Key Terms Flashcards
The ___ amplifies and works in conjunction with the IL Real Estate License Act, and became effective in 2020.
Administrative Code
The ___ is also known as “The Rules”
Administrative code
The entity responsible for administering and enforcing the IL Real Estate License Act of 2000
Illinois Department of Financial and Professional Regulation (IDFPR)
The ___ is charged with protecting and improving the lives of IL consumers
Illinois Department of Financial and Professional Regulation (IDFPR)
The ___ fund is where license fees and other funds initially go
Real Estate License Administration Fund
The ___ fund is for research and scholarships
Real Estate Research and Education Fund
The ___ fund conducts audits of special accounts
Real Estate Audit Fund
The ___ fund is a consumer-oriented fund for compensating consumers harmed by licensees’ actions
Real Estate Recovery Fund
Person appointed by the governor who oversees the Division of Banking, Division of Financial Institutions, Division of Professional Regulation, and Division of Real Estate
Secretary of IDFPR
IDFPR gives the ___ the primary authority to administer the Real Estate Act of 2000.
Division of Real Estate
The ___ is also called “the Division”
Division of Real Estate
The ___ is empowered to issue rules and regulations that implement and interpret the Act.
Division of Real estate
Division of IDFPR responsible for safeguarding the public by enforcing professional licensure
Division of Real Estate
___ is responsible for administrative activities such as conducting license exams.
IDFPR
___ is responsible for administrative activities such as issuing and renewing licenses.
IDFPR
___ is responsible for administrative activities such as preparing all forms, including applications and licenses.
IDFPR
___ is responsible for administrative activities such as collecting fees from applicants and licensees.
IDFPR
___ 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
IDFPR
___ is responsible for functions such as imposing penalties for violations of the Act
IDFPR
___ is responsible for functions such as restoring suspended or revoked licenses
IDFPR
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 ___.
Real Estate Administration and Disciplinary Board
A duty of the ___ includes acting as an ex officio chairperson of the Real Estate Administration and Disciplinary Board without a vote.
Real Estate Coordinator
A duty of the ___ includes being the direct liaison between IDFPR, the real estate profession, and real estate organizations and associations
Real estate coordinator
A duty of the ___ includes preparing and circulating educational and informational material for licensees
Real Estate Coordinator
A duty of the ___ includes appointing any committees necessary to assist IDFPR in carrying out its duties
Real Estate Coordinator
A duty of the ___ includes supervising real estate activities
Real Estate Coordinator
Also called “the Board”
Real Estate Administration and Discipinary Baord
The ___ acts in an advisory capacity to the real estate coordinator regarding matters involving standards of professional conduct, discipline, and examination
Real Estate Administration and Disciplinary Board
In addition to it’s advisory functions, the ___ conducts hearings on disciplinary actions against persons accused of violating the Act or The Rules.
Real Estate Administration and Disciplinary Board
The ___ is the nonvoting, ex officio board chairperson
Real Estate Coordinator
IL regulatory body tasked with maintaining standards of professional conduct, discipline, and examination
Real Estate Administration and Disciplinary Board
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.
Real Estate Research and Education Fund
A privilege or right granted to a person by a state to operate as a real estate broker, managing broker, or leasing agent
License
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.
Broker
Person who sells, exchanges, purchases, rents, or leases real estate, or who offers to do those things.
Broker
Person who negotiates, offers, attempts, or agrees to negotiate the sale, exchange, purchase, rental, or leasing of real estate
Broker
Person who lists, offers, attempts, or agrees to list real estate for sale, lease, or exchange
Broker
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.
Broker
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
broker
Person who supervises the collection, offer, attempt, or agreement to collect rent for use of real estate
Broker
Person who advertises or represents herself as being engaged in the business of buying, selling, exchanging, renting, or leasing real estate
Broker
Person who assists or directs in the negotiation of any transaction intended to result in the sale, exchange, lease, or rental of real estate.
Broker
Person who opens real estate to the public for marketing purposes
Broker
Person who sells, leases, or offers for sale or lease real estate at auction
Broker
Person who prepares or provides a broker price opinion or CMA as those terms are defined in the act
Broker
One who acts as intermediary on behalf of others for a fee or commission
Broker
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.
managing broker
A managing broker may act as his or her own ___.
Sponsor
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) ___.
Residential leasing agent
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.
Residential leasing agent
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
Residential leasing agent
Consent given by a client that allows a licensee to act as a dual agent
Informed written consent
___ and ___ is required of both the seller and buyer (or landlord and tenant) for dual agency.
Written consent and confirmation
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
designated agency
___ 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.
Designated agent
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.
Disclosure
Any 2 or more licensees who work together to provide real estate brokerage services.
Team
___ 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
Blind
An advertisement whereby the sponsoring broker’s name is not identified
Blind ad
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.
Guaranteed sales plan
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.
Real Estate Recovery Fund
A fund established to cover claims of aggrieved parties who have suffered monetary damage through the actions of a real estate licensee
Real Estate Recovery Fund
