Illinois broker licensing Study guides, Class notes & Summaries

Which agency in Illinois has responsibility for licensing schools and instructors? Training and Development Department Division of Real Estate Standards Council Advanced Advisory Council - correct answerDivision of Real Estate Which of the following is NOT an activity included in the definition of Broker? Sells, exchanges, purchases, rents, or leases real estate. Negotiates the sale, exchange, purchase, rental, or leasing of real estate. Holds a non-public open house. Engages in the b...

Real Estate Express Illinois Questions and Answers 100% Pass Which agency in Illinois has responsibility for licensing schools and instructors? Training and Development Department Division of Real Estate Standards Council Advanced Advisory Council Division of Real Estate Which of the following is NOT an activity included in the definition of Broker? Sells, exchanges, purchases, rents, or leases real estate. Negotiates the sale, exchange, purchase, rental, or leasing of real estate. Holds...

Illinois Real Estate Exam Prep Already Passed Who can and cannot complete the property condition disclosure documents? Disclosure documents must be completed by the seller, a family member (and signed by the seller), or seller's attorney or power of attorney. The licensee must never complete the disclosure forms. 2. What must a licensee do if he or she takes a listing on a home built prior to 1978? The licensee must have the sellers fill out a disclosure form about their knowledge or lack of ...

Chapter 16 Illinois Real Estate Licensing Law Which of the following types of listing agreements must be in writing to be enforceable? A. Exclusive agency listing agreements only B. Exclusive Right-to-Sell listing agreements only C. All listing agreements D. Both a and b D. Both a and b All exclusive agency listing contracts and exclusive right-to-sell listing Contracts must be in writing, in Illinois, to be enforceable. Written listing agreements that do not provide for automa...

To practice real estate in Illinois, brokers must be sponsored by a ______. - Sponsoring broker Reciprocal applicants must associate with an Illinois sponsoring broker T/F - T When must licensees in Illinois notify the Division of Real Estate of a change to their office location? - Within 24 hours Reciprocal applicants must submit a written statement giving the state of Illinois permission to transfer your license from the other state. t/f - T What are the main ways that license laws ensu...

Real estate sale associate pre license course exam prep (GOLD COAST HIGHLIGHTS) Farming licensee concentrate on one type or style of property or on one particular neighborhood Farm area or target market Finding and specializing in a particular neighborhood or type of property. Considered to be one of the best ways to succeed in the real estate business Tract building When a developer acquires a large tract of land, records a subdivision plat map, and uses a model center from which ...

Which of these is a licensing requirement for an Illinois broker's license?* a. Licensed at least two out of the preceding three years as a real estate broker or salesperson b. Successfully complete 75 hours of instruction at an approved real estate school c. Successfully complete 30 hours of situational activities and case studies at an approved real estate school d. Successfully complete a four-year course of study in college b. Successfully complete 75 hours of instruction at an approved...

Statutes and Regulations Casualty Insurance | Property & Casualty IL Law | IL Casualty Insurance Practice Test | Questions and Answers Graded . Who Doesn't Need a License? An attorney giving legal advice about insurance laws or an insurance contract. • An accountant giving insurance-related advice as part of his or her job duties. • A public adjuster giving insurance-related opinions or advice as part of his or her job duties. • Officers, directors or employees of insurance busines...

MI state Exam practice 120 Questions with Verified Answers After accepting an offer in writing, if a seller withdraws acceptance and cancels the transaction, which of the following is TRUE? - CORRECT ANSWER The broker, having facilitated a written acceptance of an offer, is entitled to compensation and may sue the seller for the commission. A realty company has entered agency agreements with both the sellers and the buyers in the transaction of a property. Is this allowable? - CORRECT ANSW...