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Unit 14: Illinois Real Estate License Law > Processes Involved In Sponsoring and Terminating A License > Flashcards

Processes Involved In Sponsoring and Terminating A License Flashcards

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1
Q

What specifies whether an agent is authorized to work as a broker, managing broker, or leasing agent?

A

Their license

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2
Q

How can the public confirm whether an individual has an active and valid license?

A

State database

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3
Q

Licensees must deliver a copy of their ___ to their sponsoring broker

A

license

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4
Q

Licensees must deliver a copy of their license to ___.

A

their sponsoring broker

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5
Q

What do licensees need to carry with them?

A

A physical or electronic copy of their license

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6
Q

If a licensee or their sponsoring broker terminates the licensee’s employment with the sponsoring broker, the licensee must…

A

Update their employment status on the IDFPR online portal, by clicking “leave current brokerage”

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7
Q

If a licensee changes sponsoring brokers, what must they do?

A

Update their employment status on the IDFPR online portal, by clicking “leave current brokerage” and selecting “select new sponsoring brokerage”

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8
Q

What is the transfer fee for selecting a new sponsoring broker on the IDFPR online portal?

A

$25

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9
Q

How long does a licensee have to notify the state after their employment with their sponsoring broker is terminated?

A

24 hours

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10
Q

When a licensee’s employment with their sponsoring brokerage is terminated, what happens to their license?

A

It’s status becomes inactive

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11
Q

If a licensee changes their address, email address, phone number, or office location, what must they do?

A

Notify the Department within 24 hours after the change

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12
Q

How long do sponsoring brokers have to notify the department of any change in designated managing brokers?

A

15 days

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13
Q

How is a license renewed?

A

Paying required fees and meeting continuing education requirements

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14
Q

When must licensees pay required fees & meet all continuing education requirements to renew their license?

A

within 90 days prior to expiration

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15
Q

If a designated agent has not completed their 45 hours of post license education, who is responsible for handling all earnest money, escrows, and contract negotiations for all transactions completed by the designated agent?

A

Designated managing broker

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16
Q

If a designated agent has not completed their 45 hours of post license education, who is responsible for who approves their advertising?

A

designated managing broker

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17
Q

Licensees who have not ___ have no authority to bind the sponsoring broker

A

completed their 45 hours of post license education

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18
Q

Brokers, managing brokers, and leasing agents may renew their licenses for up to how long following the license expiration?

A

2 years

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19
Q

A managing broker, broker, or leasing agent whose license has been expired for more than ___ years but less than ___ years may have it restored by applying to the department, paying the fee, and completing continuing education requirements for the most recent pre-renewal period.

A

more than 2 years
less than 5 years

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20
Q

A managing broker, broker, or leasing agent whose license has been expired for more than 2 years but less than 5 years may have it restored by ___, ___, and ___.

A

applying to the department
paying the fee
completing continuing education requirements for the most recent pre-renewal period

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21
Q

If a broker or managing broker lives in a state that has a reciprocal licensing agreement with Illinois, they may be issued an Illinois license if they hold a(n) ___ in their home state

A

license

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22
Q

If a broker or managing broker lives in a state that has a reciprocal licensing agreement with Illinois, they may be issued an Illinois license if the licensing standards of their home state are ___ or ___ to Illinois requirements

A

greater than or equal

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23
Q

If a broker or managing broker lives in a state that has a reciprocal licensing agreement with Illinois, they may be issued an Illinois license if the ___ of their home state are greater than or equal to Illinois requirements

A

licensing standards

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24
Q

If a broker or managing broker lives in a state that has a reciprocal licensing agreement with Illinois, they may be issued an Illinois license if they have been actively practicing for at least ___ immediately ___ the application date

A

2 years
before

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25
Q

If a broker or managing broker lives in a state that has a reciprocal licensing agreement with Illinois, they may be issued an Illinois license if they furnish ___ with an official statement, under seal, from their home state’s ___ that they have an active license that is in good standing, and no pending complaints

A

IDFPR
licensing authority

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26
Q

If a broker or managing broker lives in a state that has a reciprocal licensing agreement with Illinois, they may be issued an Illinois license if they furnish IDFPR with an official statement, under seal, from their home state’s licensing authority that they hold a license that is ___ and ___

A

in good standing
and has no pending complaints

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27
Q

If a broker or managing broker lives in a state that has a reciprocal licensing agreement with Illinois, they may be issued an Illinois license if their home state grants…

A

reciprocal privileges to IL licensees

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28
Q

If a broker or managing broker lives in a state that has a reciprocal licensing agreement with Illinois, they may be issued an Illinois license if they pass a test on…

A

IL specific real estate broker laws

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29
Q

Which 9 states does IL have reciprocal agreements with?

