Question: Who Of The Following Is Exempt From Illinois Real Estate Licensing Requirements?

Who does not need a real estate license in Illinois?

Included in thee exemptions from the license requirement are owners of real estate and the employees of the owners of real estate; so long as the resident manager is a W-2 wage basis (and not an independent contractor), the resident manager is exempt from licensing under the Real Estate License Act of 2000.

Which of the following is a requirement for all real estate licensees in Illinois?

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

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What is the statute of limitations on actions that may result in a collection from the real estate Recovery Fund?

A. An action for a judgment that subsequently results in an order for payment from the real estate recovery fund shall not be started later than five years from the accrual of the cause of action.

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 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

How many times can you take the real estate exam in Illinois?

If you do not pass the licensing exam after completing your courses, you may retake the exam up to three times (on different days). If you do not pass the exam on the fourth attempt, you must retake the pre-license coursework before registering again for the exam.

What is the primary purpose of the Illinois Real Estate License Act of 2000?

Reduces the minimum age for obtaining a license from 21 to 18; Defines and recognizes real estate brokerage “teams” and addresses the use of team names in advertising; Clarifies and streamlines consumer access to the Real Estate Recovery Fund and addresses and clarifies other disciplinary provisions.

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How much does a real estate license cost in Illinois?

How Much Does It Cost to Get an Illinois Real Estate License? It costs around $1,000 to get your Illinois real estate broker license. Some of these costs are the same for every applicant. Everyone pays $55 to take the exam and $125 to apply for the Illinois real estate license.

Can a felon get a real estate license in Illinois?

The application for a real estate salesperson license is granted, subject to Probation for a period of 2 years, for having been convicted of a felony.

Which of the following activities would require a real estate license?

Although specific activities may vary from one state to another, the list of activities requiring a broker’s license generally includes negotiating real estate transactions, including sales, leases, and exchanges.

Which of the following is the most common type of buyer representation agreement?

The exclusive right-to-represent contract is the most common buyer representation agreement and best protects the agent.

Which of the following is exempt from licensing under the Illinois?

Who of the following is exempt from Illinois real estate licensing requirements? Any unlicensed person who engages in real estate activities for which a license is required is subject to a civil penalty, in addition to other statutory penalties.

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

Typically, you do not have to pay lapsed renewal fees if your license is placed on inactive status. If a license is non-renewed or inactive for five years or longer, it may be necessary to submit a restoration application and additional documentation; depending upon the profession.

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What is commonly referred to as the Act in Illinois real estate is actually?

What is commonly referred to as “the Act” in Illinois real estate is actually: – The Real Estate License Act of 1983.

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