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Real estate > Chapter 14 A > Flashcards

Chapter 14 A Flashcards

1
Q

what is the department responsible for?

A
  1. conducting license examinations
  2. issuing and renewing license
  3. preparing forms, including application, licenses, and sponsor cards
  4. collecting fees from applicants and licensees
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2
Q

what are additional functions for the department?

A
  1. conducting hearing that may result in the revocation or suspensions of licenses or in the refusal to issue or renew licenses
  2. imposing penalties for violation of the act
  3. restoring suspended or revoked licenses
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3
Q

who is estate coordinator (section 25-15)

A

a licensed broker is appointed to the position real estate coordinator by the secretary of IDFPR ager the recommendation of real estate professionals and organization are consider. this person is surrendered to the department during the appointment.

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4
Q

what estate coordinator’s duties?

A
  1. act as ex officio chairperson of the real estate administration disciplinary board (without a vote)
  2. being the direct liaison between the department, the real estate profession and real estate organization
  3. preparing and circulating education and information material for licenses
  4. appointing any committees necessary to assist the department in carrying out its duties ‘
    5 supervising real estate activities
  5. serving as ex officio chairman of the advisory council with a vote.
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5
Q

what is composition board?

A

this is composed of nine members appointed by the governor, all whom muse been resident and citizen of IL for at least six before their appointment date.

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6
Q

Composition Board, what should the six of nine must have?

A

they must have been active real estate managing broker, broker, salesperson for a least ten years.

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7
Q

Composition Board, what should three of nine must not have?

A

they must be unlicensed unconnected with real estate profession and represent consumer interest.

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8
Q

What is advisory council (section 30-10)?

A

Matters related to real estate education are handled by the Advisory council these five are appointed

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9
Q

How many people on advisory council?

A

five, they are appointed

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10
Q

what is advisory council in charge with?

A

this council is charge with considering application for real estate licensing school and instructors

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11
Q

what is the purpose of advisory council?

A

the purpose of the council is to approve and regulate schools, curricula, sponsors, and programs and suggest administrative rules to the department

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12
Q

what the real estate research and education fund (section 25-25)?

A

this administered by the department and held in trust by IL treasury. On 9/15 each year, the treasure, transfers 125,000 from real estate research and education fun to the real estate license administration, primarily to be sue to promote higher learning for real estate.

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13
Q

who needs be licensed?

A
  1. anyone who is manager, salesperson or sponsor broker

2. anyone who is dealing with restate for money

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14
Q

what are the general requirement before you become a broker?

A
  1. all applicants must pass a written examination administrated by independent testing service, which is applied measurement professional (AMP)
  2. you must apply to AMP
  3. they act as the department and statutory requirements.
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15
Q

what are the requirements to be a broker?

A
  1. must be 21 and will show social security number?
  2. be good moral character
  3. have graduated from high school or GED
  4. Provided satisfactory evidence of completely 90 hours, 15 of them must be in a class room
  5. Must pass the department written exam
  6. submit a valid application for a broker license along with sponsor card and the required fees
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16
Q

what are the requirement to be a manager?

A
  1. must be at least 21
  2. be good moral character
  3. have been licensed as real estate salesperson for at least 2 years
  4. have a high school degree or GED
  5. have complete at 165 hours of education as follows: 120 pre and post license hours, 45 additional hour on brokerage and management
  6. take and pass a department authorize written exam for license
  7. submit a valid application for managing broker license along with a sponsor card, a managing broker appointment and require fees
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17
Q

what is a salesperson?

A

is defined as person, other thran real estate broker or leasing agent, who is employed by a real estate broker or associated with real broker as independent contractor

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18
Q

what happened to the salesperson?

A

the transition to broker will have be complete 30 hours of post license education, pass written exam approved by the dept. and administered by authorized school. this must be done before april 30, 2012

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19
Q

what should every corporation must?

A

they must hold a managing broker license or broker license.

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20
Q

what should every employee must have in corp?

A

every employee of the corp who act as license on the corp’s behalf must also hold a license as real estate broker, manager or leasing

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21
Q

what happen with partnership with real estate?

A

every general partner must hold managing broker license.
every employee who act a license on the partnership’s behalf also must have license as a real estate broker, managing broker’s license

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22
Q

every employee who act on behalf LLC/LLP must have what?

A

they must hold a license, managing broker, broker or leasing agent license

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23
Q

what is requirement for a leasing agent?

A
  1. must be 18
  2. be good moral character
  3. have high school diploma or GED
  4. successfully complete a 15 hour leasing agent pre license course
  5. pass the state exam
24
Q

what happen to your license when you change or leave firms?

A

when you or sponsor terminates employment for any reason

you must obtain your license from the employing broker

you become inoperative (it means you can’t do anything real estate until you have new sponsor)

Once you have a new sponsor. they give you temp sponsor card until the new one comes the sponsor prepares and send duplicate sponsor card the dept for the is transition period whining 24 hour s of sponsorship, along which original signed or terminated license from the previous sponsoring broker and the require fee

25
Q

what is expiration and renewal for your license?

A

these are the dates are established by rule, consistent with act.

26
Q

What is the rule for new licensees before they are brokers?

A

they pay required fee and meeting CE requirement with in the 90 day before expiration of the license

they are required to complete and provide evidence of completing 30 hours of advisory council- approved post license education

15 of 30 hours must consist of classroom instruction or some other mean of interactive real time instruction and discussion between student and instructor and a department approved exam given by the education given by education provider before their CE requirement for this first time renewal period

27
Q

Who does have a fee?

A
  1. active duty with the US armed services or called into service or training by the state militia
  2. engage in training or education under supervision of the US prior induction int the military
  3. serving as the coordinator of real estate in IL or an employee of the department
28
Q

what are the fees?