A

1) Colorado
2) Connecticut
3) Florida
4) Georgia
5) Indiana
6) Iowa
7) Kentucky
8) Nebraska
9) Wisconsin

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30
Q

Which state(s) does Illinois have a reciprocal agreement for - but ONLY for brokerage license?

A

Indiana

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31
Q

How is Indiana different from the other states that Illinois has reciprocal agreements with?

A

Indiana has a reciprocal agreement for the broker license ONLY

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32
Q

If a sponsored broker or leasing agent lives in a state that has a reciprocal agreement with IL, in order to be eligible for licensure they must be actively licensed by ___ in their state.

A

examination

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33
Q

If a sponsored broker or leasing agent lives in a state that has a reciprocal agreement with IL, in order to be eligible for licensure they must pass the ___.

A

IL state exam

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34
Q

If a sponsored broker or leasing agent lives in a state that has a reciprocal agreement with IL, in order to be eligible for licensure their sponsoring broker must…

A

have an active broker or managing broker license in Illinois

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35
Q

Can a managing broker from a state that has a reciprocal agreement with Illinois self sponsor themselves when applying for an IL license?

A

yes

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36
Q

Licensees whose licenses have expired may renew without paying any renewal or reinstatement fees if the license expired within ___ after the termination of service, training, or education while on active military duty, engaged in training / education for the military, or serving as the coordinator of real estate in IL, or as an IDFPR employee.

A

2 years

37
Q

Licensees whose licenses have expired may renew without paying any renewal or reinstatement fees if the license expired within 2 years after the termination of service, training, or education while ___, ___, ___, or ___

A

1) on active military duty
2) training for induction to the military
3) serving as the real estate coordinator in IL
4) working as an IDFPR employee

38
Q

What is the initial fee for a residential leasing agent license?

A

$75

39
Q

What is the initial fee to apply for a broker license?

A

$125

40
Q

What is the initial broker’s license fee for a partnership, LLC, or corporation?

A

$125

41
Q

If a licensee fails to make full payment of all fees and fines owed within ___ of notification that payment is due, IDFPR will automatically revoke the license or deny the application without a hearing.

A

30 days

42
Q

If a licensee fails to make full payment of all fees and fines owed within 30 days of notification that payment is due, IDFPR will ___ the license or ___.

A

revoke the license
or
deny the application without a hearing

43
Q

On which date do broker’s license expire?

A

April 30 of every even-numbered year

44
Q

On which date do managing broker’s licenses expire?

A

April 30 of every odd-numbered year

45
Q

What is the fee to renew a broker’s license?

A

$150

46
Q

what is the fee to renew a managing broker’s license?

A

$200

47
Q

on which date do leasing agent licenses expire?

A

July 31 of every even numbered year

48
Q

what is the fee to renew a leasing agent’s license?

A

$100

49
Q

on which date do leasing agent licenses issued to business entities or branch offices expire?

A

October 31 of every even numbered year

50
Q

Leasing agents are required to complete no less than ___ hours of continuing education for each ___ period.

A

8 hours
2 year renewal period

51
Q

Each broker or managing broker who applies for license renewal must complete ___ hours of continuing education during the current term of their license.

A

12

52
Q

The 12 hours of continuing education courses to renew a broker or managing broker include 4 hours of ___ and 8 hours of ___.

A

4 hours of mandatory core
8 hours of electives

53
Q

The 12 hours of continuing education courses to renew a broker or managing broker license include ___ hours of mandatory core education, and ___ hours of elective education.

A

4 hours of mandatory core education
8 hours of elective education

54
Q

The elective education to renew a broker or managing broker license MUST include 1 hour of ___.

A

Sexual harassment prevention training

55
Q

The elective education to renew a broker or managing broker license MUST include ___ hour(s) of sexual harassment prevention training.

A

1

56
Q

In addition to the 12 hours of required continuing education, managing brokers seeking to renew their license must complete a(n) ___ hour course on broker management during the current term of their license.

A

12

57
Q

In addition to the 12 hours of required continuing education, managing brokers seeking to renew their license must complete a 12 hour course on ___ during the current term of their license

A

broker management

58
Q

What are the 5 exceptions to the deadline for completing continuing education requirements for license renewal?

A

1) Individuals who had this requirement being waived by secretary for good cause
2) serving in the military
3) serving as an elected state or federal official
4) employed full time by IDFPR
5) attorneys

59
Q

If a person receives their initial broker or managing broker license less than ___ before the renewal date, they are exempt from the continuing education requirement for their first renewal.

A

90 days

60
Q

If a person receives their initial broker or managing broker license less than 90 days before the renewal date, they are ___ for their first renewal.

