Review of Illinois Real Estate License Law

This set of flashcards covers key concepts related to the Illinois Real Estate License Law as discussed in the lecture.

Illinois Real Estate License Act

A law established to protect public health, safety, and welfare by ensuring competence and ethics among real estate professionals.

Real Estate Administration and Disciplinary Board

A board established by the Illinois Real Estate License Act to oversee real estate practices and enforce compliance.

Broker

A type of real estate licensee who works under a sponsoring broker and cannot operate independently.

Managing Broker

A real estate licensee who oversees other licensees and can act as their own sponsor.

Residential Leasing Agent

A real estate licensee whose activities are limited to leasing residential properties.

Licensure Necessity

A requirement for individuals engaging in real estate transactions for compensation to hold a valid real estate license.

Exemptions to Licensure

Specific circumstances under which individuals may operate without a real estate license, such as acting on their own behalf or as government employees.

Quinlan and Tyson

A 1966 Illinois Supreme Court decision that clarified the limitations of real estate licensees regarding the preparation of legal documents.

Part 1450 of Title 68

The section of the Illinois Administrative Code where the rules implementing the Real Estate License Act are published.

Integrity of Profession

The obligation of real estate professionals to maintain ethical standards and protect public interests.