CH # 31__Licensed versus Unlicensed Activities Flashcards
Under the rental finding services regulations, it is considered prima facie proof of a listing not being current if the unit has not been available for rent for over:
Two Days
A tenant of a residential dwelling unit does not need to have a real estate license if he doesn’t refer more than how many tenants in a 12-month period?
Three
What does a rental finding service do?
Finds, attempts to find, or offers to find, for any person who pays or is obligated to pay a fee or other valuable consideration, a unit of rental real estate or a lessee to occupy a unit of rental real estate, not owned or leased by the business
Any business which finds, attempts to find, or offers to find, for any person who pays or is obligated to pay a fee or other valuable consideration, a unit of rental real estate or a lessee to occupy a unit of rental real estate, not owned or leased by the business is known as:
A brokerage
A sponsoring brokerage
A rental finding service
A rental location specialist
A rental finding service
Which of the following would NOT require a real estate license?
A person who deals in options
An attorney representing a client
One who sells or leases at an auction
A person who negotiates to help someone else buy or sell real estate
An attorney representing a client
Who does NOT need a real estate license under Illinois law?
Someone supervising the collection of rent (or offering to do so) for the use of real estate.
Someone advertising or representing herself as working to buy, sell, exchange, rent or lease real estate.
Someone who negotiates or agrees to negotiate the sale, exchange, purchase, rental or lease of real estate.
An attorney acting under a power-of-attorney to deal with property from the owner.
An attorney acting under a power-of-attorney to deal with property from the owner.
In which of the following situations, when performing duties for compensation, must a person or corporation have a real estate license?
Only when the person or corporation advertises or represents herself as working to buy, sell, rent, exchange or lease real estate.
Only when the person or corporation opens real estate to the public, for the purpose of marketing.
Only when selling or leasing, or offering to sell or lease real estate at an auction.
All of the above situations require a person or corporation to have a real estate license.
All of the above situations require a person or corporation to have a real estate license.
Which of the following entities are exempt from holding a license?
General circulation newspapers
Rental Finding Service
Real estate firm
Companies offering properties for exchange.
General circulation newspapers
Janice performs only activities related to the leasing of residential property, and she requires a license. Which of the following titles applies to Janice?
Agent
Broker
Salesperson
Leasing Agent
Leasing Agent
Which of the following is a true statement?
Agents selling real estate less than 10 hours a week do not need to be licensed.
Agents selling real estate less than 45 hours a month do not need to be licensed.
State and federal employees performing official duties do not need to be licensed.
Auctioneers selling property do not need to be licensed.
State and federal employees performing official duties do not need to be licensed.
Which of the following is true regarding licensure?
Part-time Realtors must be licensed.
Full-time Realtors must be licensed.
Anyone offering to negotiate the sale of real estate must be licensed.
All of the above are true.
All of the above are true.
