Chapter 14 B Flashcards Preview

Real estate > Chapter 14 B > Flashcards

Flashcards in Chapter 14 B Deck (35)
Loading flashcards...

What are the regulations for Advertising (section 10-30)?

A sponsor must include her business name and franchise affiliation in all advertisement


are blind ads legal?

blind ads are prohibited. No blind ad advertisement may be used by a license regarding the sale or lead of any estate, other real estate activities, or hiring of the licensees


what must licensee must when advertising?

1. never advertise in only there name
2. always include the firm's name
3. never advertise another sponsoring broker without permission
4. always keep advertisement up to date and clear


what must least licensee have in a advertisement?

1. licensee name
2. company and company's address, city/state
3. the city area of the advertised property


what are the three rules for advertising on the internet?

1. an internet ad must include identification- broker name, company name, company location and geographic location of property
2. E-correspondence, bulletin boards or e-commerce discussion groups require license name, company and company location
3. as the with other advertisement internet site are to be update periodically and kept current


what are you not allow for advertising on the internet?

1. "advertising a property that is subject to an exclusive listing agreement with sponsoring broker other the licensee's own without the permission of the identifying that listing broker"
2."failing to remove ad of listed property within the reasonable time, given the nature of the advertising, after the earlier of the closing of sale on the lists property or the exertion or termination of the listing"


What should a broker if they are selling house?

a broker must
1. always disclose "agent owned"
2. place "agent-owned" on the sign if FISBO


what should you do if you are in the phone book?

broker must not place their own names user the heading "real estate" in the telephone directory or otherwise advertise their service to the public through any media without also listing the business name of the sponsoring broker with whom they are affiliated


Does print size matter IL?

no, it does matter


what is procedures for collecting paycheck?

go to and come sponsor

the check at the closing will be in the sponsor name only


Can you receive compensation someone other the sponsor?

section 10-5 licensee may not receive compensation from anyone other sponsor


what is exception of getting compensation from your sponsor?

one exception is former licensee now working for another sponsoring broker but who is due a commission from work complete while still at the first firm.


what is the discloser of compensation?

Section 10-10 discloser of compensation is significant issue. the act hold the client must be made ware of compensation and source. the sponsor policy on sharing commission with cooperating sponsoring broker.


How you sue for commission in IL?

one must be licensed real estate sponsoring broker


what does the funds always go through?

the sponsoring broker


Can licensee pay referral fee unlicensed person?



Can you give gift to customer as a part of a game?

yes, Section 10-15, also states "may offer cash, gifts, prizes, awards coupons, merchandise, rebates or chance to win a game of chance. if not prohibited by any other law" to consumer as a legitimate approach to gathering business.


How can it be legal sponsor to pay corporation?

it not is legal for sponsoring broker to pay a corporation set up the licensee, rather than the licensee directly, if desired


what is happen if a broker is in violation?

1. refuse to issue or renew any license
2. suspend or revoke any license
3. censure or reprimand a license
4. place a licensee on probation
5. impose a civil penalty not more than 25,000 for any one cause or any combination of causes


What is nonpayment of child support, income tax, student loans?

In IL the dept will refuse to issue or renew the license of person who are more than 30 day delinquent in child support

anyone who fails to file tax return or to pay any tax

Failure to repay IL student loans is also emphasized. if the student loan is from IL the department will issue license


what is guaranteed sales plan?

A sponsor in IL who offers this must be able to
1. provide the details and conditions of the plan in writing to the seller
2. offer evidence of sufficient funds resources to satisfy the agreement's purchase commitment
3. market the listing in the same manner in which they would market any other
4. not purchase the seller property unit the brokerage agreement has ended or is otherwise terminated


what happens if the spinor who fails to perform on a guaranteed sale plan?

they don't perform on a guaranteed sales plan in strict accordance with its terms is subjected to all the penalties for for violation the act plus civil penalties of up the 25,000 payable to the injured party


what if what happen when unlawful action by associates if no sponsoring broker knowledge

a sponsor will not have license revoked because of the an unlawful act by any managing broker or broker by or associated the sponsor, or by unlicensed employee, unless the sponsor had knowledge of the unlawful act. the sponsor could possible be hold liable for the employee's actions under vicarious responsible.


the procedure for disciplinary hearing, who can be investigated by the department under the act?

anyone who has a license


the procedure for disciplinary hearing, how do long before hearing date they start investigating?

at least 30 days before the date of the hearing set for examination of such an issue, and prior to taking any action


the procedure for disciplinary hearing, what will the department will do during investigation?

1. in writing, inform person under investigation of the charges being brought against their and the location and time of eh hearing: this notification may be sent by personal delivery or certified mail to the address given by the individual in her last communication with department
2. instruction accused person to respond to the charges, under oath and in writing within 20 day of being informed of the charges and hearing
3. notify, the person that unless she respond as instructed, default will tank against and disciplinary action such as imposition of a fine or license suspension, revocation or probation met instituted


what will happen after the investigation of a broker?

the department will present the license with copy of the board report following conclusion of hearing. the broker may request a rehearing via a motion in writing, which indicates the reason justifying a new hearing. the request must be made within 20 days after the broker has beed served with the department report.


What is the right to petition administrative/ judicial review?

Section 20-75: all final administrative decision are subject to judicial review under the provisions of Administrative review law and its rules. the accused may request a judicial review by petitioning the circuit of the country of her residence. fi the party is not a resident of IL, the venue will Sangamon County.


what is good moral character?

section 5-25: the board may revoke licenses or refuse to grant license to applicants who make false statement on the license application. in evaluating past conduct. the board will consider the particular details of the behavior or violation, how long ago the events took place, whether the applicant has made restitution or been rehabilitated, and other factor as the board desire


what are violations?

section 20-22: any person who is found working or acting as a manager, broker, leasing agent with being issued a valid existing license is guilty of a class A misdemeanor and on conviction of second or subsequent offense, the violator is guilty of a class 4 fenoly.