Real Estate Brokerage

Question 1

How many hours of post-license education are brokers required to receive?

Answer 1

45 hours

Question 2

___ is defined as the business of bringing people together

Answer 2

Brokerage

Question 3

Who handles daily details of running a business and sets effective policies for every aspect of the brokerage operation?

Answer 3

Managing broker

Question 4

What real estate license category was created to increase accountability and awareness of the statutory duties of supervision?

Answer 4

Managing broker

Question 5

What type of real estate license are self sponsored licensees required to have?

Answer 5

Managing broker

Question 6

Self sponsored licensees must have a managing broker license or obtain one within ___ days

Answer 6

90

Question 7

Person who is legally appointed by a sponsoring broker to oversee the office and register sponsored licensees with the department

Answer 7

Designated managing broker

Question 8

Person appointed by a sponsoring broker who is responsible for the supervision of all activities performed by affiliated licensees

Answer 8

Designated managing broker

Question 9

The designated managing broker must acquire a managing broker license within ___ days of being named designated

Answer 9

90

Question 10

Person appointed by sponsoring broker who is responsible for record keeping and maintaining employment agreements with sponsored licensees

Answer 10

designated managing broker

Question 11

Person appointed by sponsoring broker to handle all earnest monies, escrows, and contract negotiations

Answer 11

Designated managing broker

Question 12

Who sponsors licensed managing brokers, brokers, and residential leasing agents?

Answer 12

Sponsoring broker

Question 13

Sponsoring broker entities must be ___.

Answer 13

Licensed

Question 14

A licensee who is self sponsored would be considered as a(n) ___.

Answer 14

sponsoring broker

Question 15

___ may delegate authority and tasks to licensees

Answer 15

sponsoring broker

Question 16

Who is ultimately responsible for all real estate activities at the brokerage?

Answer 16

Sponsoring broker

Question 17

When a licensee hires another licensee to aid in business, the hired licensee is a(n) ___.

Answer 17

Personal Assistant

Question 18

Personal assistants are no longer identified by the Real Estate Act of 2000. True or false?

Answer 18

True

Question 19

Personal assistants to a licensee need an employment agreement with…

Answer 19

the sponsoring broker

Question 20

Who do personal assistants to licensees receive compensation from?

Answer 20

The sponsoring broker

Question 21

A licensees personal assistant needs to be ___.

Answer 21

Licensed

Question 22

Every real estate office must have one ___ or ___

Answer 22

Sponsoring broker or designated managing broker

Question 23

Licensees do not need to carry a copy of license at all times in Illinois. true or false?

Answer 23

false

Question 24

When do licensees need to carry a physical or electronic copy of their license in Illinois?

Answer 24

At all times

Question 25

A ___ guides business decisions in the real estate brokerage.

Answer 25

Business plan

Question 26

What identify’s company’s purpose & focus, and sets organization’s course and tone?

Answer 26

Mission statement

Question 27

The mission statement is part of the ___.

Answer 27

Business plan

Question 28

What serves as a risk management tool for a company?

Answer 28

Policy & Procedures manual

Question 29

The sales training manual is part of the policy and procedures manual. True or false?

Answer 29

False

Question 30

What would a licensee reference to find information about company policies in regards to fair housing, non discrimination, and harassment?

Answer 30

Policy & Procedures manual

Question 31

Required disclosures, use of forms, and policies on client confidentiality can be found in the ___.

Answer 31

Policy & Procedures manual

Question 32

Office policy in regards to handling of earnest monies and escrows must be addressed in the ___.

Answer 32

Policy & Procedures manual

Question 33

Even though the policy and procedures manual is not a sales training manual, the policy and procedures must address company policy about advertising. True or false?

Answer 33

True

Question 34

The ___ should include policies and guidelines regarding technology & internet usage.

Answer 34

Policy and procedures manual