Chapter 14 B

Question 1

What are the regulations for Advertising (section 10-30)?

Answer 1

A sponsor must include her business name and franchise affiliation in all advertisement

Question 2

are blind ads legal?

Answer 2

blind ads are prohibited. No blind ad advertisement may be used by a license regarding the sale or lead of any estate, other real estate activities, or hiring of the licensees

Question 3

what must licensee must when advertising?

Answer 3

1. never advertise in only there name
2. always include the firm’s name
3. never advertise another sponsoring broker without permission
4. always keep advertisement up to date and clear

Question 4

what must least licensee have in a advertisement?

Answer 4

1. licensee name
2. company and company’s address, city/state
3. the city area of the advertised property

Question 5

what are the three rules for advertising on the internet?

Answer 5

1. an internet ad must include identification- broker name, company name, company location and geographic location of property
2. E-correspondence, bulletin boards or e-commerce discussion groups require license name, company and company location
3. as the with other advertisement internet site are to be update periodically and kept current

Question 6

what are you not allow for advertising on the internet?

Answer 6

1. “advertising a property that is subject to an exclusive listing agreement with sponsoring broker other the licensee’s own without the permission of the identifying that listing broker”
2. “failing to remove ad of listed property within the reasonable time, given the nature of the advertising, after the earlier of the closing of sale on the lists property or the exertion or termination of the listing”

Question 7

What should a broker if they are selling house?

Answer 7

a broker must

1. always disclose “agent owned”
2. place “agent-owned” on the sign if FISBO

Question 8

what should you do if you are in the phone book?

Answer 8

broker must not place their own names user the heading “real estate” in the telephone directory or otherwise advertise their service to the public through any media without also listing the business name of the sponsoring broker with whom they are affiliated

Question 9

Does print size matter IL?

Answer 9

no, it does matter

Question 10

what is procedures for collecting paycheck?

Answer 10

go to and come sponsor

the check at the closing will be in the sponsor name only

Question 11

Can you receive compensation someone other the sponsor?

Answer 11

section 10-5 licensee may not receive compensation from anyone other sponsor

Question 12

what is exception of getting compensation from your sponsor?

Answer 12

one exception is former licensee now working for another sponsoring broker but who is due a commission from work complete while still at the first firm.

Question 13

what is the discloser of compensation?

Answer 13

Section 10-10 discloser of compensation is significant issue. the act hold the client must be made ware of compensation and source. the sponsor policy on sharing commission with cooperating sponsoring broker.

Question 14

How you sue for commission in IL?

Answer 14

one must be licensed real estate sponsoring broker

Question 15

what does the funds always go through?

Answer 15

the sponsoring broker

Question 16

Can licensee pay referral fee unlicensed person?

Answer 16

No

Question 17

Can you give gift to customer as a part of a game?

Answer 17

yes, Section 10-15, also states “may offer cash, gifts, prizes, awards coupons, merchandise, rebates or chance to win a game of chance. if not prohibited by any other law” to consumer as a legitimate approach to gathering business.

Question 18

How can it be legal sponsor to pay corporation?

Answer 18

it not is legal for sponsoring broker to pay a corporation set up the licensee, rather than the licensee directly, if desired

Question 19

what is happen if a broker is in violation?

Answer 19

1. refuse to issue or renew any license
2. suspend or revoke any license
3. censure or reprimand a license
4. place a licensee on probation
5. impose a civil penalty not more than 25,000 for any one cause or any combination of causes

Question 20

What is nonpayment of child support, income tax, student loans?

Answer 20

In IL the dept will refuse to issue or renew the license of person who are more than 30 day delinquent in child support

anyone who fails to file tax return or to pay any tax

Failure to repay IL student loans is also emphasized. if the student loan is from IL the department will issue license

Question 21

what is guaranteed sales plan?

