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Unit 14: Illinois Real Estate License Law > License Categories > Flashcards

License Categories Flashcards

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1
Q

Who is the independent testing service that currently administers all real estate license exams?

A

PSI

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2
Q

Anyone who wishes to take a real estate license exam must apply to ___.

A

PSI

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3
Q

___ acts as the agent of IDFPR and is empowered to screen potential license candidates to ensure that they meet the statutory requirements as established by the Act.

A

PSI

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4
Q

An applicant for a broker’s or managing broker’s license who is an attorney admitted to practice law by the IL Supreme court is exempt from which requirement?

A

Education

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5
Q

An applicant for a broker’s or managing broker’s license who is an attorney admitted to practice law by the IL Supreme court is exempt from the education requirement, but still must….

A

Pass the state & national exam

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6
Q

The broker’s or managing broker’s license must be applied for within ___ of passing the state test.

A

1 year

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7
Q

Bob passes the state broker or managing broker test on December 1, 2020, but has not applied for his license. It is now December 2, 2021. In order for Bob to apply for his license, what does he need to do?

A

Retake the test

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8
Q

If a broker or managing broker’s license is not applied for within 1 year of passing the state test, what would need to be done in order to apply for the license?

A

Retake the test

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9
Q

Failing the state test ___ consecutive times requires the applicant to retake the pre-licensing class.

A

4

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10
Q

If an applicant fails the state exam 4 times in a row, but still wishes to obtain a license, they must…

A

Retake the class.

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11
Q

If someone finishes their pre-licensing courses as a managing broker, broker, or leasing agent, their approved education for licensure is valid for ___ after the date of completing their education.

A

2

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12
Q

How long does someone have to take their exam after completing their pre-license class?

A

2 years after the date of completing the education

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13
Q

Who maintains a list of all active licensees?

A

IDFPR

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14
Q

If a sponsoring broker’s license is revoked or rendered inactive, what happens to all licensees under that sponsoring broker?

A

They are also considered inactive

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15
Q

If a sponsored licensee is considered inactive due to their sponsoring broker’s license being revoked or inactive, when will the sponsored licensee become active again?

A

1) when sponsoring broker’s license is reinstated or renewed
OR
2) when the sponsored licensee changes employment

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16
Q

Licenses can be renewed within ___ days before expiration upon completion of continuing education and payment of required fees.

A

90

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17
Q

Licenses can be renewed within 90 days before expiration upon completion of ___ and ___

A

continuing education and payment of required fees

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18
Q

A broker must be at least how old?

A

18

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19
Q

Brokers are required to either successfully complete a 4-year course study in ___ or possess a(n) ___.

A

high school diploma or GED

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20
Q

The total amount of educational hours required for a broker is ___ hours.

A

120

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21
Q

Brokers must complete 120 hours of ___ and ___ education.

A

Prelicensing and post licensing

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22
Q

Prior to the first renewal, brokers must take which 3 post-licensing courses?

A

1) Transactional Issues
2) Risk Management/ Discipline
3) Applied Broker Principle

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23
Q

How many final exams are there in post-license education, and how many questions are on each?

A

3 exams, 50 questions each

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24
Q

How many questions are on the Risk Management/ Discipline final exam?

A

50

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25
Q

How many questions are on the Transactional Issues final exam?

A

50

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26
Q

How many questions are on the Applied Broker Principle final exam?

A

50

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27
Q

How many hours is the applied brokerage principle class?

A

15

28
Q

How many hours is the risk management/ discipline class?

A

15

29
Q

How many hours is the transactional issues class?

A

15

30
Q

What is the age requirement for a managing broker?

A

20

31
Q

Applicants for a managing broker’s license must have been licensed as a broker for at least ___ consecutive years out of the preceding ___ years.

A

At least 2 consecutive years out of the 3 preceding years

32
Q

How many hours of education are required to become a managing broker?

A

165

33
Q

To become a managing broker, 120 of the required education hours must be hours required to obtain a(n) ___ license.

A

Broker

34
Q

___ additional hours of education must be completed within the year immediately preceding the filing of an application for a managing broker’s license.

