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18 Cards in this Set

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