Answer 21

A sponsor in IL who offers this must be able to

1. provide the details and conditions of the plan in writing to the seller
2. offer evidence of sufficient funds resources to satisfy the agreement’s purchase commitment
3. market the listing in the same manner in which they would market any other
4. not purchase the seller property unit the brokerage agreement has ended or is otherwise terminated

Question 22

what happens if the spinor who fails to perform on a guaranteed sale plan?

Answer 22

they don’t perform on a guaranteed sales plan in strict accordance with its terms is subjected to all the penalties for for violation the act plus civil penalties of up the 25,000 payable to the injured party

Question 23

what if what happen when unlawful action by associates if no sponsoring broker knowledge

Answer 23

a sponsor will not have license revoked because of the an unlawful act by any managing broker or broker by or associated the sponsor, or by unlicensed employee, unless the sponsor had knowledge of the unlawful act. the sponsor could possible be hold liable for the employee’s actions under vicarious responsible.

Question 24

the procedure for disciplinary hearing, who can be investigated by the department under the act?

Answer 24

anyone who has a license

Question 25

the procedure for disciplinary hearing, how do long before hearing date they start investigating?

Answer 25

at least 30 days before the date of the hearing set for examination of such an issue, and prior to taking any action

Question 26

the procedure for disciplinary hearing, what will the department will do during investigation?

Answer 26

1. in writing, inform person under investigation of the charges being brought against their and the location and time of eh hearing: this notification may be sent by personal delivery or certified mail to the address given by the individual in her last communication with department 2. instruction accused person to respond to the charges, under oath and in writing within 20 day of being informed of the charges and hearing 3. notify, the person that unless she respond as instructed, default will tank against and disciplinary action such as imposition of a fine or license suspension, revocation or probation met instituted

Question 27

what will happen after the investigation of a broker?

Answer 27

the department will present the license with copy of the board report following conclusion of hearing. the broker may request a rehearing via a motion in writing, which indicates the reason justifying a new hearing. the request must be made within 20 days after the broker has beed served with the department report.

Question 28

What is the right to petition administrative/ judicial review?

Answer 28

Section 20-75: all final administrative decision are subject to judicial review under the provisions of Administrative review law and its rules. the accused may request a judicial review by petitioning the circuit of the country of her residence. fi the party is not a resident of IL, the venue will Sangamon County.

Question 29

what is good moral character?

Answer 29

section 5-25: the board may revoke licenses or refuse to grant license to applicants who make false statement on the license application. in evaluating past conduct. the board will consider the particular details of the behavior or violation, how long ago the events took place, whether the applicant has made restitution or been rehabilitated, and other factor as the board desire

Question 30

what are violations?

Answer 30

section 20-22: any person who is found working or acting as a manager, broker, leasing agent with being issued a valid existing license is guilty of a class A misdemeanor and on conviction of second or subsequent offense, the violator is guilty of a class 4 fenoly.

Question 31

what is injunction?

Answer 31

In addition to criminal prosecution, the department has the duty and authority to originate an injection to prevent or stop a violation or prevent an unlicensed person from acting as a broker, manager, or leasing agent

Question 32

what is disciplinary statue of limitations?

Answer 32

No action may be taken by the department against any person of violation of the term of this act or it rules unless the action is commenced within five years after the occurrence of alleged violation.

Question 33

what is real estate recover fund?

Answer 33

this provides a means compensation of actual monetary losses. 1. A violation of the act, it rules and regulations 2. Act of embezzlement of money or property, obtaining money or property by false pretense, or artifice, tricky, forget, fraud, misrepresentation, deceit or discrimination by a broker or any other

Question 34

what is statue of limitation?

Answer 34

Section 20-90 and 20-115: A suite that may ultimately result in collection from the fund must be commenced within two years after the date alleged violation occurred. the department must initiate any action it plans to take against an individual licensee with five years of the violation.

Question 35

what is financing the recovery fund?

Answer 35

if at any time during the years the fund slips below 750,000 the real estate license administration fund is utilized to upgrade the level to the a minimum of 800,000