75-Hour Illinois Real Estate Broker Pre-License
Course Description and Learning Objectives

Course Description:
This course is designed to meet the 75-hour pre-licensing curriculum requirements for real estate brokers as set forth by the State of Illinois. Topics covered are: License law; Illinois law; Federal laws; Agency relationships and obligations; Marketing and Advertising; Independent Contractor/Employee Agreements; Real Property; Contract knowledge; Market Analysis and Appraisal; Financing; Retail and Office; Property Management; Seller relationships and counseling and Buyer relationships and counseling.

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

·         Discuss the requirements of license laws in the State of Illinois

·         Identify those who are exempt from licensure requirements

·         Recognize which actions violate Illinois law and the disciplinary actions than can result

·         Explain what constitutes discrimination and describe its implications for the real estate industry\

·         Understand the purpose of federal antitrust laws

·         Describe ways in which an agency is created

·         Identify the fiduciary duties that an agent owes to his or her client

·         Identify legal forms of agency in Illinois

·         Identify the appropriate time to discuss agency disclosure

·         Describe the purpose of agency disclosure obligations

·         Identify other disclosure obligations

·         Discuss various laws as they apply to real estate advertising

·         Identify specific laws put in place to protect consumer privacy

·         Define requirements related to being an independent contractor

·         Describe Illinois requirements for maintaining a real estate brokerage

·         Understand what constitutes real property and the rights that along with it

·         Describe how land use regulations affect the marketability of property

·         Recognize the environmental issues that affect real estate

·         Summarize the construction process and explain common construction terms

·         Define a contract and describe how contracts may be classified

·         Identify breach of contract and remedies for breach of contract

·         Define the purpose of requirements for different types of brokerage agreements

·         Identify the required elements in a sales agreement

·         Describe the process of offer and counteroffer

·         Describe the steps necessary to close a real estate transaction

·         Identify different types of leases and the ways in which leasehold estate are terminated

·         Understand how property is valued

·         Identify forces and factors that impact value in the real estate market

·         Describe how appraisers reach an opinion of value

·         Explain the broker’s responsibilities in property valuation

·         Recognize the entities involved in the mortgage industry and the roles they play

·         Identify mortgage fraud schemes and indicators of predatory lending

·         Explain the steps in the loan process and understand how borrowers are evaluated.

·         Describe the loan application steps and the settlement process

·         Illustrate mortgage financing options, including loan types and qualifying standards

·         Differentiate between commercial and residential real estate

·         Distinguish among the different classifications of office buildings and identify characteristics of the types of tenants attracted to each

·         Identify different types of retail properties including their specialized functions and the types of tenants attracted to each

·         Differentiate between net leases and gross leases and explain the necessity of different rental structures

·         Describe the components of the cash flow model and how it is applied to most investment opportunities

·         Evaluate the income potential of an investment property and determine its value to an investor

·         Define licensing requirements for a property manager

·         Identify critical elements of the property management agreement

·         Discuss documentation and reporting requirements for property managers

·         Recognize requirements of Illinois law related to landlord-tenant relationships

·         List the steps required to evict a tenant

·         Discuss disclosure requirements for licensed real estate brokers

·         Describe an agent’s obligations to a seller client

·         Identify the provisions of different types of listing agreements

·         Discuss considerations for marketing property

·         Describe requirements for communicating offers

·         Identify the fiduciary duties owed to a buyer client

·         Describe the requirements for handling dual agency situations

·         Walk through the calculations necessary to financially pre-qualify a buyer client\

·         List strategies for determining a buyer’s needs and wants

·         Define the requirements related to presenting offers