§ 225 ILCS 454/10-5 Payment of compensation
§ 225 ILCS 454/10-10 Disclosure of compensation
§ 225 ILCS 454/10-15 No compensation to persons in violation of Act; compensation to unlicensed persons; consumer
§ 225 ILCS 454/10-20 Sponsoring broker; employment agreement
§ 225 ILCS 454/10-25 Expiration of brokerage agreement
§ 225 ILCS 454/10-27 Disclosure of licensee status
§ 225 ILCS 454/10-30 Advertising
§ 225 ILCS 454/10-35 Internet and related advertising
§ 225 ILCS 454/10-40 Company policy
§ 225 ILCS 454/10-45 Broker price opinions and comparative market analyses
§ 225 ILCS 454/10-50 Guaranteed sales plans
§ 225 ILCS 454/10-55 Designated managing broker responsibility and supervision

Terms Used In Illinois Compiled Statutes > 225 ILCS 454 > Article 10 - Compensation And Business Practices

  • Amortization: Paying off a loan by regular installments.
  • Appraisal: A determination of property value.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Contract: A legal written agreement that becomes binding when signed.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Forbearance: A means of handling a delinquent loan. A
  • Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
  • individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Personal property: All property that is not real property.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
  • Statute: A law passed by a legislature.
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC