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page 66 with the various Cook County assessment levels is obsolete as of the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).