number of other ...
The Illinois Department of Financial and Professional Regulation (IDFPR) is the Illinois state government code department [1] [2] that through its operational components, the Division of Banking, Division of Financial Institutions, Division of Professional Regulation, and Division of Real Estate, oversees the regulation and licensure of banks and financial institutions, real estate businesses ...
Nevertheless, lawyers do get a break in the minimum education requirements (for example, 90 hours in Illinois). [3] Some other states have recently eliminated the salesperson's license, instead, all licensees in those states automatically earn their broker's license. The term "agent" is not to be confused with salesperson or broker.
To become a registered representative in the United States, one must be sponsored by a broker/dealer firm and must pass the FINRA-administered Series 7 examination (known as the General Securities Representative Exam) or another Limited Representative Qualifications Exam. Some state laws and broker/dealer policies also require the Series 63 ...
The Series 7 is a three-hour, forty-five-minute exam. [1] It is held in one four-hour session. There are 125 questions on the test. Candidates have to score at least 72% to pass. The SIE Exam and the Series 7 Exam are co-requisite exams. [9] Average study time is between 80 and 150 hours depending on current financial knowledge. [10]
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The State of Illinois requires four exams to become a nail stylist. [5] On the other hand, there are states which do not license potentially dangerous professions such as radiologic technicians, despite their delivering ionizing radiation to the general public. This is an example of a less-standardized licensure that is part of the licensing ...
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