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    Illinois 15-Hour Applied Real Estate Principles Course: An Interactive Practicum for Brokers
    Illinois 15-Hour Applied Real Estate Principles Course: An Interactive Practicum for Brokers
    Illinois 15-Hour Applied Real Estate Principles Course: An Interactive Practicum for Brokers
    Ebook185 pages1 hour

    Illinois 15-Hour Applied Real Estate Principles Course: An Interactive Practicum for Brokers

    By Stephen Mettling and Kseniya Korneva

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    About this ebook

    The content of this course covers the IDPFR-specified topics for the 15 Hour – Applied Real Estate Principles Course (AREP) as prescribed in The Real Estate License Act of 2000.

    Our AREP course contains six chapters. Each chapter begins with an informative text narrative summarizing key points of required content. Subsequently, participants will be given interactive quiz questions and a variety of interactive case study demonstrations, “what if” case studies, and situational case study examples. Students will be required to participate by answering problem-solving questions and situations.

    The overarching purpose of the 15-hour Applied Real Estate Principles course is to expose students to more real-life applications of Illinois real estate principles and laws, including:
    how to list and sell properties
    how to comply with agency and disclosure requirements
    how to gear your practice to comply with anti-discrimination laws
    how to work with sales contract provisions and escrow funds
    how to value and price properties

    Finally, the last chapter summarizes other key job-related duties and obligations such as teams, compensation, advertising, and a review of activities requiring licensure.

    For students looking for an Illinois principles textbook for the 60-hour broker course, we have Principles of Real Estate Practice in Illinois

    LanguageEnglish
    PublisherPerformance Programs Company
    Release dateDec 8, 2020
    ISBN9781005643959
    Illinois 15-Hour Applied Real Estate Principles Course: An Interactive Practicum for Brokers
    Author

    Stephen Mettling

    For over forty years, Stephen Mettling and David Cusic, PhD, have operated Performance Programs Company, one of the nation's most successful custom training organizations specializing in real estate program development. Mr. Mettling and Dr. Cusic have jointly written over 100 books, courses, and custom programs in all facets of real estate for some of the country’s largest organizations including the National Association of Realtors® and its many Institutes.Mr. Mettling has also served as vice president and author for the country’s largest real estate training and publishing organization. Under various capacities, he has managed the acquisition, development, and sale of national real estate textbooks and publications, as well as directed the country's largest affiliated group of real estate schools.

    Read more from Stephen Mettling

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      Book preview

      Illinois 15-Hour Applied Real Estate Principles Course - Stephen Mettling

      IL-AREP_ebook

      ILLINOIS 15-HOUR APPLIED REAL ESTATE PRINCIPLES COURSE

      AN INTERACTIVE PRACTICUM FOR BROKERS
      1st Edition

      Stephen Mettling

      Kseniya Korneva

      Material in this book is not intended to represent legal advice and should not be so construed. Readers should consult legal counsel for advice regarding points of law.

      © 2021 by Performance Programs Company

      502 S. Fremont Ave., Suite 724

      Tampa, FL, 33606

      info@performanceprogramscompany.com

      www.performanceprogramscompany.com

      All rights reserved. No part of this book may be reproduced in any form by any means without the express written consent of the publisher.

