modern real estate practice in illinois 7th edition伊利诺斯现代房地产实践第七版

Modern Real Estate Practice in Illinois 7th Edition,Chapter 14: Illinois Real Estate License Law,2011 Kaplan, Inc.,Administration of the Illinois Real Estate License Act,Illinois Department of Financial and Professional Regulation (the Department)Division of Professional RegulationReal Estate Coordinator - dutiesReal Estate Administration and Disciplinary BoardComposition of the BoardAdvisory CouncilReal Estate Research and Education Fund,2011 Kaplan, Inc.,Obtaining and Keeping a Real Estate License,Services that require a real estate licenseLicense exemptionsCivil Penalty for the Unlicensed Practice of Real Estate - $25,000 per offense,2011 Kaplan, Inc.,License Categories and Requirements,General RequirementsHS or GEDMoral personPass license examAttorney exemptionCourse work good for 4 yrsBrokers LicenseEntry level license21 Yrs old (18 yrs exception)90 hours instruction30 hours within first renewal period,2011 Kaplan, Inc.,License Categories and Requirements,Managing Broker License21 yrs old165 hours (120 + 30 hours for Broker license + 45 hr Managing Broker course)12 hour Broker Mgr course2 years experience,2011 Kaplan, Inc.,License Categories and Requirements,Corporations, Limited Liability Companies and PartnershipsAll officers who manage business must have managing broker licenseAll partners, members must have managing broker licenseNon managing brokers cannot own more than 49%,2011 Kaplan, Inc.,License Categories and Requirements,Leasing Agents License18 years oldHS or GED15 hour instructionPass license exam120 day period without license,2011 Kaplan, Inc.,The Licensing Examination,Anyone applying for an original broker, managing broker or leasing agents license must receive a passing score on a written exam administered by an independent testing agency (AMP)Two parts 1) national 2) state75% is passing4 attempts,2011 Kaplan, Inc.,The Real Estate License,The branch license is to be displayed conspicuously in the place of businessThe licenses of sponsored agents are to be available at the place of businessChanging business address or nameLeaving or changing firmsInoperative or expired licenseNonresidents and license by reciprocity,2011 Kaplan, Inc.,License Fees,Licensing feesExpiration and renewal of current licensesbroker managing brokerleasing agentbusinessRenewal of expired license up to two yrsRenewal of expired license 2 to 5 yrs,2011 Kaplan, Inc.,Continuing Education,Requirements BrokerFirst renewal 30 hoursSix hours per year (12 hours of CE in any license renewal period) Requirements Managing BrokerSix hours per year (12 hours of CE in any license renewal period) In addition brokers must complete a 12-hour broker management course,2011 Kaplan, Inc.,Continuing Education,Course contentCore requirementsElectivesCourses that may not be used for CEExemptions and waivers,2011 Kaplan, Inc.,Your Real Estate Business and the Act,Place of BusinessEach real estate managing broker actively engaged in the real estate business must maintain a definite office or place of business within IllinoisExceptionsBranch offices,2011 Kaplan, Inc.,Your Real Estate Business and the Act,Employment AgreementsAgency relationshipsDisclosureHandling client fundsPersonal assistantsAdvertising regulationsCompensation and business practice,2011 Kaplan, Inc.,Disciplinary Provisions and Loss of License,Causes for disciplineNot subject to disciplineMultiple-client transactions within designated agencyUnlawful actions by associates if no broker knowledge,2011 Kaplan, Inc.,Disciplinary Provisions and Loss of License,Procedure for disciplinary hearings Disciplinary consent ordersJudicial reviewCriminal prosecution and penaltiesInjunctionsDisciplinary statute of limitationsIndex of decisions,2011 Kaplan, Inc.,The Real Estate Recovery Fund,Provides a means of compensation for actual monetary losses suffered by any person as a result of certain violations by a licensee or a licensees unlicensed employ