CH # 29__General Requirements for Licensees Flashcards
What are the three licensee types?
Broker
Managing Broker
Leasing Agent
What is the document that indicates that CE credit has been approved?
Certificate of registration
When must a licensee notifying the Division of any change of name, address or office location?
Immediately
What constitutes escrow monies?
Escrow monies include earnest monies, security deposits and any other legal tender, including promissory notes.
A credit hour must include classroom instruction in coursework of a minimum of:
35 minutes
40 minutes
50 minutes
55 minutes
50 minutes
Broker licensees are exempt from continuing education requirements if they serve in the United States armed forces, serve as an elected state or federal official, or ____________________.
serve as an appointed member of federal government.
serve as a full-time employee on a MLS board.
serve as a full-time employee of the Department.
serve as an appointed member of state government.
serve as a full-time employee of the Department.
Who is responsible to demonstrate evidence of CE compliance?
Each renewal applicant
IDFPR
Managing Broker
MLS Boards
Each renewal applicant
What are the three licensee designations in Illinois?
Salesperson, Agent, Licensee
Agent, Subagent, Broker
Broker, Managing Broker, Leasing Agent
Agent, Representative, Lessor
Broker, Managing Broker, Leasing Agent
Within how many days does a change in managing brokers need to be reported to the IDFPR?
10
15
20
30
15
Individuals renewing or obtaining a managing broker’s license must complete a broker-management course of how many CE credit hours?
4
6
9
12
12
Managing Broker Jane owns a recreational vehicle that contains real estate records. She’d like to have her RV licensed as her principal place of business. What does the law say about this type of action?
The RV can be used as a principal place of business office.
The RV is not considered an office under Illinois Law.
The RV is not an office, until a phone line can be installed.
The RV can be used as a part-time office and licensed as a branch office.
The RV is not considered an office under Illinois Law.
When does a real estate advertising business need to hold a real estate license?
If and when the business engages in the practice of real estate brokerage.
When the company has over 80% of real estate related advertisement business.
If the company is operating solely as an advertising firm for real estate licensees.
If and when any employee holds a real estate licensee.
If and when the business engages in the practice of real estate brokerage.
