Does IL Broker need Managing broker?

[Account Closed]

In Illinois we have broker license and managing brokers license, no agent license.

Can an IL Broker work for themselves or do they need to be associated/sponsored by a Managing Broker?

I’m asking in general but also for wholesalers that now need to be licensed brokers as of Aug 2019.

Thanks!

[Kobe Xin]

Hey @Account Closed I don't operate from Illinois so you probably think I don't know what I'm talking about, but from what I've seen on BP and heard from friends I believe you would need to hang your license with a sponsoring broker until you are a managing broker yourself. I also find it helpful to work with a broker in the beginning so I can learn from them and have an extra layer of legal protection since most brokers will review your transactions and in most states, sponsoring brokers carry the legal liability (That doesn't give agents a free pass to do whatever we want). Hope I offered some value!