Real Estate License Act of 2000

Question 1

Illinois has had a real estate license law since what year?

Answer 1

1921

Question 2

Body of law that is intended to evaluate the competency of persons engaged in the real estate profession and to regulate their activities for the protection of the public

Answer 2

Real estate license law

Question 3

What is the Illinois real estate license law called?

Answer 3

The Real Estate License Act of 2000

Question 4

Who regulates the real estate industry in IL?

Answer 4

IDFPR Division of Real Estate

Question 5

The Division of Real Estate is a branch of the ___.

Answer 5

Illinois Department of Financial and Professional Regulation

Question 6

The ___ is sometimes called the Department.

Answer 6

Illinois Department of Financial and Professional Regulation

Question 7

Who oversees the division of real estate?

Answer 7

The secretary of the IDFPR

Question 8

How is the secretary of the IDFPR selected?

Answer 8

Appointed by the governor

Question 9

Who oversees the division of real estate by law?

Answer 9

A director of the real estate division and a real estate coordinator

Question 10

Who administers all licenses for IL Real Estate division licenses?

Answer 10

IDFPR

Question 11

Who administers all licenses for IL home inspectors?

Answer 11

IDFPR

Question 12

Who administers all licenses for IL auctioners?

Answer 12

IDFPR

Question 13

Who administers all licenses for IL Community Association Management?

Answer 13

IDFPR

Question 14

Who administers all licenses for IL real estate appraisers?

Answer 14

IDFPR

Question 15

IDFPR promulgates rules for the Act’s ___ and ___, often called “the rules”

Answer 15

implementation and enforcement

Question 16

___ supplies explanatory detail and guidelines for the act.

Answer 16

The rules or Administrative Code

Question 17

What are the 4 major funds administered through IDFPR?

Answer 17

1) Real Estate License Administration Fund
2) Real Estate Research and Education Fund
3) Real Estate Recovery Fund
4) Real Estate Audit Fund

Question 18

A licensed broker is appointed to the position of real estate coordinator by the ___ after the recommendations of real estate professionals and organizations are considered.

Answer 18

IDFPR secretary

Question 19

The real estate coordinator is a(n) ___ appointed by the IDFPR secretary.

Answer 19

Licensed broker

Question 20

When a licensed broker is appointed to the position of real estate coordinator, what happens to their license?

Answer 20

It’s status becomes inactive

Question 21

How many members are there on the Real Estate Administration and Disciplinary Board?

Answer 21

15

Question 22

How are members of the Real Estate Administration and Disciplinary Board selected?

Answer 22

Appointed by the governor

Question 23

All members of the Real Estate Administration and Disciplinary Board must be residents and citizens of IL for at least ___ years prior to date of appointment

Answer 23

6

Question 24

12 members of the Real Estate Administration and Disciplinary Board must have been actively engaged as ___, ___, or both for at least the 10 years prior to appointment.

Answer 24

Managing brokers
Brokers

Question 25

12 members of the Real Estate Administration and Disciplinary Board must have been actively engaged as managing brokers, brokers, or both for at least the ___ years prior to the appointment.

Answer 25

10

Question 26

12 members of the Real Estate Administration and Disciplinary Board must have been actively engaged as managing brokers, brokers, or both for at least the 10 years prior to the appointment, and ___ must possess an active pre-license instructor.

Answer 26

2

Question 27

12 members of the Real Estate Administration and Disciplinary Board must have been actively engaged as managing brokers, brokers, or both for at least the 10 years prior to the appointment, and 2 must possess an active ___.

Answer 27

pre-license instructor

Question 28

3 members of the Real Estate Administration and Disciplinary Board must be ___ members who represent ___.

Answer 28

Public members who represent consumer interests

Question 29

___ members of the Real Estate Administration and Disciplinary Board must have been actively engaged as managing brokers, brokers, or both for at least the 10 years prior to the appointment

Answer 29

12

Question 30

___ members of the Real Estate Administration and Disciplinary Board must be public members who represent consumer interests.

Answer 30

3

Question 31

How long is the term for a member of the Real Estate Administration and Disciplinary Board ?

Answer 31

4

Question 32

Real Estate Administration and Disciplinary Board members may not be reappointed for terms that would cause their service to exceed ___ years.

Answer 32

10

Question 33

If a member of the Real Estate Administration and Disciplinary Board 's term exceeds 10 years, the governor may ___ their appointment.

Answer 33

terminate

Question 34

If a member of the Real Estate Administration and Disciplinary Board 's term exceeds 10 years, the ___ may terminate their appointment.

Answer 34

Governor

Question 35

The Real Estate Research and Education Fund is held in trust in the ___ and administered by ___.

Answer 35

Held in interest in the state treasury Administered by IDFPR

Question 36

Annually on ___, the state treasurer transfers $125,000 to the Real Estate Research and Education Fund from the Real Estate License Administration Fund.

Answer 36

September 15

Question 37

Annually on September 15, the state treasurer transfers $___ to the Real Estate Research and Education Fund from the Real Estate License Administration Fund.

Answer 37

$125,000

Question 38

Annually on September 15, the state treasurer transfers $125,000 to the ___ from the Real Estate License Administration Fund.

Answer 38

Real Estate Research and Education Fund

Question 39

Annually on September 15, the state treasurer transfers $125,000 to the Real Estate Research and Education Fund from the ___.

Answer 39

Real Estate License Administration Fund

Question 40

Annually on September 15, the ___ transfers $125,000 to the Real Estate Research and Education Fund from the Real Estate License Administration Fund.

Answer 40

state treasurer

Question 41

Of the $125,000 annual allocation to the Real Estate Research and Education Fund, $___ is used to fund a scholarship program to support real estate education of minority real estate professionals.

Answer 41

$15,000

Question 42

Of the $125,000 annual allocation to the Real Estate Research and Education Fund, $15,000 is used to fund a scholarship program to support real estate education of ___ real estate professionals.

Answer 42

Minority

Question 43

Education requirements, pre-licensing coursework needed, testing requirements, and continuing education requirements for Illinois licensees are covered in ___ of the Act

Answer 43

Article 5

Question 44

In Illinois, it is illegal for anyone to practice, offer, attempt to practice, or hold oneself out to practice as a broker, managing broker, or leasing agent without being ___.

Answer 44

licensed

Question 45

If a person practices, offers, attempts to practice, or holds oneself out to practice real estate as a broker, managing broker, or leasing agent, they are subject to a(n) ___.

Answer 45

Civil fine

Question 46

If a person practices, offers, attempts to practice, or holds oneself out to practice real estate as a broker, managing broker, or leasing agent, they are subject to a civil fine of up to $___ for ___.

Answer 46

up to $25,000 for each offense

Question 47

Civil fines for practicing real estate without a license are payable to ___ after a disciplinary hearing.

Answer 47

IDFPR

Question 48

Civil fines for practicing real estate without a license are payable to IDFPR after a(n) ___.

Answer 48

Disciplinary Hearing

Question 49

Who has the authority to investigate any and all unlicensed real estate activities?

Answer 49

IDFPR

Question 50

Civil fines for practicing real estate without a license must be paid within ___ days after the effective date of the order.

Answer 50

60

Question 51

What constitutes as a judgement for practicing real estate without a license?

Answer 51

The order