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Unit 14: Illinois Real Estate License Law > Assessment > Flashcards

Assessment Flashcards

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1
Q

In Illinois, which of these needs to hold a real estate license?
a) A licensed attorney acting under a power of attorney to convey real estate
b) A person who employs fewer than 3 apartment residential leasing agents
c) A resident apartment manager working for an owner, if the manager’s primary residence is the apartment building being managed
d) A partnership selling a building owned by the partners

A

A person who employs fewer than 3 apartment residential leasing agents

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2
Q

An unlicensed man has been twice found to be engaging in activities for which a real estate license is required. He is subject to a civil penalty not to exceed $___ per violation

A

25,000

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3
Q

An unlicensed man has been twice found to be engaging in activities for which a real estate license is required. He is subject to…

A

A civil penalty

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4
Q

The inital broker’s license fee for a partnership, LLC, or corporation…

A

$125

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5
Q

After the first renewal period, to meet the continuing education requirement in IL, brokers must obtain how many hours of continuing education during the current term of the license?

A

12

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6
Q

Should the Department issue a citation against a licensee for failure to comply with the continuing education requirements, the maximum fine allowable is…

A

$2,000

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7
Q

If an aggrieved person is awarded a judgment against a real estate licensee for violations of the Real Estate License Act of 2000, under the license law, the aggrieved party has the right to a(n) ___, together with the costs of suit and attorney’s fees.

A

amount adopted by rule

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8
Q

If an aggrieved person is awarded a judgment against a real estate licensee for violations of the Real Estate License Act of 2000, under the license law, the aggrieved party has the right to an amount adopted by rule, together with the costs of ___ and ___.

A

suit and attorney’s fees

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9
Q

A sponsoring broker who lives in a state that has a reciprocal licensing agreement with Illinois may be issued an Illinois license if…

A

The sponsoring broker’s home state has a reciprocal licensing agreement with Illinois

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10
Q

Which of the following is an acceptable name for a real estate team?
a) Tom Carson Specialty Properties
b) The Tom Carson Realty
c) Tom Carson Associates
D) The Tom Carson Team

A

The Tom Carson Team

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11
Q

A sponsoring broker licensed in Illinois by reciprocity with another state must appoint the ___, in writing, to act as the agent of notice for all judicial and legal notices.

A

Secretary

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12
Q

A sponsoring broker licensed in Illinois by reciprocity with another state must appoint the secretary, ___, to act as the agent of notice for all judicial and legal notices.

A

in writing

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13
Q

A sponsoring broker licensed in Illinois by reciprocity with another state must appoint the secretary, in writing, to act as the ___ for all judicial and legal notices.

A

agent of notice

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14
Q

A sponsoring broker licensed in Illinois by reciprocity with another state must appoint the secretary, in writing, to act as the agent of notice for all ___ and ___ notices.

A

judicial and legal notices

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15
Q

If a designated managing broker is found guilty of violating the Real Estate License Act of 2000, her sponsoring broker may be disciplined if…

A

The sponsoring broker had prior knowledge of the violation

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16
Q

Which of these activities requires a real estate license?
a) An individual or entity that engages in the sale of assignable contracts on 2 or more transactions in any 12 month period
b) A resident manager who collects rent on behalf of a building owner
c) A multiple listing service providing listing information to members
d) An executor selling a decendent’s building

A

An individual or entity that engages in the sale of assignable contracts on 2 or more transactions in any 12 month period

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17
Q

An Illinois Real estate broker’s license can be ___ for depositing escrow money in her personal checking account

A

revoked

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18
Q

A broker has violated the license law, resulting in monetary damages to a consumer. What is the latest date on which the injured party may file a lawsuit that may result in a collection from the Real Estate Recovery Fund?

A

2 years after the alleged violation occurred

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19
Q

A sponsoring broker offers the seller the following inducement to sign his listing agreement: “I’ll buy your property if it doesn’t sell in 90 days.” Under these facts, the sponsoring broker may NOT….

A

buy the property at the agreed figure any time during the 90 days without agreement of the seller

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20
Q

Which action is legal under IL law?
a) Encouraging a seller to reject an offer because the prospective buyer is Jewish
b) Advertising that individuals who attend a promotional presentation will receive a prize without mentioning that they will also have to take a dayy trip to a new subdivision site
c) Standing in the hallway outside the testing room and offering employment to new licensees as soon as they receive their passing score at the testing center
d) Placing a “for sale” sign in front of a house after asking the seller’s permission and receiving written permission to do so

A

Placing a “for sale” sign in front of a house after asking the seller’s permission and receiving written permission to do so

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21
Q

All advertising by an affiliated licensee must include…

A

the name of the licensee’s sponsoring broker

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22
Q

In IL, all real estate brokers’ licenses expire on…

A

April 30 of every even-numbered year

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23
Q

In Illinois, an individual who wishes to engage only in activities related to the leasing of residential real property may obtain a(n) ___ license by completing 15 hours of instruction and passing a written exam.

A

Residential leasing agent

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24
Q

In Illinois, an individual who wishes to engage only in activities related to the leasing of residential real property may obtain a residential leasing license by completing ___ hours of instruction and passing a written exam.

A

15

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25
Q

In Illinois, an individual who wishes to engage only in activities related to the leasing of residential real property may obtain a residential leasing license by completing 15 hours of instruction and passing a(n) ___.

