Chapter 14: Illinois Real Estate License Law Flashcards Preview

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Flashcards in Chapter 14: Illinois Real Estate License Law Deck (22):
1

A sponsored brokers license certificate generally must be?

Retained in the office of the sponsoring broker

2

Before a real estate incense can be suspended or revoked, the licensee is entitled to?

A hearing before the real estate administration and disciplinary.

3

Sponsored real estate brokers may represent?

Only the sponsoring broker under whom they are licensed.

4

As a sponsored real estate broker what is required of you when you are selling your own property?

You must inform all prospective purchases that you are a real estate licensee.

5

A broker cannot legally collect commissions from both seller and the buyer without

Disclosing to the seller and the buyer all sources of compensation related to the transaction received by the broker from a third party.

6

Generally, anyone who acts for another person in matters concerning sale or lease of real estate must be licensed except a person who is?

Acting under a power of attorney

7

A broker receives a check for earnest money from a buyer and deposits the money in an escrow account. By doing this the broker protects herself from a charge of?

Commingling

8

Under the real estate licensing law, a sponsored real estate broker is authorized to?

Act under the sponsoring brokers supervision.

9

What is the purpose of the real estate recovery fund?

To allow an award to be give to a member of the public who has been economically injured by a licensee.

10

Who administers the Illinois real estate license act?

The Illinois department of financial and professional regulation.

11

Who is exempt from Illinois real estate licensing requirements?

An employee of the Illinois department of conservation who regularly buys and sells park land

12

Any unlicensed who engages in real estate activities for which a license is required is subject to a civil penalty, in addition to other statutory penalties. What is the civil penalty in Illinois?

A fine of $25,000 for each offense

13

When does a broker license expire?

April 30 of every even-numbered year

14

When does a managing broker license expire?

April 30 of every odd-numbered year

15

What is the statute of limitations on actions that may result in a collection from the real estate recovery fund?

2 years

16

A candidate can receive a waiver of the managing broker courses for which of the following reasons?

Being a licensed attorney

17

The license law of 2000 makes it possible for a candidate

To obtain a thinkers license without having prior experience as a real estate licensee

18

Managing brokers must keep escrow account records for?

5 years

19

Sponsoring brokers must submit termination documents for a previously sponsored licensee to the department of financial and professional regulation?

Within 2 days of termination.

20

Brokers who apply for licensee renewal (after first renewal period) must have completed how many hours of continuing education per year?

6

21

If there is a dispute between the buyer and seller regarding escrow money, the broker shall?

Continue to hold the deposit

22

The rules adopted by the department of financial and professional regulations.

Used to administer and enforce the license act