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Unit 14: Illinois Real Estate License Law > Illinois Specific Definitions > Flashcards

Illinois Specific Definitions Flashcards

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1
Q

Any person, including a licensed instructor, who has a written agreement with a licensed education provider to administer, in person or electronically, examinations fairly and impartially with a licensed education provider

A

Proctor

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2
Q

The period 180 days prior to the expiration date of an initial broker license.

A

Renewal period

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3
Q

For all licenses with the exception of the initial broker license, the period 90 days prior to the expiration date of the license

A

renewal period

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4
Q

The renewal period for an initial broker license is ___ days prior to the expiration date.

A

180

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5
Q

The renewal period for all licenses EXCEPT the initial broker license is ___ days prior to the expiration date

A

90

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6
Q

The Secretary of the Department of Financial and Professional Regulation

A

Secreatary

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7
Q

A licensed managing broker who operates a real estate brokerage as a sole proprietorship

A

Self-sponsor

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8
Q

A person who has a 100% beneficial ownership interest in real estate

A

Sole Owner

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9
Q

SOS is an abbreviation for…

A

IL Secretary of State

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10
Q

A person who operates a corporation, LLC, partnership, limited partnership, or limited liability partnership that is licensed by the Department, or an individual with a managing broker license who operates as a sole proprietor

A

Sponsoring broker

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11
Q

The sponsoring broker’s name as licensed by the department or the assumed name registered by the sponsoring broker with the division

A

Sponsoring Broker’s name

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12
Q

In the case of a franchise, the ___ shall include the franchise affiliation and the name of the individual firm

A

Sponsoring Broker’s name

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13
Q

Term meaning that a sponsoring broker has certified to the division that a broker, managing broker, or residential leasing agent is employed by, or associated with by written employment or independent contractor agreement, and the division has registered the sponsorship.

A

Sponsorship

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14
Q

___ exists once an agreement has reached and an accepted real estate contract is signed, or a lease is agreed to, by the parties

A

Transaction

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15
Q

An office from which real estate brokerages are provided without a dedicated office space or fixed physical location under the supervision of the designated managing broker, where sponsored licensees provide services within the meaning of the term “broker.”

A

Virtual Office

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16
Q

Act

A

Real Estate Act of 2000

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17
Q

A sworn statement made by an unlicensed person associated with, or an unlicensed owner or member of, a licensed real estate corporation, LLC, partnership, limited partnership, or limited liability partnership attesting that the unlicensed person is not actively directing or engaging in licensed activities as part of that association or ownership.

A

Affidavit of non-participation

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18
Q

Board

A

Real Estate Administration and Disciplinary Board

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19
Q

CE

A

Continuing Education

20
Q

An agreement entered into between a licensee and the division in conjunction with an administrative warning letter

A

Compliance Agreement

21
Q

A minimum of 50 minutes of instruction through a course approved by the Division in a classroom, interactive webinar, online distance education, correspondence, or a home study course

A

Credit Hour

22
Q

Department

A

Department of Financial and Professional Regulation

23
Q

A managing broker who was appointed by the sponsoring broker to manage its real estate brokerage

A

Designated Managing Broker

24
Q

Director

A

Director of the Division of Real Estate

25
Q

Who delegates the directors authority?

A

The secretary

26
Q

Refusal to issue or renew a license, reprimand, probation, suspension or revocation of a license, fine, or any other action the department deems proper

A

Discipline

27
Q

Divison

A

IDFPR Division of Real Esate

28
Q

A school licensed by the Department offering courses in pre-license, post-license, or continuing education

A

Education Provider

29
Q

A signature in electronic form attached to or logically associated with an electronic record.

A

Electronic signature

30
Q

An education course that is administered independently by the student in a self-study format. It is outside of a classroom, physical, or virtual meeting space. It may, but is not required to, include communication with an IL licensed instructor.

A

Home Study

31
Q

Also called “correspondence course”

A

Home Study

32
Q

A home study does not require ongoing verification of the student’s ___ and ___, except for the administration of the proctored final exam required in connection with a non-interactive course.

A

participation and comprehension

33
Q

The final exam for a home study is ___.

A

Proctored

34
Q

Delivery of a course, approved by the department, through a medium allowing for interaction with the student

A

Interactive Delivery Method

35
Q

Delivery of a course by a licensed instructor through a medium allowing for live 2-way communication between the instructor and student. Either can initiate or respond to questions. Includes live instruction and real-time discussion via satellite, video, or webcam.

A

Interactive webinar

36
Q

A software application used for the administration, documentation, tracking, reporting, and delivery of educational courses or training programs

A

Learning Management System

37
Q

A sponsoring broker’s place of business where the general public is invited to transact business, or from which sponsored licensees work, where records may be maintained, and where licenses may be readily available.

A

Office

38
Q

Education courses that are interactive, but not in real time, in which students independently learn and review material online, and for verification of the student’s participation and comprehension, interact with an IL licensed in structor or Learning Management System

A

Online distance education

39
Q

The 45 hour education required of a new broker licensee.

A

Post-license education

40
Q

How many hours are there in post license education?

A

45

41
Q

Post license education consists of how many courses?

A

3

42
Q

Post license education consists of 3 courses that are ___ hours each.

A

15

43
Q

Each of the 3 required 15 hour post-license education courses consist of a ___ question final exam.

A

50

44
Q

The office location, whether physical or virtual, that serves as the principal place of business

A

Principal office

45
Q
A

Unit 14: Illinois Real Estate License Law (8 decks)

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