Key Terms

Question 1

The ___ amplifies and works in conjunction with the IL Real Estate License Act, and became effective in 2020.

Answer 1

Administrative Code

Question 2

The ___ is also known as “The Rules”

Answer 2

Administrative code

Question 3

The entity responsible for administering and enforcing the IL Real Estate License Act of 2000

Answer 3

Illinois Department of Financial and Professional Regulation (IDFPR)

Question 4

The ___ is charged with protecting and improving the lives of IL consumers

Answer 4

Illinois Department of Financial and Professional Regulation (IDFPR)

Question 5

The ___ fund is where license fees and other funds initially go

Answer 5

Real Estate License Administration Fund

Question 6

The ___ fund is for research and scholarships

Answer 6

Real Estate Research and Education Fund

Question 6

The ___ fund conducts audits of special accounts

Answer 6

Real Estate Audit Fund

Question 6

The ___ fund is a consumer-oriented fund for compensating consumers harmed by licensees’ actions

Answer 6

Real Estate Recovery Fund

Question 7

Person appointed by the governor who oversees the Division of Banking, Division of Financial Institutions, Division of Professional Regulation, and Division of Real Estate

Answer 7

Secretary of IDFPR

Question 8

IDFPR gives the ___ the primary authority to administer the Real Estate Act of 2000.

Answer 8

Division of Real Estate

Question 9

The ___ is also called “the Division”

Answer 9

Division of Real Estate

Question 10

The ___ is empowered to issue rules and regulations that implement and interpret the Act.

Answer 10

Division of Real estate

Question 11

Division of IDFPR responsible for safeguarding the public by enforcing professional licensure

Answer 11

Division of Real Estate

Question 12

___ is responsible for administrative activities such as conducting license exams.

Answer 12

IDFPR

Question 13

___ is responsible for administrative activities such as issuing and renewing licenses.

Answer 13

IDFPR

Question 14

___ is responsible for administrative activities such as preparing all forms, including applications and licenses.

Answer 14

IDFPR

Question 15

___ is responsible for administrative activities such as collecting fees from applicants and licensees.

Answer 15

IDFPR

Question 16

___ is responsible for functions such as conducting hearings that may result in the revocation or suspension of licenses, or in the refusal to issue or renew licenses

Answer 16

IDFPR

Question 17

___ is responsible for functions such as imposing penalties for violations of the Act

Answer 17

IDFPR

Question 18

___ is responsible for functions such as restoring suspended or revoked licenses

Answer 18

IDFPR

Question 19

IDFPR is responsible for functions such as conducting hearings that may result in revocation or suspension of licenses, refusal to issue or renew licenses, imposing penalties for violations of the act, and restoring suspended or revoked licenses. These functions may only be exercised on the initiative and approval of the ___.

Answer 19

Real Estate Administration and Disciplinary Board

Question 20

A duty of the ___ includes acting as an ex officio chairperson of the Real Estate Administration and Disciplinary Board without a vote.

Answer 20

Real Estate Coordinator

Question 21

A duty of the ___ includes being the direct liaison between IDFPR, the real estate profession, and real estate organizations and associations

Answer 21

Real estate coordinator

Question 22

A duty of the ___ includes preparing and circulating educational and informational material for licensees

Answer 22

Real Estate Coordinator

Question 23

A duty of the ___ includes appointing any committees necessary to assist IDFPR in carrying out its duties

Answer 23

Real Estate Coordinator

Question 23

A duty of the ___ includes supervising real estate activities

Answer 23

Real Estate Coordinator

Question 24

Also called "the Board"

Answer 24

Real Estate Administration and Discipinary Baord

Question 25

The ___ acts in an advisory capacity to the real estate coordinator regarding matters involving standards of professional conduct, discipline, and examination

Answer 25

Real Estate Administration and Disciplinary Board

Question 26

In addition to it's advisory functions, the ___ conducts hearings on disciplinary actions against persons accused of violating the Act or The Rules.

Answer 26

Real Estate Administration and Disciplinary Board

Question 27

The ___ is the nonvoting, ex officio board chairperson

Answer 27

Real Estate Coordinator

Question 28

IL regulatory body tasked with maintaining standards of professional conduct, discipline, and examination

Answer 28

Real Estate Administration and Disciplinary Board

Question 29

A fund maintained by the state treasury for research and education at state institutions of higher education or other organizations for research and the advancement of education in the real estate industry.

Answer 29

Real Estate Research and Education Fund

Question 30

A privilege or right granted to a person by a state to operate as a real estate broker, managing broker, or leasing agent

Answer 30

License

Question 31

An individual, entity, corporation, foreign or domestic partnership, LLC, registered limited liability partnership, or other business entity other than a residential leasing agent who, whether in person or through any media or technology, for another and for compensation, or with the intention or expectation either directly or indirectly participates in real estate activities.

