Unit 14 - Illinois Real Estate License Law Flashcards
Blind ad
An advertisement whereby the sponsoring broker’s name is not identified in the advertisement.
Broker
One who acts as an intermediary on behalf of others for a fee or commission.
Designated Agency
A contractual relationship between a sponsoring broker and a client in which one of more licensees associated with, or employed by, the broker are designated as an agent of the client.
Designated Managing Broker
A broker who has supervisory responsibilities for licensees in one or, in the case of a multi-office company, more than one office and who has been appointed as such by the sponsoring broker.
Division Of Real Estate
A division of IDFPR responsible for safeguarding the public by enforcing professional licensure.
Illinois Department Of Financial And Professional Regulation (IDFPR)
The entity responsible for administering and enforcing the Illinois Real Estate License Act of 2000.
Informed Written Consent
Consent given by a client that allows a licensee to act as a dual agent.
License
(1) A privilege or right granted to a person by a state to operate as a real estate broker, managing broker, or leasing agent. (2) The revocable permission for a temporary use of land—a personal right that cannot be sold.
managing broker
a real estate professional who reports directly to the designated broker and manages mid-level aspects of the real estate firm
Real Estate Administration And Disciplinary Board
Illinois regulatory body tasked with maintaining standards of professional conduct, discipline, and examination.
Real Estate Recovery Fund
A fund established to cover claims of aggrieved parties who have suffered monetary damage through the actions of a real estate licensee.
Real Estate Research And Education Fund
A fund maintained by the Illinois State Treasury for research and education at state institutions of higher education or other organizations for research and the advancement of education in the real estate industry.
Residential Leasing Agent
A person who is employed by a broker to engage in licensed activities limited to leasing residential real estate who has obtained a license as provided for in Section 5-5 of the Act
Sponsoring Broker
The broker who is sponsoring a licensed broker, managing broker, or leasing agent.
Renewal period means:
the period beginning 90 days before the expiration date of a license
Licensee failing to comply with continuing education requirements what is the maximum allowable fine?
$2000
A sponsoring broker licensed in Illinois by reciprocity with another state must what…
appoint the secretary, in writing, to act as the agent of notice for all judicial and legal notices.
Leasing of residential property requires how many hours of instruction?
15 hours plus passing a written exam
In Illinois, all real estate brokers’ licenses expire on
April 30 of every even-numbered year.
Maximum amount an aggrieved person can be awarded a judgement against a real estate licensee for violation of the Illinois Real Estate License Act
The aggrieved party has the right to a maximum award amount of $50,000 from the real estate recovery fund, plus court costs and attorney’s fees.
The initial broker’s license fee for a partnership, LLC, or corporation is
$125
After the first renewal period, to meet the continuing education requirement in Illinois, brokers must obtain how many hours of continuing education during the current term of the license?
12 hours
An individual or entity that engages in the sale of assignable contracts on 2 or more transactions in any 12-month period needs what?
A real estate license. Including those individuals doing a certain amount property flipping to obtain a license.
Under what conditions may a sponsoring broker who lives in a state that has a reciprocal licensing agreement with Illinois be issued an Illinois license?
The sponsoring broker’s home state has a reciprocal licensing agreement with Illinois.
Real Estate Team name requirements.
Team names may not include misleading terms, such as “company,” “realty,” “real estate,” “agency,” “associates,” “brokers,” “properties,” or “property.”
A real estate broker was responsible for a chain of events that resulted in the sale of one of his client’s properties. The broker is legally called the…..?
**Procuring Cause. **
Commission disputes boil down to what is referred to in the industry as “procuring cause.” The agent who ultimately caused the buyer to purchase the home and earned the commission is generally the procuring cause agent.