Who is exempt from licensing under the Illinois real estate license Act?

Included in the exemptions are owners of real estate and the employees of the owners of real estate. See Section 5-20(1) of the Act. Accordingly, owners of real estate and their employees may advertise the sale or lease of their property and negotiate real estate contracts and leases without a license.

Which of the following is a licensing requirement for an Illinois broker license?

To qualify for an Illinois Real Estate Broker License in the State of Illinois you must be at least 18 years old, have a Social Security Number of Individual Taxpayer Identification Number, have a high school diploma or equivalent (G.E.D.), successfully complete the required coursework, and pass the real estate …

What activities require a real estate license in Illinois?

“Applicant” means any person, as defined in this Section, who applies to the Department for a valid license as a managing broker, broker, or residential leasing agent.

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Can a lawyer be a real estate agent in Illinois?

The Illinois Second District Appellate Court affirmed the Illinois Department of Financial and Professional Regulation’s (IDFPR’s) ability to sanction attorneys who provide legal services and act as real estate brokers in the same transaction.

Who administers the Illinois Real Estate License Act?

The mission of the Bureau of Real Estate Professions is to administer and enforce the Illinois Real Estate License Act of 2000, the Real Estate Timeshare Act, the Land Sales Registration Act, the Real Estate Appraiser Licensing Act of 2002, Provisions and Rules of the Uniform Standards of Professional Appraisal …

What states have reciprocity with Illinois real estate license?

You would have a license in both states. Currently Illinois has reciprocity with Colorado, Connecticut, Florida, Georgia, Indiana, Iowa, Nebraska, and Wisconsin (some states call it mutual recognition).

Which are exempt from radon disclosure under the Illinois Radon Awareness Act?

There are a number of exemptions under the Act, for example, transfers pursuant to court order, to or from a mortgagee, during the administration of an estate, to a co-owner, to a legatee under a will or an heir, to a spouse or lineal relatives, from a relocation company, or to or from a governmental body.

How long can a real estate license be inactive in Illinois?

If you leave your license on inactive status for five years or longer, you may need to submit a restoring application and additional documentation.

What is Rela in real estate?

Rela makes it simple to market and sell your listing

Build stunning single property websites with Rela’s easy-to-use website builder. From start to finish, you can have a fully custom property website ready to launch in under 5 minutes… no coding necessary! Quick and easy to set up!

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Can an unlicensed person own a real estate company?

While all states require anyone acting as a real estate agent or broker to first obtain a proper license, those laws do not prevent property owners from acting on their own behalf. This means, for example, that you can sell your own property, or buy real estate, without having a real estate license.

What happens if you practice real estate without a license in Illinois?

(a) Any person who practices, offers to practice, attempts to practice, or holds oneself out to practice as a managing broker, broker, or residential leasing agent without being licensed under this Act shall, in addition to any other penalty provided by law, pay a civil penalty to the Department in an amount not to …

Can you pay a referral fee to an unlicensed person in Illinois?

a) No licensee may pay a referral fee to an unlicensed person who is not a principal to the transaction. Any person receiving a referral fee must be duly licensed as a residential leasing agent, broker or managing broker in Illinois or hold an equivalent license of another state or country of domicile.

Which agency in Illinois has responsibility for licensing schools and instructors?

The Division of Real Estate Professions administers over 90,000 licenses for real estate managing brokers, brokers, and leasing agents, real estate corporations, partnerships, limited liability companies and branch offices, real estate pre-license schools, branch schools, instructors and continuing education schools, …

How are members of the Illinois real estate Administration and Disciplinary Board selected?

The Board shall be composed of 15 persons appointed by the Governor.

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Who is required to hold a managing broker license quizlet?

Any self-sponsored licensee and anyone who has been appointed a managing broker by a sponsor.