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20 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What is the bureau of realestate professions required to enforce |
Illinois Realestate licence act Real estate appraiser licencing act Provisions and rules of the uniform standards of professional appraisal practice Provisions and rules of the uniform standards of professional appraisal practice Auction licence act
Home inspector licence act |
6 acts |
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What is the purpose of the licence law |
Laws are intended to regulate the industry in Illinois for the intention of protecting the public |
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What were the 2 years that they licence act were amended |
The year 2000 and the year 2009 |
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Define agency |
A real estate broker or licensee that represents a consumer |
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Define applicant |
Any person who applies for a licence |
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Define blind advertisement |
An advertisement that does not include the sponsoring brokers business name |
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Define IDFPR |
Illinois department of financial and professional regulation |
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Define board |
The real estate administration and disciplinary board of Illinois department for professional regulation |
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Define broker |
Person or entity who receives compensation for real estate activities |
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Besides money, what other compensation can be received |
Prizes, merchandise, coupons or gift certificates, discounts, and raffles |
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Define consumer |
Person or entity seeking or receiving licenced activities |
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Define coordinator |
Coordinator of real estate appointed by secretary of the department |
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Define credit hour |
Minimum of a 50 minute class |
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Define customer |
The person not being represented by the licensee but is involved in the transaction in order to assist the licencees actual client |
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Define designated agency |
Relationship between one or more brokers assigned to a client |
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Define designated agent |
Licencing named by sponsoring broker as the legal agent of a client |
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Define dual agency |
When the licensee represents both the buyer and the seller |
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Define pocket card |
Card issued by the department to signify that the person named on the card is licenced |
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When can confidential info be shared by the licensee |
When the client gives permission, when it's required by law, when the info becomes public from another source |
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Which agency in Illinois has responsibility for licencing schools and instructors |
Division of real estate |
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