Real Estate License Act Overview

These flashcards cover the basic concepts and terminology related to the Illinois Real Estate License Act and its application in real estate transactions.

Realtor

A registered trademark term for licensed real estate professionals.

Broker

An individual or entity licensed to negotiate and arrange real estate transactions.

Managing Broker

A licensed broker who oversees other licensed brokers and agents.

Residential Leasing Agent

An individual who engages in leasing real estate but isn't required to hold a full broker license.

Pattern of Business

Engaging in real estate transactions on two or more occasions within a twelve-month period.

Broker Price Opinion

An estimate of a property's value provided by a licensed broker.

Affidavit of Nonparticipation

A signed document stating that a partner or officer of a corporation is not participating in real estate transactions.

Illinois Real Estate License Act

A law governing the licensing of individuals and entities involved in real estate transactions in Illinois.

Collection of Rent

The process of gathering rental payments for the use of real estate.

Comparative Market Analysis

An evaluation that compares a subject property's value to similar properties to determine market value.