15-Hour Illinois Broker Applied Real Estate Principles

Interactive Course Description and Learning Objectives

Lincoln Land Community College

Course Description:

In this course, students will participate in five 3-hour interactive lessons with the instructor to apply the knowledge learned in the Illinois Real Estate Broker Pre-License Topics course. Each interactive lesson begins with a review of principles, concepts, requirements for compliance and violations, summary of best practices, and/or applicable laws/licensee requirements. Students will then participate in a variety of interactive activities (ex., quizzes, content review exercises, class and small group discussion) where they will apply their knowledge to a variety of real-world scenarios designed to provide valuable analysis and decision-making experience.

Prerequisite:

·         Illinois Real Estate Broker Pre-License Topics Course (click course title to view Real Estate Broker Pre-License Topics Course information)

Course Learning Objectives:

By the end of this course, you will be able to:

·         Recall key provisions of Illinois Real Estate License law as it relates to agency relationships

·         Define how agency relationships are formed

·         Discuss issues related to dual agency

·         Recall the statutory obligations an agent owes to a client

·         List the obligations an agent owes to a customer

·         Identify the proper application of agency law in a given situation

·         Recall key legislation that prohibits illegal discrimination in housing

·         Recognize federal and state protected classes related to fair housing

·         Identify situations that are exempt from state and federal fair housing laws

·         Demonstrate compliance with federal and state fair housing laws

·         Identify the essential elements of a valid contract

·         List information needed to complete various real estate contracts

·         Comply with statutory requirements for handling offers and counteroffers

·         Define when disclosure of contemporaneous offers is required

·         Describe requirements for handling client’s earnest money deposits

·         Identify when to use various appraisal approaches for property valuation

·         Recognize encumbrances on real property and describe the effect on conveyance

·         Comply with property condition disclosure obligations

·         Recognize the implications of various types of leasehold estates

·         Describe the purpose and components of a management agreement

·         Define the required elements of a valid lease

·         Recall fair housing statutes related to leasing residential property

·         Apply agency disclosure requirements to a leasing situation

Interactive Lesson Strategy

·         Review of applicable law/practice/licensee obligations through the use of various exercises:

o   Terminology matching

o   Fill in the blank questions

o   True/False questions

·         Multi-layered case study scenarios

o   Analysis of situation

o   Decision points

o   Application of laws and principles

o   Class discussion

o   Instructor insights

·         Key terminology review

·         Lesson review questions (multiple choice)

·         Instructor wrap-up/lessons learned

(Any or all activities may be conducted with class, in small groups, or individually as appropriate)