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Illinois Real Estate > Unit 14 - Illinois Real Estate License Law > Flashcards

Unit 14 - Illinois Real Estate License Law Flashcards

1
Q

Who regulates the real estate industry in Illinois?

A

IDFPP

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2
Q

Define IDFPR

A

Illinois Department of Financial and Professional Regulation

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3
Q

What are the 4 major funds administered through the IDFPR?

A

Real Estate License Administration Fund
Real Estate Research & Education Fund
Real Estate Recovery Fund
Real Estate Audit Fund

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4
Q

Name a few things the IDFPR does

A

Conduct license exams
Issue/Renew Licenses
Prepare forms & applications
Collect fees

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5
Q

Who is exempt from the license requirements?

A

Attorney in fact
Officer of a federal agency
Hotel Operator

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6
Q

Whats the fine amount for practicing without a license?

A

$25,000

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7
Q

What are the license requirements for a Broker?

A

21 years old
High School Degree
Pass Exam
Submit valid application

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8
Q

What are the license requirements for a Managing Broker?

A 
21 years old
Be licensed for 2 years
Pass exam
Complete 165 hours of instruction
Submit valid application
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9
Q

What is a licensee given after passing the exam?

A

A sponsor card

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10
Q

Who must fill out the sponsor card?

A

The Sponsoring Broker

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11
Q

Which states does Illinois have reciprocity with?

A 
Colorado
Connecticut
Florida
Georgia
Indiana
Iowa
Nebraska
South Dakota
Wisconsin
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12
Q

What are the license fees?

A

Leasing agent = $75

Broker = $125

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13
Q

When does an agents license expire?

A

April 30th of even numbered years

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14
Q

When does a brokers license expire?

A

April 30th of odd numbered years

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15
Q

What are the core courses covered in CE?

A 
Advertising 
Agency
Disclosures
Escrow
Fair Housing
Leasing Agent Management
License Law
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16
Q

What must an employment agreement describe?

A

Supervision
Duties
Compensation
Termination

17
Q

How should licensees handle earnest money?

A

By immediately handling it to the sponsoring/managing broker

18
Q

All ads must contain?

A

Licensees Name
Companys Name
City or area of the advertised property

19
Q

Name a few causes for discipline

A 
Make a false statement
Conviction of a crime
Lack of judgement or skill
Cheating on the exam
Practicing without a license

Illinois Real Estate (24 decks)

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