02-Laws Rules Regulating Real Estate Practice Flashcards

02-Laws & Rules Regulating Real Estate Practice Flashcards Designated AgentA sponsored licensee named by a sponsoring broker as the legal agent of a client as defined in Section 15-50 of the Illinois Real Estate Act.Expressed AgencyAgency relationship based on an expressed agreement, either written or oral.Implied AgencyAgency relationship created through the behavior (actions or words) of one or both parties.Licensed ActivitiesThose activities performed by a broker. (See Illinois Real

Estate Act, Article 1: Sections 1-10)

Illinois Human Rights ActExtends protected classes beyond those covered in the federal Fair Housing Act to include age, ancestry, marital status, military status, sexual orientation or preference, and Order of Protection.Illinois Land Sales Registration ActAn act that regulates the offering, sale, lease, or assignment of any improved or unimproved land divided into 25 or more lots and offered as a part of a common promotional plan.Real Estate Sales ContractA written agreement in which a seller promises to convey title to real property to a buyer in exchange for the purchase price.Listing AgreementA written agency contract between a seller and a real estate broker, stating the broker will be paid a commission for finding (or attempting to find) a buyer for the seller's real property.Exclusive Brokerage AgreementA written brokerage agreement that provides that the sponsoring broker has the sole right through one or more sponsored licensees to act as the exclusive designated agent or representative of the client. (See Illinois Real

Estate Act, Article 1: Section 15-75)