Which of the following is NOT a requirement for a licensee in Illinois?

In Illinois, it is not necessary for a licensee to have a separate license for each type of property. Instead, a single broker's license allows an individual to operate in various real estate transactions without needing distinct licenses specific to each property type, such as residential, commercial, or industrial properties. This streamlined approach facilitates the practice of real estate by reducing the regulatory burden on licensees, allowing them to engage with a broader range of property transactions under one license.

The other options represent actual requirements for licensed real estate professionals in Illinois. Maintaining an escrow account for handling client funds is a critical obligation to ensure the proper management of those funds. Paying state taxes is a legal requirement for all professionals operating within Illinois, as it is essential for compliance with state laws. Continuing education is also mandatory for license renewal, ensuring that brokers remain knowledgeable about current laws, regulations, and best practices in the real estate industry.