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Flashcards in Chapter 14 A Deck (56)
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1

what is the department responsible for?

1. conducting license examinations
2. issuing and renewing license
3. preparing forms, including application, licenses, and sponsor cards
4. collecting fees from applicants and licensees

2

what are additional functions for the department?

1. conducting hearing that may result in the revocation or suspensions of licenses or in the refusal to issue or renew licenses
2. imposing penalties for violation of the act
3. restoring suspended or revoked licenses

3

who is estate coordinator (section 25-15)

a licensed broker is appointed to the position real estate coordinator by the secretary of IDFPR ager the recommendation of real estate professionals and organization are consider. this person is surrendered to the department during the appointment.

4

what estate coordinator's duties?

1. act as ex officio chairperson of the real estate administration disciplinary board (without a vote)
2. being the direct liaison between the department, the real estate profession and real estate organization
3. preparing and circulating education and information material for licenses
4. appointing any committees necessary to assist the department in carrying out its duties '
5 supervising real estate activities
6. serving as ex officio chairman of the advisory council with a vote.

5

what is composition board?

this is composed of nine members appointed by the governor, all whom muse been resident and citizen of IL for at least six before their appointment date.

6

Composition Board, what should the six of nine must have?

they must have been active real estate managing broker, broker, salesperson for a least ten years.

7

Composition Board, what should three of nine must not have?

they must be unlicensed unconnected with real estate profession and represent consumer interest.

8

What is advisory council (section 30-10)?

Matters related to real estate education are handled by the Advisory council these five are appointed

9

How many people on advisory council?

five, they are appointed

10

what is advisory council in charge with?

this council is charge with considering application for real estate licensing school and instructors

11

what is the purpose of advisory council?

the purpose of the council is to approve and regulate schools, curricula, sponsors, and programs and suggest administrative rules to the department

12

what the real estate research and education fund (section 25-25)?

this administered by the department and held in trust by IL treasury. On 9/15 each year, the treasure, transfers 125,000 from real estate research and education fun to the real estate license administration, primarily to be sue to promote higher learning for real estate.

13

who needs be licensed?

1. anyone who is manager, salesperson or sponsor broker
2. anyone who is dealing with restate for money

14

what are the general requirement before you become a broker?

1. all applicants must pass a written examination administrated by independent testing service, which is applied measurement professional (AMP)
2. you must apply to AMP
3. they act as the department and statutory requirements.

15

what are the requirements to be a broker?

1. must be 21 and will show social security number?
2. be good moral character
3. have graduated from high school or GED
4. Provided satisfactory evidence of completely 90 hours, 15 of them must be in a class room
5. Must pass the department written exam
6. submit a valid application for a broker license along with sponsor card and the required fees

16

what are the requirement to be a manager?

1. must be at least 21
2. be good moral character
3. have been licensed as real estate salesperson for at least 2 years
4. have a high school degree or GED
5. have complete at 165 hours of education as follows: 120 pre and post license hours, 45 additional hour on brokerage and management
6. take and pass a department authorize written exam for license
7. submit a valid application for managing broker license along with a sponsor card, a managing broker appointment and require fees

17

what is a salesperson?

is defined as person, other thran real estate broker or leasing agent, who is employed by a real estate broker or associated with real broker as independent contractor

18

what happened to the salesperson?

the transition to broker will have be complete 30 hours of post license education, pass written exam approved by the dept. and administered by authorized school. this must be done before april 30, 2012

19

what should every corporation must?

they must hold a managing broker license or broker license.

20

what should every employee must have in corp?

every employee of the corp who act as license on the corp's behalf must also hold a license as real estate broker, manager or leasing

21

what happen with partnership with real estate?

every general partner must hold managing broker license.
every employee who act a license on the partnership's behalf also must have license as a real estate broker, managing broker's license

22

every employee who act on behalf LLC/LLP must have what?

they must hold a license, managing broker, broker or leasing agent license

23

what is requirement for a leasing agent?

1. must be 18
2. be good moral character
3. have high school diploma or GED
3. successfully complete a 15 hour leasing agent pre license course
4. pass the state exam

24

what happen to your license when you change or leave firms?

when you or sponsor terminates employment for any reason

you must obtain your license from the employing broker

you become inoperative (it means you can't do anything real estate until you have new sponsor)

Once you have a new sponsor. they give you temp sponsor card until the new one comes the sponsor prepares and send duplicate sponsor card the dept for the is transition period whining 24 hour s of sponsorship, along which original signed or terminated license from the previous sponsoring broker and the require fee

25

what is expiration and renewal for your license?

these are the dates are established by rule, consistent with act.

26

What is the rule for new licensees before they are brokers?

they pay required fee and meeting CE requirement with in the 90 day before expiration of the license

they are required to complete and provide evidence of completing 30 hours of advisory council- approved post license education

15 of 30 hours must consist of classroom instruction or some other mean of interactive real time instruction and discussion between student and instructor and a department approved exam given by the education given by education provider before their CE requirement for this first time renewal period

27

Who does have a fee?

1. active duty with the US armed services or called into service or training by the state militia
2. engage in training or education under supervision of the US prior induction int the military
3. serving as the coordinator of real estate in IL or an employee of the department

28

what are the fees?

leasing 75
broker 125
sponsor 125

29

what happens if there is returned check or failure to pay (section 20-25)?

anyone delivers a check or other payment to the department that is returned. there is a fine of 50 plist the initial amount

If a failure of payment with in 30 days, the department will automatically terminate the license or deny the application without a hearing

30

when are the renewals due?

broker: april 30, even years
manager: april 30 odd years
leasing agent: July 31 even years
sponsor: Oct 31, even years