A

exempt from the continuing education requirements

61
Q

Who may provide licensed real estate continuing education classes?

A

Only education providers who are approved and licensed by the department

62
Q

When is an exam NOT required for core continuing education classes?

A

If it was completed in a classroom, live webinar, or online distance education

63
Q

No more than ___ hours of continuing education courses may be taken in one day.

A

12

64
Q

___ and ___ course hours may not be counted toward continuing education requirements, unless otherwise specified by the act.

A

pre license and post license

65
Q

During the renewal period of the initial broker license, what satisfies the continuing education requirement for this period?

A

The 45 hour post license courses

66
Q

Can an IL licensee complete continuing education in a different state?

A

Yes, but only for elective hours and only if it is approved by the division

67
Q

If an IL licensee completes their continuing education courses in another state, they must make application within ___ days after completing the course.

A

90

68
Q

If an IL licensee completes their continuing education courses in another state, they must make application within 90 days after completing the course. The ___ will review and approve those hours.

A

Division

69
Q

If an IL licensee completes their continuing education courses in another state, they must make application within 90 days after completing the course. The division will ___ and ___ those hours.

A

review and approve

70
Q

Out of state courses are NOT eligible to satisfy which 4 education requirements?

A

1) CORE continuing education
2) Pre licensing
3) Post licensing
4) Broker management continuing education

71
Q

Out of state continuing education courses may only satisfy which requirement, if approved by the division?

A

Elective hours

72
Q

Proof of ___ for all sponsored licensees must be made readily available to the public in the sponsoring broker’s physical office, or available through electronic means.

A

license

73
Q

Proof of license for all sponsored licensees must be made readily available to the public in the ___, or ___.

A

sponsoring broker’s physical office
or available electronically

74
Q

In a virtual sponsoring broker’s office, there must be a registry displaying ___ on their website or digital platform.

A

licenses of sponsored licensees

75
Q

A sponsoring broker’s office may not be located in any ___ or ___ establishment, unless it is clearly separated from the other business.

A

retail or financial

76
Q

A broker licensed in IL by reciprocity with another state may be exempt from the requirement of ___ in Illinois if the broker maintains an active broker’s license in their home state, maintains an office in their home state, and has filed a written statement with IDFPR appointing the secretary to act as the broker’s agent for service of process and other legal notices.

A

maintaining a definite place of business

77
Q

A broker licensed in IL by reciprocity with another state may be exempt from the requirement of maintaining a definite place of business in Illinois if the broker maintain’s a(n) ___ and ___ in their home state.

A

active license
and
maintains an office

78
Q

A broker licensed in IL by reciprocity with another state may be exempt from the requirement of maintaining a definite place of business in Illinois if the broker has filed a written statement with IDFPR appointing ___ to act as the broker’s agent for service of process and other legal notices.

A

the secretary

79
Q

A broker licensed in IL by reciprocity with another state may be exempt from the requirement of maintaining a definite place of business in Illinois if the broker has filed a written statement with IDFPR appointing the secretary to act as the broker’s agent for service of ___ and ___.

A

process
and
legal notices

80
Q

A broker licensed in IL by reciprocity with another state may be exempt from the requirement of maintaining a definite place of business in Illinois if the broker has filed a written statement with IDFPR appointing the secretary to act as ___ for service of process and other legal notices.

A

the broker’s agent

81
Q

Upon loss of a designated managing broker who is not replaced by the sponsoring broker, or in the event of the death or disability of the sole proprietor in an office, a written request for authorization allowing the continued operation of the office may be submitted to the department within ___ days of the loss.

A

15

82
Q

Upon loss of a designated managing broker who is not replaced by the sponsoring broker, or in the event of the death or disability of the sole proprietor in an office, a written request for authorization allowing the continued operation of the office may be submitted to ___ within 15 days of the loss.

A

the department

83
Q

Upon loss of a designated managing broker who is not replaced by the sponsoring broker, or in the event of the death or disability of the sole proprietor in an office, if the department approves their request for to continue operating, the authorization will be valid for only ___ days unless extended for good cause.

A

60

84
Q

How many sponsoring brokers may a licensee have at any given time?

A

One

85
Q

Any physical record required by the act to be created or maintained must be securely stored and accessible for inspection by ___ at ___.

A

by the department
at the sponsoring broker’s principal office

86
Q

Any electronic record required by the act to be created or maintained must be securely stored in the format in which it was ___, ___, or ___, and ___ by the department by secure electronic access to the record.

A

originally generated, sent, or received
and accessible for inspection

87
Q

Any record relating to a transaction of a special account must be maintained for a minimum of ___ years.

A

5

88
Q

How often must electronic records be backed up?

A

At least monthly

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

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