A

45

35
Q

When must an applicant for a managing broker license have to complete the required 45 additional educational hours?

A

within 1 year preceding the application

36
Q

Managing brokers are required to complete ___ hours of education, in addition to the 120 hours required for a broker license.

A

45

37
Q

The 45 additional educational hours required to become a managing broker should focus on which 3 things?

A

1) Brokerage administration
2) Brokerage management
3) Residential leasing agent management

38
Q

Who is exempt from the 165 course hour requirements to become a managing broker?

A

Attorneys

39
Q

A corporation, partnership, or LLC may receive a(n) ___ license if every officer of the entity who actively participates in real estate activities is licensed as either a broker or managing broker.

A

Broker

40
Q

A corporation, partnership, or LLC may receive a broker license if every officer of the entity who actively participates in real estate activities is licensed as either a(n) ___ or ___.

A

broker or managing broker

41
Q

A corporation, partnership, or LLC may receive a broker license if every employee who acts as a managing broker, broker, or leasing agent for the entity holds a(n) ___.

A

Lisence

42
Q

In order for a corporation, partnership, or LLC to receive a broker license, any owners, officers, members, or managers who don’t participate in real estate activities must submit ___ to the Department of Real Estate

A

Affidavits of nonparticipation

43
Q

Licensed brokers and managing brokers do not need a(n) ___ to perform the activities of a residential leasing agent.

A

License

44
Q

What is the age requirement for a residential leasing agent?

A

18

45
Q

Which license category (categories) requires applicants to be of good moral character?

A

All licenses

46
Q

Which license category (categories) requires applicants to provided a SSN or FEIN?

A

All license categories

47
Q

Which license category (categories) requires applicants to complete a high school diploma or GED?

A

All license categories

48
Q

How many hours is the residential leasing agent pre-license course?

A

15

49
Q

Which license category (categories) requires applicants to pass an IDFPR authorized written exam?

A

All license categories

50
Q

Residential leasing agents must be sponsored by a(n) ___.

A

Broker

51
Q

How long may a person engage in residential leasing activities without being licensed if they first obtain a residential leasing agent permit?

A

120 days

52
Q

A person may engage in residential leasing activities for 120 days without being licensed if they first obtain a(n) ___.

A

Residential leasing agent permit

53
Q

How many times may a person practice residential leasing agent activities under a permit?

A

One

54
Q

No person, partnership, or business entity may be granted a license if any owner, officer, director, partner, limited liability partner, member, or manager has been denied a real estate license in the previous ___ years or is currently barred from practice by ___

A

5 years
the department

55
Q

No corporation, partnership, or LLC may be granted a license if any nonparticipating owner, officer, partner, member, or manager is currently…

A

Barred from real estate practice by the department

56
Q

Applicants are eligible to take the licensing exam after meeting which 2 requirements?

A

Age and education

57
Q

To gain admission into a testing center, candidates must provide which 2 things?

A

1) 2 forms of identification
2) fingerprint scan

58
Q

Two forms of identification are required to gain admission to the exam. The first form must be a(n) ___ and the second must display the candidate’s name and ___.

A

Photo ID
Signature

59
Q

When do candidates know if they passed or failed their exam?

A

Immediately after completion

60
Q

After passing an exam, the candidate is given a(n) ___ letting them know they passed.

A

Score report

61
Q

The ___ contains instructions for applying for a license at the IDFPR Online Services Portal.

A

Score report

62
Q

After passing an exam, how long does a candidate have to apply for their license before a new exam is required?

A

1 year

63
Q

Candidates who fail an exam are told their score and given ___.

A

Diagnostic information

64
Q

If a candidate passes one portion of the exam, but fails the other portion, which portion(s) are they required to retake?

A

Only the failed portion

65
Q

If a candidate fails one portion of their exam, but passes the other portion, how long do they have to retake only the failed portion?

A

1 year

66
Q

If a candidate fails either portion 4 times, what is required to retake the exam?

A

Repeating all pre-license education

67
Q
A

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

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