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18 Cards in this Set
- Front
- Back
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Define branch office license:
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In IL, a separate license that must be obtained for each branch office a broker wishes to establish
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Define Bureau of Real Estate Professions(BRE):
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federal agency responsible for administering the Real Estate License Act of 2000
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Define Class A misdemeanor:
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a fine uo to $2500 and imprisonment for up to one year
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Define Class 4 felony:
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carries a fine of up to $25,000and imprisonment for 1 to 3 years for individuals
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Define Illinois Department of Financial and Professional Regulation(IDFPR):
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1
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Define inoperative status:
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In IL, a license status that prohibits a licensee from engaging in real estate activities because he/she is unsponsored or his/her license has lapsed or been suspended or revoked
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Define leasing agent license:
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In IL, a limited license for individuals who wish to engage only in activities related to leasing residential property
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Define licenses:
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the revocable permission for a temporary use of land- a personal right that cannot be sold
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Define pocket card:
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In IL, a card that must be carried by the licensee when engaging in real estate activities for which a license is required
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Define Real Estate Administration and Disciplinary Board:
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("The Board")acts in capacity to the Division of Professional Regulation regarding matters involving standards of professional conduct, discipline, and examination
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Define Real Estate Education Advisory Council:
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7 member board charged with considering applications for real estate licensing schools and instructors
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Define Real Estate License Administration Fund:
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to which license fees and other funds initially go
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Define Real Estate Recovery Fund:
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a consumer-oriented fund for compensating consumers for any illegal actions of licensees
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Real Estate Research and Education Fund:
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for research and scholarships
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Define sponsor card:
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In IL, a card that certifies a new licensee's relationship with a broker and serves as a temporary permit to practice until a permanent pocket card is received
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What is the initial license fee for:
a)brokers b)salesperson c)leasing agent |
a)$125
b)$125 c)$75 |
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What is the renewal cost and date for:
a)broker b)salesperson |
a)$150 & April 30 even years
b)%100 & april 30 odd years |
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A sponsporing broker's bookkeeping system must consist of the following escrow records: name all 4
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1)journal
2)ledger 3)monthly reconciliation statement 4)master escrow account log |
