Errata to the Text
A new License Act went into effect 1-1-2010. This Errata will bring you
up-to-date on the changes

Chapter 2  -  Page 52

#6    Bad Question. There if no answer.

A.  Every resident in Illinois does  not have a homestead exemption – they have to be owners residing in the property.
B.  The protection exists for surviving spouses and children up to age 18.
C.  The amounts are now $15,000 and $30,000.  The text on page 33 is correct.
D.  “D”  is a true statement.  Some states, not Illinois, require a homeowner to file a declaration of homestead with the recorder.


Chapter 3 – Page 60 & 66
The discussion on page 65 about Cook County assessment levels and  the chart on page 66 with the various Cook County assessment levels is obsolete as of the 2009 reassessments. Cook County will now assess residential property at 10% of market value and non-residential property at 25% of market value. 

 

Chapter 4
Page 87 – 1st Paragraph
The Real Estate License Act of 2000 has been replaced with the Real Estate License Act of 2010. 

Page 88 – Add to the section Duties of Licensee to Client – Statutory Duties
If a licensee representing more than one buyer is presenting contemporaneous offers or contracts to purchase or lease on the same property, the licensee must provide a written disclosure to all clients making the offers and if the client requests, refer the client to a another designated agent.

Page 88 - Last Paragraph

Under Agency Disclosure – Second Sentence
This disclosure of designated agency and the disclosure of the names of their designated agent in writing must now take place before beginning to work for the consumer.   In addition, referring to the last line of the paragraph, the license must disclose the broker’s policy regarding the cooperation or noncooperation with other brokers.

Page 89  -  1st Paragraph, Last Sentence
The disclosure does now apply to all leases.

Page 91 – Figure 4.1 - #4
 This disclosure must now take place before beginning to work for a consumer.

 

 

Page 91 – Figure 4.1 - #10
Add this as  #10  to figure 4.1

If a licensee representing more than one buyer is presenting contemporaneous offers or contracts to purchase or lease on the same property, the licensee must provide a written disclosure to all clients making the offers and if the client requests, refer the client to a another designated agent.

 

Chapter  7
#10   D

 

Chapter  8
Forms on page 230-234, 245-248
Due to the many changes that have recently taken place in the  residential mortgage market, many of the lending forms have changed – although these forms still provide a good representation of the forms they are not the forms currently being used. 

 

Chapter 9
Many of the closing statements in Chapter  9 were changed incorrectly in the editing of the 4th edition.  Do not rely on any of the closing statement examples that are in the text.  Sorry about the mess-up.  Ask your Instructor for guidance.

 

Chapter 10
3rd Paragraph
In 2010, a new Illinois Appraiser Licensing Act was passed making Illinois a mandatory licensing state.  Therefore,  we should now say that Illinois requires a certification to do appraisals.  There are, however, several exceptions to the requirement of a certification. One  such exemption is, real estate licensees when performing a competitive market analysis or broker price opinion.

Page 293 -298
Due mainly to the excess inventory of available housing and declining  of home values, the URAR appraisal report form has changed. 

Chapter  12

Page 350 – Last Paragraph
Another protected class needs to be added to the Illinois Human Rights Act  - persons under an order of protection     

 

 Chapter 12 - Answer Key – Page 527
14.  B
16.  D
18.  C
20.  D
21.  A 
23.  D
24.   A

 

Chapter 16
Page 415
1st Paragraph – sentence
A new License Act has been passed – Real Estate License Act of 2010

Page 415 – Subheading at the bottom of the page
Remove - Deputy Director of Real Estate

Page 416 – Remove entire 3rd Paragraph
“The director also appoints a Deputy Director…”

Page 418 – 2nd Paragraph - 6th line
Change $1000 to $1500

Page 419 – 1st Paragraph
Remove the last part of the second sentence – “must be conspicuously displayed in the employing broker’s office.”    Licenses no longer must be displayed in a broker’s office.  

Page 420 – under Application for a Salesperson of Broker  License
Add – To obtain a broker license a broker applicant must have two years experience (of the past three years) as a salesperson.

Page 420 – last line
Change “three”  to “four.” 

Page 421 – Illinois Real Estate Licensing Exam
This paragraph still describes the salesperson test accurately.  The broker test has dramatically changed. While the Illinois portion of the test is still multiple choice, the national portion  is now a simulation test.  To find out more about how a simulation test works, go to  www.goamp.com  When on the site go through the motions of signing up for the broker test. When you get to the page titled “Broker Examination Program” go to the left side of the page under  “Extra Information” and click on “Sample Simulations.” Go through the sample simulations and the grading process at the end.  The Illinois portion of the broker test is still multiple choice.

Page 421 – last line
Change “the test a third time” to “the test a fourth time.”

Page 422 – First Paragraph – Third Sentence
Sponsor cards no longer have to be sent certified mail or by any signatory service.  Regular mail is fine.

Page 425 – 1st line
The web address has changed. You must now go to www.idfpr.com and then use the first drop down box to go “Real Estate Professions Main Page” then on the “Real Estate Professions Main Page” click on “License Reciprocity.”

Page 429 – Licensee’s Corporation for Indirect Payment  3rd Sentence
 It is indicated that the sole purpose of this corporation is to receive compensation.  The IDFPR will allow income from other sources to be deposited into the corporation.  The corporation, however, is not a licensed real estate cooperation and cannot do any real estate activities in the name of the corporation.

Page 431 – 4th  Paragraph
It illegal to frame a website without authorization or to frame a website in a deceptive manner, or to use deceptive or misleading  metatags, keywords  or other devices to direct or divert Internet traffic misleading language on websites.  Also, the information gathered by a  licensee on a website cannot be sold without permission.

Page 439 – 3rd paragraph
Change both the $10,000 figures  to $25,000.  Change $50,000 to $100,000.

Page  443 – 2nd Line
The website address has changed.  You must now go to www.idfpr.com and then use the first drop down box to go “Real Estate Professions Main page” then on the “Real Estate Professions Main page” click on “Real Estate” and then click on “Real Estate Disciplinary Actions.”

Page 445 - #3 on bottom of page.
Disputed earnest money must be turned over to the Illinois Treasurer, Division of Unclaimed Property  six  months from a written demand for the money.  If there is no written demand, the money must be turned in  after  5 years.   

Page 451 – Question #31 – bad question
All appraisers must now be certified.

Appendix B
Page 497 – Question #7
For “D” to

Page 499 – Question #20
“B” should be changed to “consumers should be advised,  before beginning to work  with a consumer , of the name(s) of their designated agent(s).

 

 

 

 

 

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Last updated 04/02/10