Illinois License Law
What is the 'Illinois Association of Realtors' (IAR) and how does it relate to IDFPR?
AIAR is the state agency that replaces IDFPR in licensing real estate agents
BIAR is a professional association (not a government agency) that advocates for real estate professionals, provides education, and develops standard forms; IDFPR is the government licensing authority✓ Correct
CIAR and IDFPR are the same organization with different names
DIAR has the authority to revoke real estate licenses in Illinois
Explanation
The Illinois Association of Realtors (IAR) is a professional trade association representing Realtor members, distinct from IDFPR (the government licensing authority). IAR develops standard contract forms, provides CE courses, advocates for industry interests in Springfield, and enforces the NAR Code of Ethics through local boards.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
Math Concepts
State-Specific Concepts
License Law
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