Answer 31

Broker

Question 32

Person who sells, exchanges, purchases, rents, or leases real estate, or who offers to do those things.

Answer 32

Broker

Question 33

Person who negotiates, offers, attempts, or agrees to negotiate the sale, exchange, purchase, rental, or leasing of real estate

Answer 33

Broker

Question 34

Person who lists, offers, attempts, or agrees to list real estate for sale, lease, or exchange

Answer 34

Broker

Question 35

Person who engages in a pattern of business of buying, selling, offering to buy or sell, marketing for sale, exchanging, or otherwise dealing in clontracts (including assignable contracts for the purchase or sale of), or options on real estate improvements.

Answer 35

Broker

Question 36

Individual or entity by itself or with any combination of other individuals or entities, who has engaged in 1 or more real estate business practices on 2 or more occasions in any 12 month period

Answer 36

broker

Question 37

Person who supervises the collection, offer, attempt, or agreement to collect rent for use of real estate

Answer 37

Broker

Question 38

Person who advertises or represents herself as being engaged in the business of buying, selling, exchanging, renting, or leasing real estate

Answer 38

Broker

Question 39

Person who assists or directs in the negotiation of any transaction intended to result in the sale, exchange, lease, or rental of real estate.

Answer 39

Broker

Question 40

Person who opens real estate to the public for marketing purposes

Answer 40

Broker

Question 41

Person who sells, leases, or offers for sale or lease real estate at auction

Answer 41

Broker

Question 42

Person who prepares or provides a broker price opinion or CMA as those terms are defined in the act

Answer 42

Broker

Question 43

One who acts as intermediary on behalf of others for a fee or commission

Answer 43

Broker

Question 44

A licensee who may be authorized to assume responsibilities as a designated supervisor for licensees, or in the case of a multi-office company, more than one office, upon appointment by the sponsoring broker and registration with the Departmetn.

Answer 44

managing broker

Question 45

A managing broker may act as his or her own ___.

Answer 45

Sponsor

Question 46

The Act provides for a limited-scope license for persons who wish to engage only in activities limited to leasing of residential real property. This license is called a(n) ___.

Answer 46

Residential leasing agent

Question 47

A(n) ___ is limited to leasing or renting residential real property, or attempting, offering, or negotiating to lease or rent residential real property, or supervising the collection, offer, attempt, or agreement to collect rent for the use of residential real property.

Answer 47

Residential leasing agent

Question 48

A person who is employed by a broker to engage in licensed activities limited to leasing residential real estate and who has obtained a license to do so

Answer 48

Residential leasing agent

Question 49

Consent given by a client that allows a licensee to act as a dual agent

Answer 49

Informed written consent

Question 50

___ and ___ is required of both the seller and buyer (or landlord and tenant) for dual agency.

Answer 50

Written consent and confirmation

Question 51

A contractual relationship between a sponsoring broker and client in which 1 or more licensees associated with, or employed by, the broker areassigned as an agent of the client

Answer 51

designated agency

Question 52

___ allows the sponsoring broker to appoint one agent for the buyer and one agent for the seller, even within the same firm, without legally being construed as a dual agent.

Answer 52

Designated agent

Question 53

An acknowledgment, stated clearly and usually in writing, of certain key facts that the law holds might, if left unknown or if unclear, unfairly influence the course of events.

Answer 53

Disclosure

Question 54

Any 2 or more licensees who work together to provide real estate brokerage services.

Answer 54

Team

Question 55

___ ads are those not indicating the following: brokerage firm's name, that the advertiser is a licensee'; and/or offering only a box number, street addressor phone number for responses

Answer 55

Blind

Question 56

An advertisement whereby the sponsoring broker's name is not identified

Answer 56

Blind ad

Question 57

A real estate purchase or sales plan whereby a licensee enters into 1 or more conditional or unconditional written contracts with a seller, one of which is a brokerage agreement, and wherein the person agrees to purchase the seller's property within a specified period of time, at a specific price, in the event the property is not sold in accordance with the terms of a brokerage agreement to be entered into between the sponsoring broker and the seller.

Answer 57

Guaranteed sales plan

Question 58

The ___ provides a means of compensation for actual monetary losses suffered by any person as a result of violating the Act, or an act of embezzlement of money or property, obtaining money or property by false pretenses, artifice, trickery, forgery, fraud, misrepresentation, deceit, or discrimination by a licensee or a licensee's unlicensed employee.

Answer 58

Real Estate Recovery Fund

Question 59

A fund established to cover claims of aggrieved parties who have suffered monetary damage through the actions of a real estate licensee

Answer 59

Real Estate Recovery Fund