(Lesson 4) Illinois real state license law (Unit #14) Flashcards
define the division of real estate
IDFPR gives the division of real estate the primary authority to administer the real estate license act of 2000 .he division is also empowered to issue rules and regulations that implement and interpret the act.
The IDFPR (Illinois department of financial professional regulation) is responsible for:
the IDFPR is responsible for administrative activities such as:
- conducting license examinations
- issuing and renewing licenses
- preparing all forms, including applications and licenses,
- collecting fees from applicants and licensees.
IDFPR has a the following additional functions which may be exercised only on the initiative and approval of the real estate administration and disciplinary board:
- conducting hearings that may result in the revocation or suspension of licenses or in the refusal to issue or renew licenses.
- imposing penalties for violations of the act
- restoring suspended or revoked licenses.
define the duties of a real estate coordinator
the real estate coordinator duties include:
- acting as ex officio chairperson of the real estate administration and disciplinary board without a vote
- being the direct liaison between the IDFPR, the real estate profession and real estate organizations and associations
- preparing and circulating educational and informational material for licenses
- appointing any committees necessary to assist IDFPR in carrying out its duties; and
- supervising real estate activities
define real estate administration of disciplinary board
the real estate administration and disciplinary board (aka the board) acts in advisory capacity to the real estate coordinator regarding matters involving standards of professional conduct, discipline, and examination.
define the real estate research and educational fund
annually the state treasurer transfers 125K to this fund from the real estate license administration fund… these funds are used for research and education at state institutions of higher education or other organizations for research and for the advancement of education in the real estate industry.
Who needs to be licensed?
it is illegal for anyone to act as a broker, managing broker, or residential leasing agent without a real estate license issued by the IDFPR…
define designated managing broker
‘designated managing broker’ : means a broker who has supervisory responsibilities for licensees in one or, in the case of a multi office company, more than one office and who has been appointed as such by the sponsoring broker registered with the department.
**inactive means a status of a licensure who is prohibited in engaging in licensed actives because the licensee is unsponsored OR the licensee is currently expired, revoked, suspended, or otherwise rendered invalid under the act.
define ‘persons’
person means and includes individuals , entities, corporations, limited liability companies, registered limited liability partnerships, foreign and domestic partnerships, and other business entities.
define ‘renewal period’
means the period beginning 90 days before the expiration date of a license
define ‘residential leasing agent’
means a person who is employed by a broker to engage in licensed actives limited to leasing residential real estate… who has obtained a licensed provided by the act
define ‘sponsoring broker’
the broker who certifies to the department the sponsorship of licensed managing broker, broker, or residential leasing agent.