A

Written exam

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26
Q

The purpose of the ___ is to provide a means of compensation for actual monetary losses suffered by individuals as a result of the acts of a licensee who violated the license law or committed other illegal acts related to a real estate transaction.

A

Real Estate Recovery Fund

27
Q

Which of the following is a legal real estate advertisement?
a) Julia Wonders, 312-867-5309
b) Frank Jacobs Realty, We charge 1% less than the standard area commissions
c) Frontage Road Brokerage, we pay $500 for every client referral
d) Addison Smith, Broker, ABC Real Estate

A

Addison Smith, Broker, ABC Real Estate

28
Q

A person who practices as a real estate broker without a license in IL is subject to a civil fine of up to….

A

$25,000 for each offense

29
Q

What are the 3 categories of real estate licensees designated by the Act?

A

1) Broker
2) Managing Broker
3) Residential Leasing Agent

30
Q

How old must an applicant for managing broker be?

A

At least 20

31
Q

Under no circumstances, may a corporation, partnership, or LLC receive a broker’s license under IL law. True or false?

A

False

32
Q

What is the age requirement for a broker?

A

18

33
Q

What is the age requirement for a residential leasing agent?

A

18

34
Q

Managing brokers must complete ___ hours of pre and post license education.

A

165

35
Q

In order to obtain a license, which license categories are required to pass an exam?

A

All categories

36
Q

One educational requirement that all license categories have is…

A

High school diploma or GED

37
Q

___ must complete 165 hours of pre and post license education

A

managing brokers

38
Q

Brokers must complete ___ hours of pre and post license education.

A

120

39
Q

___ must complete 120 hours of pre and post license education

A

Brokers

40
Q

Managing brokers must have held a broker license for at least ___ out of the past ___ years.

A

2 out of the past 3 years

41
Q

___ must have been licensed at least 2 out of the past 3 years.

A

managing brokers

42
Q

Which license categories require a minimum age of 18 or older?

A

Leasing agent
Broker

43
Q

When a licensee or the sponsoring broker terminates employment with the sponsoring broker or managing broker for any reason, the licensee must ___ via the ___.

A

inform the department via the IDFPR online portal

44
Q

After passing the state exam, an individual is automatically licensed to practice real estate. True or false?

A

False

45
Q

When a licensee or the sponsoring broker terminates employment with the sponsoring broker or managing broker for any reason, who must notify the department via the IDFPR online portal?

A

Both the licensee and their designated managing broker

46
Q

After passing the state exam, what needs to be done in order to be licensed to practice real estate in IL?

A

A formal license application needs to be made to the state

47
Q

What is required for dual agency?

A

Informed written consent and confirmation

48
Q

___ allows a sponsoring broker to appoint or assign one agent for the buyer and one agent for the seller, even within the same firm, without legally being construed as a dual agent.

A

Designated agency

49
Q

Designated agency allows a sponsoring broker to appoint or assign one agent for the buyer and one agent for the seller, even within the same firm, without legally being construed as ___.

A

a dual agent

50
Q

A licensee may not serve as a dual agent in any transaction in which…

A

they have either direct or indirect ownership interest in

51
Q

While the IDFPR is authorized to place a licensee on probation and to impose a civil penalty, it is not authorized to impose any other disciplinary penalties. True or false?

A

False

52
Q

Broker A represents a seller. Broker B represents a buyer. To save time and effort, Broker A decides to bypass Broker B and negotiate directly with the buyer. Under IL law, Broker A is…

A

Subject to IDFPR disciplinary action if found guilty

53
Q

IDFPR is authorized to place a license on ___ and to impose a(n) ___.

A

probation
civil penalty

54
Q

IDFPR is authorized to refuse to ___ or ___ any license.

A

Issue or renew

55
Q

IDFPR is authorized to ___ or ___ any license.

A

suspend or revoke

56
Q

IDFPR is authorized to ___ or ___ a licensee

A

Censure or reprimand

57
Q

The ___ is the key governing authority for real estate activity in IL.

A

IDFPR

58
Q

The IDFPR ___ is responsible for administering and enforcing the Act.

A

Division of Real Estate

59
Q

Licensees and prospective licensees should have a clear understanding of all facets of the ___ and ___ to ensure their activities are ethical, legal, and responsible.

A

Act and rules

60
Q

___ lists a long series of specific definitions designed to give a clear understanding of real estate practice in Illinois.

A

The Act

61
Q

After the first renewal period, to meet the continuing education requirement, brokers must maintain ___ hours of continuing education during the current term of the license.

A

12

62
Q

If an aggrieved party is awarded a judgment against a real estate licensee for violation of the Act, the aggrieved party has the right to a maximum award amount of $___ from the real estate recovery fund, plus ___ and ___.

A

50,000
plus court costs
and attorney fees

63
Q

If an aggrieved party is awarded a judgment against a real estate licensee for violation of the Act, the aggrieved party has the right to a maximum award amount of $50,000 from the ___, plus court costs and attorney fees.

A

real estate recovery fund

64
Q

In a suit where a judgment is made against a real estate licensee for violation of the Act, who has the right to a maximum award amount of $50,000 from the real estate recovery fund, plus court costs and attorney fees?

A

The aggrieved party

Unit 14: Illinois Real Estate License Law (8 decks)

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