Chapter 1 - Illinois License Law

Question 1

Broker

Answer 1

individual licensee who performs or assists a managing broker in performing the activities requiring a licensure, but who may work only under the name and supervision of a sponsoring broker

Question 2

Coordinator

Answer 2

The coordinator of Real Estate created in section 25-15 of the Illinois real estate license act

Question 3

Leasing Agent

Answer 3

A person who is employed by a real estate broker to engage in icensed activities imited to leasing residential real estate, and who has obtained a license as residential real estate, and who has obtained a license as provided for in section 5-5 of illinois real estate license act.

Question 4

Licensee

Answer 4

Any person defined in section 1-10 of the illinios real estate license act who holds a valid unexpired license as a real estate broker, real estate managing broker, or leasing agent

Question 5

Managing Broker

Answer 5

A broker who has supervisory responsibilities for licensees in one, or in the case of a multi-office company, more than one office, and who has been appointed as such by the sponsoring broker.

Question 6

Pocket Card

Answer 6

The card issued by the Department of Financial and Professional Regulation to signify that the person named on the card is currently licensed under the Illinois Real Estate License Act

Question 7

Reciprocity

Answer 7

When states agree to allow licensees from other states to sell real estate in their own

Question 8

Sponsoring Broker

Answer 8

The licensed person or entity who has issued a sponsor card to a licensed broker or a leasing agent