Chapter 16 - Illinois License Law - Exercise 9

Gap-fill exercise

Fill in all the gaps, then press "Check" to check your answers. Use the "Hint" button to get a free letter if an answer is giving you trouble. You can also click on the "[?]" button to get a clue. Note that you will lose points if you ask for hints or clues! The box below includes a word list for this exercise. Words may be used more than once.
   100,000      15      2      25,000      7      Actual      actual      automatically      child support      clerk      compensatory      Illinois      intentional      revoked      suspended      terminate      Time-Share   


Returned Checks and Fees

A person who submits a check or other payment to the DFPR that is returned to the DFPR unpaid by the financial institution upon which it is drawn must pay a fine of $50 in addition to the fees already owed. This $50 fine is in addition to any discipline for unlicensed practice or practicing on a nonrenewed license. The DFPR will notify the licensee of the delinquency and will grant the licensee 30 days from the date of the notice to pay the fees and fines by certified funds. If after the 30 days expired, the licensee has failed to submit the necessary remittance, the DFPR will automatically and without a hearing their license.

After termination or denial, if the person seeks a license, he will have to apply to the DFPR for restoration or issuance of a license and will still be required to pay the fees and fines due the DFPR. The commissioner may waive the fees due in individual cases where the commissioner finds the fees would be unreasonable or unnecessarily burdensome.

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PUTTING IT TO WORK
Brokers in business for themselves working out of the house must be sure to post a conspicuous sign on the front of the house and conspicuously display their wall certificates in their office/work area. Brokers using a business name other than their own full name, that are not incorporated or a limited liability company must register with the county. The registration is to be filed with the assumed name office of the county in the county in which the broker's office is located. If Joan Delaurenti was to go into business as "Delaurenti Real Estate," because she is not using her full name, she is required to register the name under the assumed name statutes.
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Violations of the Tax Act,
Delinquent Student Loans, Delinquent Child Support

DFPR will refuse to renew and will suspend the license of any individual who fails to file a return, pay the tax, penalty, or interest shown on a filed return, or pay any final assessment of tax, penalty or interest, as required by any tax act administered by the Department of Revenue, until such time as the requirements of the tax act have been met.

The DFPR will not issue or renew a license of a person who has defaulted on an student loan. A license already issued by the DFPR may be suspended or revoked. In this case, the licensee will be given the opportunity for a hearing and if found to have failed to make satisfactory repayment to the Illinois Student Loan Assistance Commission, the license will be revoked. The DFPR may issue or reissue a license to a person that has established a satisfactory payment record as determined by the Illinois Student Loan Assistance Commission.

The DFPR will not issue or renew a license and may suspend or revoke a license of any person certified by the Department of Public Aid to be more than 30 days delinquent in without a hearing, based solely on the certification of delinquency by the Department of Public Aid. Redetermination of the delinquency by the DFPR is not required. The DFPR may issue or reissue a license to a person that has arranged for payment of past and current child support in a manner satisfactory to the Department of Public Aid.


Illegal Discrimination

A licensee who has been adjudicated in a civil or criminal proceeding to have illegally discriminated while engaged in any licensed activity may, upon recommendation of the disciplinary board as to the extent of the suspension or revocation, have their license or . The action must be taken in a timely manner, but cannot take place while in the appeal process. A finding in an administrative proceeding would be treated in the same manner.


Recovery From the Real Estate Recovery Fund

The DFPR maintains a Real Estate Recovery Fund (RERF) from which any person aggrieved by an act, a representation, transaction, or conduct of a licensee or their unlicensed employees can recover actual damages. The RERF covers violations of the act or the rules promulgated pursuant to the act, that constitute an embezzlement of money or property, results in money or property being unlawfully obtained from any person by false pretenses, artifice, trickery, forgery, fraud, misrepresentation, discrimination, or deceit by the licensee or their unlicensed employee. The RERF covers only damages and will not cover such losses as a loss in market value. damages are also known as damages.

The aggrieved party may recover up to $ from the fund. The term aggrieved party is misleading, as the fund will payout only $ per incident. Two or more buyers involved in the same transaction will only be awarded $ and the judgment order will be spread equitably between the plaintiffs. The RERF will payout a maximum of $ on behalf of any specific broker, salesperson or their unlicensed employee. Costs of the suit and attorney's fees are limited to % of any amount paid from the fund.

No licensed broker or salesperson will be awarded a recovery from the fund unless they prove in court they suffered a loss from the misconduct of another licensee. The aggrieved party must prove they are not a spouse of the accused, the personal representative of the accused and have complied with all requirements of the act. The aggrieved party must have made all reasonable searches and inquiries to ascertain the assets of the accused and must prove the reasonableness of the attorneys' fees sought.

All actions for a judgment that subsequently result in a payment from the fund must be commenced not later than years after the date on which the aggrieved party knew, or should have known, of the acts or omissions giving rise to the action. The fund will not cover losses due to violations of the Illinois Real Estate Act or the Illinois Land Sales Registration Act.

When an aggrieved party commences action for a judgment which may result in collection from the fund, the aggrieved party must name as defendants in the suit all brokers, salespersons or their employees who allegedly participated in the illegal act. They may also name as additional defendants all the corporations, partnerships, LLC's, or other business associations involved in illegal action.

An aggrieved party must notify the DFPR in writing within days of the commencement of any action that may result in collection from the fund. Failing to notify the DFPR will preclude recovery of any moneys from the fund.

An aggrieved person is required to give written notice to the DFPR within 30 days of the entry of any judgment that may result in a payment from the RERF and provide at least 20 days notice to the DFPR of any supplementary proceedings. Such notice allows the DFPR to be available to participate in all efforts to collect on the judgment. When any aggrieved person recovers a valid judgment and all appeals and other proceedings have terminated, the aggrieved party may apply to the court for an order directing payment from the RERF.

The license of any licensee will be revoked if they or their unlicensed employee cause a payment to be made from the RERF. No petition for restoration of a license will be heard until repayment, including interest at a rate designated in the Code of Civil Procedure, has been made to the RERF.

Moneys received by the DFPR that are directed to the RERF are held in the state treasury. The money in the RERF is to be used exclusively by the DFPR for carrying out the purposes established by the act. If the balance in the fund should fall below $750,000, the state treasurer will transfer, from the Real Estate License Administration fund, enough money to bring the balance up to $800,000.