A

leasing 75
broker 125
sponsor 125

29
Q

what happens if there is returned check or failure to pay (section 20-25)?

A

anyone delivers a check or other payment to the department that is returned. there is a fine of 50 plist the initial amount

If a failure of payment with in 30 days, the department will automatically terminate the license or deny the application without a hearing

30
Q

when are the renewals due?

A

broker: april 30, even years
manager: april 30 odd years
leasing agent: July 31 even years
sponsor: Oct 31, even years

31
Q

what are the exception for continuing education?

A
  1. license who have had the requirements waived for good cause by secretary as recommend by the advisory council
  2. license who serve in the US arm forces
  3. license who are employed full time the department
  4. license who by IL Supreme court rule are authorized to practice law in the state
32
Q

If you get your broker license short then 90 days, what happens?

A

a person who receives their initial broker or manager broker license less then 90 days prior to the renewal date is exempt for the CE course requirement for first renewal.

33
Q

what are the requirement for CE?

A

three hour in each of the following mandatory
Core A: which consist of license and escrow
Core B: which consist of agency and fair housing

34
Q

How many must be done in a class room?

A

a max of hour of coursework also must be complete

35
Q

Where should sponsoring must maintain for a place business?

A

A sponsoring actively engage in the real estate business must maintain definite office or a place of business within IL

36
Q

What should the place business look like?

A

a sponsoring must display a visible, conspicuous identification sign outside the office

Inside they must conspicuously display the branch license the office or place business may not be located any retail of financial establishment

Unless it is set apart as a clearly separate and distinct area with that establishment

37
Q

what should sponsor do establish a branch office?

A

any sponsor who wants to establish branch offices must apply a branch office license for each branch office maintained, sponsor name a manager for each branch and is responsible for the brokers. the manager, who must be a licensed IL managing broker, overseas the branch operates

38
Q

How should the sponsor name the branch office?

A

the name of the branch office must be the same as the primary real estate office or closely linked to it

39
Q

What happen if the branch changes manger or location?

A

the department must be notified immediately in writing of any change of primary or branch office location and within 15 of the a change of a managing broker for any branch

40
Q

what happen if of loss branch office manger?

A

if the sponsor or the manager dies or leave a branch office unexpectedly a request my be to the department with in 15 days of the loss to grant an extension for continued office operations. the extension may be and upon written request by the broker or representatives

41
Q

What must sponsor have with any manager, or broker?

A

they must have employment agreement.

42
Q

what is agency relationship under section 15-10?

A

this is basic relationship with consumers by saying “license shall be considered to be represented the consumer they are working with as a designed agent for the consumer

43
Q

what is the exception for agency relationship section 15-10?

A

1 there is written agreement between the sponsor and consumer providing that there is different relationship
2. the license is performing only ministerial acts

44
Q

what are the 7 statutory duties a license for the client?

A
  1. performing the term of brokerage between a sponsor and client
  2. promoting the best interest of the of the client
  3. obey any direction that are contrary to the law
  4. exercising skill and care in performing brokerage services
  5. timely accounting for all money and property received in which the clients has
  6. keeping condimental information confidential
  7. complying with the Act and applicate statues
45
Q

What are 5 rules under the Act clarifies certain often misunderstood situation that occurs?

A
  1. it is considered reasonable to show available property to various prospects without being viewed as breaching duty to a given client
  2. licensee must provide written disclosure to all clients for whom the license is preparing or making contemplation offers or contracts to purchase or lease the same property and must refer any client that request a referral to another designed agent
  3. is is not considered a conflict for buyer’s agent to show home where in the commission is based the ultimate sale price
  4. unless a lice see “knew or should have know information as false”
  5. the license remains responsible under common law “for negligent or fraudulent misrepresentation of material information
46
Q

how should a broker treat a customer?

A

A broker shall “treat all customers honesty and shall not negligently or knowingly give them false information

47
Q

does it matter who is paying commission?

A

Section 15-40 clearly states that compassion does not determine agency

48
Q

Should buyer and seller sign consent for dual agency?

A

Section 15-45: they require of both buyer and seller for dual agency

49
Q

How should client be handled?

A

the sponsor must “maintain and deposit in special account, separate and apart from personal and other business accounts,all escrow monies belonging to other entrusted to license while acting as real estate agent, escrow agent, temporary custodian of fund to other

50
Q

what is happens if there is dispute with escrow?

A

the sponsor must wait all parties to signal agreement on the escrow disposition by signing definite agreement

51
Q

what is journal for escrow?

A

this must be maintained for each escrow account. it shall show the chronological sequence in which fund were received and distributed

52
Q

what is ledger for escrow?

A

this must be maintained for each transaction. it will show the receipt and disbursement of funds affecting a single particular transaction such as between buyer and seller or other reasons

53
Q

what is monthly reconciliation statement for escrow?

A

each sponsoring broker shall reconcile, within ten days after receipt of the monthly bank statement, each escrow account maintained by the sponsor except when there has been no transactional activity during the previous month

54
Q

what happen if there is audit on escrow account?

A

they must have escrow records within 24 hours of the request to the department personal.

55
Q

How should you maintain escrow records?

A

Escrow records must be maintained for five years . the escrow records for immediate prior 2 years shall be maintained in the office location and the balance of the record s can be maintained at the another location

56
Q

what are rules for the personal assistants?

A

unlicensed assistance can legally perform limited task. However actuarial employment agreement for the license assistance is made with the sponsoring broker

Any person who is license personal assistant for the another broker may only compensated by the sponsor

Real estate (19 decks)

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