Real Estate Brokerage Flashcards
How many hours of post-license education are brokers required to receive?
45 hours
___ is defined as the business of bringing people together
Brokerage
Who handles daily details of running a business and sets effective policies for every aspect of the brokerage operation?
Managing broker
What real estate license category was created to increase accountability and awareness of the statutory duties of supervision?
Managing broker
What type of real estate license are self sponsored licensees required to have?
Managing broker
Self sponsored licensees must have a managing broker license or obtain one within ___ days
90
Person who is legally appointed by a sponsoring broker to oversee the office and register sponsored licensees with the department
Designated managing broker
Person appointed by a sponsoring broker who is responsible for the supervision of all activities performed by affiliated licensees
Designated managing broker
The designated managing broker must acquire a managing broker license within ___ days of being named designated
90
Person appointed by sponsoring broker who is responsible for record keeping and maintaining employment agreements with sponsored licensees
designated managing broker
Person appointed by sponsoring broker to handle all earnest monies, escrows, and contract negotiations
Designated managing broker
Who sponsors licensed managing brokers, brokers, and residential leasing agents?
Sponsoring broker
Sponsoring broker entities must be ___.
Licensed
A licensee who is self sponsored would be considered as a(n) ___.
sponsoring broker
___ may delegate authority and tasks to licensees
sponsoring broker
Who is ultimately responsible for all real estate activities at the brokerage?
Sponsoring broker
When a licensee hires another licensee to aid in business, the hired licensee is a(n) ___.
Personal Assistant
Personal assistants are no longer identified by the Real Estate Act of 2000. True or false?
True
Personal assistants to a licensee need an employment agreement with…
the sponsoring broker
Who do personal assistants to licensees receive compensation from?
The sponsoring broker
A licensees personal assistant needs to be ___.
Licensed
Every real estate office must have one ___ or ___
Sponsoring broker or designated managing broker
Licensees do not need to carry a copy of license at all times in Illinois. true or false?
false
When do licensees need to carry a physical or electronic copy of their license in Illinois?
At all times
A ___ guides business decisions in the real estate brokerage.
Business plan
What identify’s company’s purpose & focus, and sets organization’s course and tone?
Mission statement
The mission statement is part of the ___.
Business plan
What serves as a risk management tool for a company?
Policy & Procedures manual
The sales training manual is part of the policy and procedures manual. True or false?
False
What would a licensee reference to find information about company policies in regards to fair housing, non discrimination, and harassment?
Policy & Procedures manual
Required disclosures, use of forms, and policies on client confidentiality can be found in the ___.
Policy & Procedures manual
Office policy in regards to handling of earnest monies and escrows must be addressed in the ___.
Policy & Procedures manual
Even though the policy and procedures manual is not a sales training manual, the policy and procedures must address company policy about advertising. True or false?
True
The ___ should include policies and guidelines regarding technology & internet usage.
Policy and procedures manual
