Chapter 1 - Illinois License Law Flashcards Preview

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Flashcards in Chapter 1 - Illinois License Law Deck (8)
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1

Broker

individual licensee who performs or assists a managing broker in performing the activities requiring a licensure, but who may work only under the name and supervision of a sponsoring broker

2

Coordinator

The coordinator of Real Estate created in section 25-15 of the Illinois real estate license act

3

Leasing Agent

A person who is employed by a real estate broker to engage in icensed activities imited to leasing residential real estate, and who has obtained a license as residential real estate, and who has obtained a license as provided for in section 5-5 of illinois real estate license act.

4

Licensee

Any person defined in section 1-10 of the illinios real estate license act who holds a valid unexpired license as a real estate broker, real estate managing broker, or leasing agent

5

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.

6

Pocket Card

The card issued by the Department of Financial and Professional Regulation to signify that the person named on the card is currently licensed under the Illinois Real Estate License Act

7

Reciprocity

When states agree to allow licensees from other states to sell real estate in their own

8

Sponsoring Broker

The licensed person or entity who has issued a sponsor card to a licensed broker or a leasing agent