Chapter 2 - Illinois Grounds for Discipline Flashcards Preview

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Flashcards in Chapter 2 - Illinois Grounds for Discipline Deck (8)
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1

Advisory Letter

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.

2

Cease and Desist

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

3

Civil Penalty

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

4

Guaranteed Sales Plan

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

5

Peer Review Advisor

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

6

Real Estate Recovery Fund

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

7

Revocation

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

8

Suspension

A real estate agent's license being temporarily withdrawn.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