Which of the following is exempt from licensing under the Illinois Real Estate License Act?

Who is exempt from licensing under the Illinois real estate license Act?

Included in the exemptions are owners of real estate and the employees of the owners of real estate. See Section 5-20(1) of the Act. Accordingly, owners of real estate and their employees may advertise the sale or lease of their property and negotiate real estate contracts and leases without a license.

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.

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Which of the following is a licensing requirement for an Illinois broker license?

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 …

What is the Illinois real estate license Act?

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.

How long do real estate agents need to keep files in Illinois?

All records relating to a real estate transaction shall be maintained by the Sponsoring / Managing Broker for five (5) years.

Who of the following do not require a real estate license?

A real estate investor may, or may not need to have a real estate license. If an investor is buying and selling their own properties, they don’t need a real estate license. Anyone can buy and sell their own property without representation, and without a license.

What activities require a real estate license in Illinois?

Such activities include leasing or renting residential real property, or attempting, offering, or negotiating to lease or rent residential real property, or supervising the collection, offer, attempt, or agreement to collect rent for the use of residential real property.

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

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How much is the Illinois real estate exam?

Step 2: Pass the Illinois real estate licensing exam

Broker Pre-License Exam Preparation Platform Price
IL Broker Exam Prep Edge: State Portion LEAP Learning $59.00
Exam Smart State & National Prep: Classic Version Exam Smart $49.00
Exam Smart State & National Exam Prep: Classic + Videos Exam Smart $59.00

Do I need a sponsoring broker in Illinois?

Illinois Real Estate Education

The State of Illinois requires an entry level broker to complete 75 hours of education. … After passing the state exam you will need to affiliate with (become sponsored by) a real estate sponsoring broker.

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

How many times can I take the state exam? The state exam has two sections; a general section and an Illinois specific section. You must pass each section with a minimum grade of 75%. If you fail the exam, you may retake the exam 3 more times (total of four times).

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

Any license deemed involuntarily inactive for more than 24 months is considered expired, and cannot be reactivated. Those looking to regain licensure will have to begin the process again or request a hearing before FREC.

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

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