Real Estate License Act of 2000 Flashcards
Illinois has had a real estate license law since what year?
1921
Body of law that is intended to evaluate the competency of persons engaged in the real estate profession and to regulate their activities for the protection of the public
Real estate license law
What is the Illinois real estate license law called?
The Real Estate License Act of 2000
Who regulates the real estate industry in IL?
IDFPR Division of Real Estate
The Division of Real Estate is a branch of the ___.
Illinois Department of Financial and Professional Regulation
The ___ is sometimes called the Department.
Illinois Department of Financial and Professional Regulation
Who oversees the division of real estate?
The secretary of the IDFPR
How is the secretary of the IDFPR selected?
Appointed by the governor
Who oversees the division of real estate by law?
A director of the real estate division and a real estate coordinator
Who administers all licenses for IL Real Estate division licenses?
IDFPR
Who administers all licenses for IL home inspectors?
IDFPR
Who administers all licenses for IL auctioners?
IDFPR
Who administers all licenses for IL Community Association Management?
IDFPR
Who administers all licenses for IL real estate appraisers?
IDFPR
IDFPR promulgates rules for the Act’s ___ and ___, often called “the rules”
implementation and enforcement
___ supplies explanatory detail and guidelines for the act.
The rules or Administrative Code
What are the 4 major funds administered through IDFPR?
1) Real Estate License Administration Fund
2) Real Estate Research and Education Fund
3) Real Estate Recovery Fund
4) Real Estate Audit Fund
A licensed broker is appointed to the position of real estate coordinator by the ___ after the recommendations of real estate professionals and organizations are considered.
IDFPR secretary
The real estate coordinator is a(n) ___ appointed by the IDFPR secretary.
Licensed broker
When a licensed broker is appointed to the position of real estate coordinator, what happens to their license?
It’s status becomes inactive
How many members are there on the Real Estate Administration and Disciplinary Board?
15
How are members of the Real Estate Administration and Disciplinary Board selected?
Appointed by the governor
All members of the Real Estate Administration and Disciplinary Board must be residents and citizens of IL for at least ___ years prior to date of appointment
6
12 members of the Real Estate Administration and Disciplinary Board must have been actively engaged as ___, ___, or both for at least the 10 years prior to appointment.
Managing brokers
Brokers
12 members of the Real Estate Administration and Disciplinary Board must have been actively engaged as managing brokers, brokers, or both for at least the ___ years prior to the appointment.
10
12 members of the Real Estate Administration and Disciplinary Board must have been actively engaged as managing brokers, brokers, or both for at least the 10 years prior to the appointment, and ___ must possess an active pre-license instructor.
2
12 members of the Real Estate Administration and Disciplinary Board must have been actively engaged as managing brokers, brokers, or both for at least the 10 years prior to the appointment, and 2 must possess an active ___.
pre-license instructor
3 members of the Real Estate Administration and Disciplinary Board must be ___ members who represent ___.
Public members who represent consumer interests
___ members of the Real Estate Administration and Disciplinary Board must have been actively engaged as managing brokers, brokers, or both for at least the 10 years prior to the appointment
12
___ members of the Real Estate Administration and Disciplinary Board must be public members who represent consumer interests.
3
How long is the term for a member of the Real Estate Administration and Disciplinary Board ?
4
Real Estate Administration and Disciplinary Board members may not be reappointed for terms that would cause their service to exceed ___ years.
10
If a member of the Real Estate Administration and Disciplinary Board ‘s term exceeds 10 years, the governor may ___ their appointment.
terminate
If a member of the Real Estate Administration and Disciplinary Board ‘s term exceeds 10 years, the ___ may terminate their appointment.
Governor
The Real Estate Research and Education Fund is held in trust in the ___ and administered by ___.
Held in interest in the state treasury
Administered by IDFPR
Annually on ___, the state treasurer transfers $125,000 to the Real Estate Research and Education Fund from the Real Estate License Administration Fund.
September 15
Annually on September 15, the state treasurer transfers $___ to the Real Estate Research and Education Fund from the Real Estate License Administration Fund.
$125,000
Annually on September 15, the state treasurer transfers $125,000 to the ___ from the Real Estate License Administration Fund.
Real Estate Research and Education Fund
Annually on September 15, the state treasurer transfers $125,000 to the Real Estate Research and Education Fund from the ___.
Real Estate License Administration Fund
Annually on September 15, the ___ transfers $125,000 to the Real Estate Research and Education Fund from the Real Estate License Administration Fund.
state treasurer
Of the $125,000 annual allocation to the Real Estate Research and Education Fund, $___ is used to fund a scholarship program to support real estate education of minority real estate professionals.
$15,000
Of the $125,000 annual allocation to the Real Estate Research and Education Fund, $15,000 is used to fund a scholarship program to support real estate education of ___ real estate professionals.
Minority
Education requirements, pre-licensing coursework needed, testing requirements, and continuing education requirements for Illinois licensees are covered in ___ of the Act
Article 5
In Illinois, it is illegal for anyone to practice, offer, attempt to practice, or hold oneself out to practice as a broker, managing broker, or leasing agent without being ___.
licensed
If a person practices, offers, attempts to practice, or holds oneself out to practice real estate as a broker, managing broker, or leasing agent, they are subject to a(n) ___.
Civil fine
If a person practices, offers, attempts to practice, or holds oneself out to practice real estate as a broker, managing broker, or leasing agent, they are subject to a civil fine of up to $___ for ___.
up to $25,000 for each offense
Civil fines for practicing real estate without a license are payable to ___ after a disciplinary hearing.
IDFPR
Civil fines for practicing real estate without a license are payable to IDFPR after a(n) ___.
Disciplinary Hearing
Who has the authority to investigate any and all unlicensed real estate activities?
IDFPR
Civil fines for practicing real estate without a license must be paid within ___ days after the effective date of the order.
60
What constitutes as a judgement for practicing real estate without a license?
The order
