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13 Cards in this Set
- Front
- Back
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Pocket card |
Verification of current licensure, carry at all times |
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Managing broker |
Supervises brokers, appointed by sponsoring broker, licenses expire April 30 of each odd numbered year |
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Reciprocity |
Allowing a license in one jurisdiction to be valid in another |
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Sponsoring broker |
Can be a person or entity, issues compensation, licenses can only be employed by one at a time |
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Arms length transaction |
Transaction that occurs between strangers acting for their own best interests |
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Illinois Department of Human Rights |
Accepts discrimination complaints, initiates charges, conducts investigations |
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State protected classes |
Marital status, sexual preference, elderly, military status, orders of protection |
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Federal protected classes |
Race, color, religion, ancestry, familial status, disability, sex |
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Blockbusting |
Illegal practice of inducing owners to sell their homes by suggesting property values will decline due to racial composition of neighborhood changing |
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Guaranteed sales plan |
Purchase from the broker, contract to purchase property within specific time for specific price if it doesn't sell within terms of brokerage agreement |
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Advisory letter |
May be requested if licenses needs advice or clarification from the Division related to rules or Real Estate License Act |
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Peer review advisor |
A licensee contracted to help investigate unlicensed person or a licensee of equal or lower level |
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Real estate recovery fund |
A means of compensating individuals who have been victims of violations, balance of $800,000 |
