Assessment Flashcards
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 person who employs fewer than 3 apartment residential leasing agents
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
25,000
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
The inital broker’s license fee for a partnership, LLC, or corporation…
$125
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?
12
Should the Department issue a citation against a licensee for failure to comply with the continuing education requirements, the maximum fine allowable is…
$2,000
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.
amount adopted by rule
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 ___.
suit and attorney’s fees
A sponsoring broker who lives in a state that has a reciprocal licensing agreement with Illinois may be issued an Illinois license if…
The sponsoring broker’s home state has a reciprocal licensing agreement with Illinois
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
The Tom Carson Team
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.
Secretary
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.
in writing
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.
agent of notice
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.
judicial and legal notices
If a designated managing broker is found guilty of violating the Real Estate License Act of 2000, her sponsoring broker may be disciplined if…
The sponsoring broker had prior knowledge of the violation
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
An individual or entity that engages in the sale of assignable contracts on 2 or more transactions in any 12 month period
An Illinois Real estate broker’s license can be ___ for depositing escrow money in her personal checking account
revoked
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?
2 years after the alleged violation occurred
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….
buy the property at the agreed figure any time during the 90 days without agreement of the seller
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
Placing a “for sale” sign in front of a house after asking the seller’s permission and receiving written permission to do so
All advertising by an affiliated licensee must include…
the name of the licensee’s sponsoring broker
In IL, all real estate brokers’ licenses expire on…
April 30 of every even-numbered year
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.
Residential leasing agent
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.
15
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) ___.
Written exam
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.
Real Estate Recovery Fund
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
Addison Smith, Broker, ABC Real Estate
A person who practices as a real estate broker without a license in IL is subject to a civil fine of up to….
$25,000 for each offense
What are the 3 categories of real estate licensees designated by the Act?
1) Broker
2) Managing Broker
3) Residential Leasing Agent
How old must an applicant for managing broker be?
At least 20
Under no circumstances, may a corporation, partnership, or LLC receive a broker’s license under IL law. True or false?
False
What is the age requirement for a broker?
18
What is the age requirement for a residential leasing agent?
18
Managing brokers must complete ___ hours of pre and post license education.
165
In order to obtain a license, which license categories are required to pass an exam?
All categories
One educational requirement that all license categories have is…
High school diploma or GED
___ must complete 165 hours of pre and post license education
managing brokers
Brokers must complete ___ hours of pre and post license education.
120
___ must complete 120 hours of pre and post license education
Brokers
Managing brokers must have held a broker license for at least ___ out of the past ___ years.
2 out of the past 3 years
___ must have been licensed at least 2 out of the past 3 years.
managing brokers
Which license categories require a minimum age of 18 or older?
Leasing agent
Broker
When a licensee or the sponsoring broker terminates employment with the sponsoring broker or managing broker for any reason, the licensee must ___ via the ___.
inform the department via the IDFPR online portal
After passing the state exam, an individual is automatically licensed to practice real estate. True or false?
False
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?
Both the licensee and their designated managing broker
After passing the state exam, what needs to be done in order to be licensed to practice real estate in IL?
A formal license application needs to be made to the state
What is required for dual agency?
Informed written consent and confirmation
___ 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.
Designated agency
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 dual agent
A licensee may not serve as a dual agent in any transaction in which…
they have either direct or indirect ownership interest in
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?
False
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…
Subject to IDFPR disciplinary action if found guilty
IDFPR is authorized to place a license on ___ and to impose a(n) ___.
probation
civil penalty
IDFPR is authorized to refuse to ___ or ___ any license.
Issue or renew
IDFPR is authorized to ___ or ___ any license.
suspend or revoke
IDFPR is authorized to ___ or ___ a licensee
Censure or reprimand
The ___ is the key governing authority for real estate activity in IL.
IDFPR
The IDFPR ___ is responsible for administering and enforcing the Act.
Division of Real Estate
Licensees and prospective licensees should have a clear understanding of all facets of the ___ and ___ to ensure their activities are ethical, legal, and responsible.
Act and rules
___ lists a long series of specific definitions designed to give a clear understanding of real estate practice in Illinois.
The Act
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.
12
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 ___.
50,000
plus court costs
and attorney fees
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.
real estate recovery fund
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?
The aggrieved party
