Agency
Relationship
Relationship
This is the person who hired the broker.
What is the client?
It's the department that administers the licensing law
What is IDFPR - Illinois Department of Financial and Professional Regulation
This is the age required to obtain a broker license in Illinois
What is 18?
It's what happens to real estate when the owner dies without a will and no heirs.
It escheats to the county where the property is located?
It's the formula for the state transfer tax stamps
What is $0.50 per $500 or fraction thereof
A sponsored licensee must disclose this to her clients.
What is source of compensation?
It's the person appointed by the sponsoring broker too manage the brokerage office.
Who is the Designated Managing Broker?
It is the number of hours required to obtain your broker's license.
What is 120 hours?
It is the document used to transfer ownership of personal property.
What is a Bill of Sale?
It's the size of an acre in square feet.
What is 43,560 square feet?
It's the type of agency where the broker represents both the buyer and seller in the same transaction.
What is Dual Agency?
This is when you advertise without your sponsoring broker's name in your advertising.
What is a blind ad?
It's the number of hours required to obtain the Managing Broker license.
What is 165 hours?
It's a possessory interest of uncertain duration.
What is Freehold Estate?
This is how you calculate the capitalization rate.
Capitalization rate = NOI/Value
NOI = Net Operating Income
In Illinois, an agent is required to disclose this to every prospective buyer.
What is material facts?
It's the agreement between the sponsoring broker and the client that must be in writing.
What is an exclusive brokerage agreement?
It's the date when a broker's license expires according to the Real Estate License Act.
What is April 30 of every even-numbered year
It is channeling prospective buyers or tenants to particular neighborhoods based on their race, religion, national origin, or ancestry.
What is Steering?
It's the loan amount a borrower will receive when purchasing a house at $215,000 with a loan-to-value ratio of 85%.
What is $182,750?
85% × $215,000 =$182,750
It's the relationship a listing agent has with the buyer when there isn't dual agency.
A customer
It is a fund maintained by IDFPR from which persons who lost money due to actions of a licensee or theiremployees is compensated.
What is the Real Estate Recovery Fund?
Every licensee is required to carry this on him/her when engaged in real estate activities.
What is a copy of their license?
This is a loss in property value due to a change in taste, preferences or market standards.
What is Functional Obsolescence?
It is the annual tax for a property valued at $125,000 with an assessment rate of 35% and a 4% tax rate.
What is $1750?