Chapter 5 Flashcards
License Law and Agency
Anything of value that is given in exchange for real estate services is called…
Compensation
All Brokers must collect all compensation for brokerage services through…
Their SPONSOR
This type of broker is the only real estate licensee who can supervise other licensees…
Managing Broker
Residential leasing agents cannot engage in real estate activities if property is a…
COMMERCIAL PROPERTY
A Residential Leasing Agent student may only obtain 1 temp license during any…
2 year period
What are the requirements for a residential leasing agent license candidate? (5)
1) 18 years of age or older
2) Have good moral character
3) Completed High School
4) Complete 15 hours of pre license instruction
5) Pass Real Estate Licensing Exam
How many attempts is the candidate permitted, before having to repeat the 15-hrs of instruction?
4 attempts
When do ALL Illinois residential leasing agent licenses expire?
July 31st of EVEN-Numbered years
What is required after first renewal?
8-hours of continuing education during each 2-year period
What are the exemptions to licensing requirements? (9)
1) Any person, company or related employees, if managing property owned or leased by that person/entity
2) Someone acting under Power of Attorney
3) Someone acting under the Power of a Court Order
4) A Resident Manager
5) Gov’t Employees acting in the course of their duties
6) Multiple Listing Services
7) Not-for-Profit Referral Services
8) State-regulated utilities & their employees
9) Newspapers and other advertising media offering related real estate services
What are the limits to referral fees? (3)
1) Tenant may only refer the prospect and do nothing more
2) Compensation cannot $5000 or two month’s rent in 12 mo period
3) A tenant cannot receive a fee for more than 3 referrals in 12mo period
What must a rental finding service do before accepting any fees or compensation?
A copy of the service contract must be provided to consumer receiving services.
What are the required provisions that must be contained in a contract, if a business will be helping a tenant find a unit? (8)
1) The term of contract
2) Amount to be paid for services, advance payment of services
3) Statement of Whether fee is paid in advance, refundable or non refundable
4)Type of rental unit, area, and budget
5) Statement of provided services by licensee
6) Null and Void Statement if info regarding possible rentals is inaccurate
7) Statement that information furnished by licensee concerning possible renal units may be up to 2 days old
8) Statement requiring licensee to refund all fees paid in connection with contract if contract is null and void.
What is required for rental finding services that are serving tenants? (8)
1) Name, address and phone number of owner or authorized agent
2) Description of Unit
3) Amount of Rent
4) Amount of Security Deposit
5) Statement describing utilities that are located in rental unit and included in rent
6) Occupancy date and term of Lease
7) Statement setting forth source of rental info (I.e owner, agent)
8) All other info that may reasonably be expected to be of concern
This term… is the legal relationship created when one person represents another…
Agency
