Term 1 of 71
If a licensee changes his or her name or address, the licensee must
notify the IDFPR in writing within 14 days.
notify his or her managing broker within 3 days.
notify the IDFPR in writing within 10 days.
receive prior approval from the Coordinator of the IDFPR.
Term 2 of 71
Ray wants to get his Illinois residential leasing agent license. Which of the following are
required of
him?
He must be 18 and have 2 years of postsecondary education.
He must be 18 and complete a 15-hour leasing course.
He must be 21 and pass a written exam.
He must be 21 and a high school graduate.
Term 3 of 71
When do Brokerage Firms need to renew their license?
October 31 of every odd-numbered year
July 31 of every even-numbered year
July 31 of every odd-numbered year
October 31 of every even-numbered year
,Term 4 of 71
Broker Post-License Education
60 Hours required for new licensees
15 Hours required for new licensees
45 Hours required for new licensees
12 Hours required for new licensees
Term 5 of 71
By statutory definition, the term "agency" in real estate practice means
the limited agency relationship between a sponsoring broker and his or her affiliated
sponsored
licensees.
a relationship between a broker and a consumer, whether voluntary or otherwise, where
the
broker receives compensation from that consumer for performing real estate services.
a brokerage firm, whether residential or commercial, which is comprised of licensed
agents.
a relationship where a broker or managing broker represents a consenting consumer in a
transaction.
Term 6 of 71
Licensees must include all the following in BPO's and CMA's EXCEPT
Name and signature of licensee.
Description of interest being evaluated.
The purpose.
A statement that it is an appraisal prepared by a real estate licensee.
,Term 7 of 71
It is required that the Real Estate Administration and Disciplinary Board consist of
six individuals who are not involved in real estate.
five licensed brokers and at least two non-licensees.
twelve licensees and three individuals who are not involved in real estate.
at least three individuals who are exempt from licensure.
Term 8 of 71
Residential leasing agents may be compensated
by the owner.
by the landlord or tenant.
by the owner or sponsoring broker.
by the sponsoring broker only.
Term 9 of 71
If one of the brokerage firm's offices suddenly loses its designated managing broker, the
sponsoring
broker
must close the office until a new designated managing broker is found.
may continue operations temporarily while a new designated managing broker is put in
place.
must personally take over the management responsibility.
may temporarily have a broker licensee manage the office.
, Term 10 of 71
License Renewal Period for Initial Broker License
180 days prior to expiration
30 days prior to expiration
30 days after expiration
90 days prior to expiration
Term 11 of 71
Broker's (supported) price estimate
Broker's Price Opinion (BPO)
Appraisal
Comparative Market Analysis
Term 12 of 71
Paul, an unlicensed resident, wants to become an Illinois real estate broker. What education
must he
obtain?
120 classroom hours of approved courses or a degree in an IDFPR-approved field.
45 classroom hours of approved courses.
90 classroom hours of approved courses.
75 classroom hours of approved courses
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