Illinois Real Estate License Act Flashcards

Illinois Real Estate License Act Flashcards Real Estate Recovery FundCompensates public for harmful actions by licensees Illinois Compiled Statues (ILCS)A cumulative organization of Public Acts - bills that have been passed by the Illinois General Assembly that have become law - comiled into a coherent framework and divided into related chapters. The most critical chapters are 225 Professions and Occupations, 765 Property.Education Advisory CouncilRecommends educational Criteria In illinois, earnest money deposit from a client or customer must be immediately given to his or her sponsoring broker and deposited into the escrow account no later than the following business day Real Estate License Administration FundUses licensing fees to fund the administration of the Department Real Estate CoordinatorAppointed by the Secretary of the IDFPR to supervise all real estate activities.Illinois Department of Financial and Professional Regulation (IDFPR)Protects the public interest by ensuring a consistent level of competence, ethics, and professionalism by real estate licensees. Promulgates rules and regulations implementing the Real Estate License Act of 2000.The chief executive of the IDFPR is the Secretary, who is appointed by the Governor.Illinois Compiled Statues (ILCS)A cumulative organization of Public Acts - bills that have been passed by the Illinois General Assembly that have become law - comiled into a coherent framework and divided into related chapters. The most critical chapters are 225 Professions and Occupations, 765 Property.Illinois Administrative CodeThe collection of rules promulgated to support and enforce the law. They provide clarification or more detail.Division of Real EstateEnforces the Real Estate License Act of 2000 and administers licenses.Real Estate CoordinatorAppointed by the Secretary of the IDFPR to supervise all real estate activities.RE Administration & Disciplinary BoardProvides recommendations on conduct and licensureEducation Advisory CouncilRecommends educational CriteriaThe Division of Real Estate administers

four separate funds:1. Real Estate Recovery Fund2. Real

estate License Administration Fund3. Real Estate Research and Education Fund4. Real Estate Audit FundReal Estate Recovery FundCompensates public for harmful actions by licenseesReal Estate License Administration FundUses licensing fees to fund the administration of the DepartmentReal Estate Research and

Education FundUsed for research and education at state institutions of higher education or other organizations for research and the advancement of education in the real estate industryReal Estate Audit FundProvides for investigator audits of brokers' special accountsReal Estate CoordinatorAppointed by the Secretary of the IDFPR. Acts as the Chairperson of the Real Estate Administration and Disciplinary Board and the Real Estate Administration and Disciplinary Board and the Real Estate Education Advisory Council without having a vote. Must hold a currently valid

license:- Serve as the direct liaison between the IDFPR,

The profession, real estate organizations and associations- Prepare and circulate educational and information materials to licensees- Appoint any necessary committees- Subject to administrative approval of the Secretary and supervise all real estate activities.Real Estate Research and Education FundUsed for research and education at state institutions of higher education or other organizations for research and the advancement of education in the real estate industry Real Estate Audit FundProvides for investigator audits of brokers' special accounts Illinois Homestead EstatesA homestead estate is defined as property that is occupied by the owner as the principal residence or dwelling place.The homestead estate designation creates a statutory life estate that it provides the right of occupancy to surviving spouses, partners in legal civil unions, and children under the age of 18 In Illinois, when executing a listing agreement or a purchase contract both spouses - or legal civil partners - must sign a written are lease of homestead rights.In Illinois, Homestead rights areautomatic and do not require a homeowner to file for the exemption. However, Illinois does require that the person claiming the homestead exemption must be listed on the deed as the legal owner.Illinois Administrative CodeThe collection of rules promulgated to support and enforce the law. They provide clarification or more detail.Illinois Law requires that an escrow account be inA federally insured depository, separate and apart from other business or personal accounts. Should be a non-interest bearing escrow account.RE Administration & Disciplinary BoardProvides recommendations on conduct and licensure Division of Real EstateEnforces the Real Estate License Act of 2000 and administers licenses.Illinois Department of Financial and Professional Regulation (IDFPR) Protects the public interest by ensuring a consistent level of competence, ethics, and professionalism by real estate licensees. Promulgates rules and regulations implementing the Real Estate License Act of 2000.The chief executive of

the IDFPR is the Secretary, who is appointed by the Governor.The Division of Real Estate administers four separate

funds:

• Real Estate Recovery Fund2. Real estate License

Administration Fund3. Real Estate Research and

Education Fund4. Real Estate Audit Fund