Processes Involved In Sponsoring and Terminating A License

Question 1

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

Answer 1

Their license

Question 2

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

Answer 2

State database

Question 3

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

Answer 3

license

Question 4

Licensees must deliver a copy of their license to ___.

Answer 4

their sponsoring broker

Question 5

What do licensees need to carry with them?

Answer 5

A physical or electronic copy of their license

Question 6

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

Answer 6

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

Question 7

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

Answer 7

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

Question 8

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

Answer 8

$25

Question 9

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

Answer 9

24 hours

Question 10

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

Answer 10

It’s status becomes inactive

Question 11

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

Answer 11

Notify the Department within 24 hours after the change

Question 12

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

Answer 12

15 days

Question 13

How is a license renewed?

Answer 13

Paying required fees and meeting continuing education requirements

Question 14

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

Answer 14

within 90 days prior to expiration

Question 15

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?

Answer 15

Designated managing broker

Question 16

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

Answer 16

designated managing broker

Question 17

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

Answer 17

completed their 45 hours of post license education

Question 18

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

Answer 18

2 years

Question 19

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.

Answer 19

more than 2 years
less than 5 years

Question 20

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 ___.

Answer 20

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

Question 21

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

Answer 21

license

Question 22

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

Answer 22

greater than or equal

Question 23

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

Answer 23

licensing standards

Question 24

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

Answer 24

2 years
before

Question 25

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

Answer 25

IDFPR licensing authority

Question 26

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 ___

Answer 26

in good standing and has no pending complaints

Question 27

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...

Answer 27

reciprocal privileges to IL licensees

Question 28

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...

Answer 28

IL specific real estate broker laws

Question 29

Which 9 states does IL have reciprocal agreements with?

Answer 29

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

Question 30

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

Answer 30

Indiana

Question 31

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

Answer 31

Indiana has a reciprocal agreement for the broker license ONLY

Question 32

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.

Answer 32

examination

Question 33

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 ___.

Answer 33

IL state exam

Question 34

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...

Answer 34

have an active broker or managing broker license in Illinois

Question 35

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

Answer 35

yes

Question 36

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.

Answer 36

2 years

Question 37

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 ___

Answer 37

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

Question 38

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

Answer 38

$75

Question 39

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

Answer 39

$125

Question 40

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

Answer 40

$125

Question 41

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.

Answer 41

30 days

Question 42

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 ___.

Answer 42

revoke the license or deny the application without a hearing

Question 43

On which date do broker's license expire?

Answer 43

April 30 of every even-numbered year

Question 44

On which date do managing broker's licenses expire?

Answer 44

April 30 of every odd-numbered year

Question 45

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

Answer 45

$150

Question 46

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

Answer 46

$200

Question 47

on which date do leasing agent licenses expire?

Answer 47

July 31 of every even numbered year

Question 48

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

Answer 48

$100

Question 49

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

Answer 49

October 31 of every even numbered year

Question 50

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

Answer 50

8 hours 2 year renewal period

Question 51

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

Answer 51

12

Question 52

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

Answer 52

4 hours of mandatory core 8 hours of electives

Question 53

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.

Answer 53

4 hours of mandatory core education 8 hours of elective education

Question 54

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

Answer 54

Sexual harassment prevention training

Question 55

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

Answer 55

1

Question 56

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.

Answer 56

12

Question 57

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

Answer 57

broker management

Question 58

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

Answer 58

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

Question 59

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.

Answer 59

90 days

Question 60

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.

Answer 60

exempt from the continuing education requirements

Question 61

Who may provide licensed real estate continuing education classes?

Answer 61

Only education providers who are approved and licensed by the department

Question 62

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

Answer 62

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

Question 63

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

Answer 63

12

Question 64

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

Answer 64

pre license and post license

Question 65

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

Answer 65

The 45 hour post license courses

Question 66

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

Answer 66

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

Question 67

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

Answer 67

90

Question 68

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.

Answer 68

Division

Question 69

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.

Answer 69

review and approve

Question 70

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

Answer 70

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

Question 71

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

Answer 71

Elective hours

Question 72

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.

Answer 72

license

Question 73

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

Answer 73

sponsoring broker's physical office or available electronically

Question 74

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

Answer 74

licenses of sponsored licensees

Question 75

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

Answer 75

retail or financial

Question 76

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.

Answer 76

maintaining a definite place of business

Question 77

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.

Answer 77

active license and maintains an office

Question 78

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.

Answer 78

the secretary

Question 79

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 ___.

Answer 79

process and legal notices

Question 80

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.

Answer 80

the broker's agent

Question 81

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.

Answer 81

15

Question 82

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.

Answer 82

the department

Question 83

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.

Answer 83

60

Question 84

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

Answer 84

One

Question 85

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

Answer 85

by the department at the sponsoring broker's principal office

Question 86

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.

Answer 86

originally generated, sent, or received and accessible for inspection

Question 87

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

Answer 87

5

Question 88

How often must electronic records be backed up?

Answer 88

At least monthly