Unit 14 Flashcards
Real Estate License Act of 2000
Main body of law that regulates real estate; Regulated by IDFPR
AMP
Testing Service for license
Real Estate License Admin Fund
where the license fees go
Real Estate Research and Education Fund
research and scholarships
Real Estate Recovery Fund
for compensating consumers harmed by licensee acts
Real Estate Audit Fund
for auditing special accounts
IDFPR/Dept. Administrative Duties
conduct license exams
issue and renew licenses
prepare forms, licenses and sponsor cards
collect fees
Real Estate Administration and Disciplinary Board
Conduct hearings re: revocation and suspension
Impose penalties
Restore suspended or revoked licenses
Real Estate Coordinator
Appointed by Secretary of the Department
Licensed broker
acts as Chairperson of Disciplinary Board (no vote)
liason between dept and real estate professionals
prepares education and informational materials
appoints committee
supervisers real estate activities
serves of Chairperson of Advisory Council (no vote)
Disciplinary Board
Acts as advisor to Real Estate Coordinator and conducts hearings
- 15 members appointed by the Governor
- residents of IL for more than 6 years
- 12 former real estate brokers for more than 10 years
- 3 unlicensed to represent consumers
- 4 year terms; no more than 12 years of service
- Miss more than 4 meetings, grounds for termination
- Quorum of 5 to make board decisions final
- Reimbursed thru RE Admin Fund
Advisory Council
- Governor appointed
- Handle Real Estate Education
- 5 members (2 board members, 1 rep of trade org, 1 of an approved prelicense school, 1 of higher ed school)
- handle applications for licensing schools and instructors
- handle continuing ed content
- 4 years staggered terms; no more than 12 years
License Required to practice real estate
must be licensed or civil fine up to $25,000 per offense. Assessed by Dept @ hearing. Must be paid within 60 days of order.
Exemptions: attorney executor trustee advertising medium attorney representing seller in transaction ...
Licensee
Must carry pocket card
Leasing Agent
- over 18
- good moral character
- HS diploma
- 15 hr prelicensing course
- pass exam
- sponsored by broker
- can practice for 120 days while getting license
Broker Requirements
- over 18 and give SS#
- good moral character
- HS grad
- 75 Hr coursework (15 hrs case study; then 30 post license)
- pass exam
Managing Broker Requirements
- over 21
- good moral character
- licensed broker for 2 of 3 previous years
- 4 years HS
- 165 Hrs coursework (120 pre and post, 45 addt on brokerage admin)
- pass exam
- apply for license
Corporation requirements
Everyone part of Real Estate transactions for a corp must hold managing broker license
Renewal without fee
if military, serving as real estate coordinator or Dept. employee
Expiration of Licenses
Managing Broker - April 30 odd years
Broker - April 30 of even years $150 fee
Leading Agent - 7/31 of even years $100 fee
Licenses to business entities and branch offices expire 10/31 of even years
Continuing Ed
6 hours per year
3 core; 3 elective
Managing Broker - 12 hrs prerenewal broker management and pass test
Broker first renewal - 45 hrs post licensing courses and pass exam (3 15 hr classes)
Client Funds
journal - maintained for each escrow account
ledger - for each transaction
monthly reconciliation statement - each sponsoring broker must reconcile their monthly bank statements within 10 DAYS
Escrow records kept for 5 years (2 in office)
