Chapter 2 - Illinois Grounds for Discipline

Question 1

Advisory Letter

Answer 1

Communication from the Illinois Department of Financial and Professional Regulation to a licensee who requests clarification on points of law or administrative rule. Only the licensee requesting an advisory letter may rely on it as defense against disciplinary action.

Question 2

Cease and Desist

Answer 2

An order or request to halt an activity (cease) and not to take it up again later (desist) or else face legal action. The recipient of the cease-and-desist may be an individual or an organization

Question 3

Civil Penalty

Answer 3

When a state entity, government agency, or a private party seeks monetary relief against an individual as restitution for wrongdoing by the individual

Question 4

Guaranteed Sales Plan

Answer 4

A real estate purchase or sales plan where a licensee enters in a contract to purchase property winin a specific time and for a specifi price in the even it is not sold in accordance with the terms of a subsequent brokerage agreement

Question 5

Peer Review Advisor

Answer 5

A qualified licensee contracted by the Illinois Department of Financial and Professional Regulation to investigate the facts of a complaint against another licensee and make a non-binding recommendation to the Department

Question 6

Real Estate Recovery Fund

Answer 6

A fund maintained by the Illinois Department of Financial and Professional Regulation from which any person aggrieved by an act, representation, transaction, or conduct of a licensee or unlicensed employee of a licensee who is in violation of the Real Estate License Act or Administrative Rules can collect damages

Question 7

Revocation

Answer 7

Withdrawal of a real estate agent’s license by the issuing authority for violations; often permanent

Question 8

Suspension

Answer 8

A real estate agent’s license being temporarily withdrawn. Usually, reactivation is automatic the day after the suspension is lifted