      Table of Contents

      COURSE OVERVIEW

      CHAPTER LEARNING OBJECTIVES & TIME ESTIMATE

      CHAPTER 1: THE LISTING AND SELLING PROCESS

      Check Your Understanding Challenges

      Interactive Exercises

      CHAPTER 2: AGENCY AND DISCLOSURE ISSUES

      Check Your Understanding Challenges

      Interactive Exercises

      CHAPTER 3: FAIR HOUSING, ANTITRUST, AND OTHER ANTI-DISCRIMINATION LAWS

      Check Your Understanding Challenges

      Interactive Exercises

      CHAPTER 4: SALES CONTRACTS AND TRUST FUNDS

      Check Your Understanding Challenges

      Interactive Exercises

      CHAPTER 5: ESTIMATING MARKET VALUE

      Check Your Understanding Challenges

      Interactive Exercises

      CHAPTER 6: OTHER LAWS & REGULATIONS AFFECTING BROKERAGE FUNCTIONS

      Check Your Understanding Challenges

      Interactive Exercises

      ABOUT THE AUTHORS

      For nearly fifty years, Stephen Mettling has been actively engaged in real estate education. Beginning with Dearborn in 1972, then called Real Estate Education Company, Mr. Mettling managed the company’s textbook division and author acquisitions. Subsequently he built up the company’s real estate school division which eventually became the country’s largest real estate, insurance and securities school network in the country. In 1978, Mr. Mettling founded Performance Programs Company, a custom training program publishing and development company specializing in commercial, industrial, and corporate real estate. Over time, Performance Programs Company narrowed its focus to real estate textbook and exam prep publishing. Currently the Company’s texts and prelicense resources are used in hundreds of schools in over 48 states. As of 2021, Mr. Mettling has authored over 100 textbooks, real estate programs and exam prep manuals.

      Kseniya Korneva is a licensed REALTOR® in Tampa, Florida with a passion for writing and editing. She graduated with a Civil Engineering degree from Clemson University and fell in love with real estate shortly after. Coming from a long line of academics, her love for education runs deep. Kseniya was first introduced to the world of publishing after writing her own ebook in 2019 and realized she wanted to dive deeper. In her free time, she loves to write about personal finance and real estate on her blog (www.TheMoneyMinimalists.com).

      KEY CONTRIBUTOR

      Sue Miranda-Rosensteel was the founder and President of Miranda Real Estate School in Chicago, a company she grew into one of the largest privately-owned schools in Illinois. Sue has served as Director of Real Estate Education and Senior Manager of Real Estate Curriculum and Instruction for other top leading schools. ​She currently volunteers her time to serve as a Director in the Association of Illinois Real Estate Educators (AIREE) and a Director/Secretary in the Real Estate Educators Association (REEA) and was recently accepted as a new committee member on the ARELLO board.

      15 Hour – Illinois Applied Real Estate Principles Course

      Course Overview

      The content of this course covers the IDPFR-specified topics for the 15 Hour – Applied Real Estate Principles Course (AREP) as prescribed in The Real Estate License Act of 2000.

      Our AREP course contains six chapters. Each chapter begins with an informative text narrative summarizing key points of required content. Subsequently, participants will be given interactive quiz questions and a variety of interactive case study demonstrations, what if case studies, and situational case study examples. Students will be required to participate by answering problem-solving questions and situations. 

      The overarching purpose of the 15-hour Applied Real Estate Principles course is to expose students to more real-life applications of Illinois real estate principles and laws, includiing:

      how to list and sell properties

      how to comply with agency and disclosure requirements

      how to gear your practice to comply with anti-discrimination laws

      how to work with sales contract provisions and escrow funds

      how to value and price properties

      Finally, the last chapter summarizes other key job-related duties and obligations such as teams, compensation, advertising, and a review of activities requiring licensure.

      Chapter Learning Objectives and Time Estimate

      Chapter 1 – The Listing and Selling Process

      Chapter One Learning Objectives: When the student has completed this chapter he or she will be able to:

      Highlight the components of residential prospecting strategy.

      Summarize the key steps in planning and executing a listing presentation

      Identify the purpose and prevailing types of listing agreements

      Summarize the four benchmarks in the listing process

      Describe the key activities that take place prior to closing and the broker’s responsibilities during this period

      Discuss the impact of electronic communications on residential brokerage, including MLS, emails, social media and smartphones

      Summarize essential advertising regulations framing one’s brokerage practice

      Identify the principal elements and financial entries in the seller’s net sheet.

      Calculate a buyer’s estimated closing costs

      Course Time: 4 Hrs.

      Chapter 2 - Chapter 2: Agency and Disclosure Issues

      Chapter Two Learning Objectives: When the student has completed this chapter he or she will be able to:

      Summarize the overriding thrust of Illinois Agency laws.

      Describe the principal duties licensees owe clients and customers.

      Highlight the essential disclosures licensees owe clients and customers when acting as a dual agent, designated agent and conventional single-agent

      Summarize the thrust of the brokerage agreement including minimal services and duties that survive closing

      Identify the principal requirements of the seller’s property condition disclosure report and who is obligated to do what.

      Define and discuss the essential import of residential warranties and pre-closing inspections

      Course Time: 3 Hrs.

      Chapter 3: Fair Housing, Anti-Trust, and Other Anti-discrimination Laws

      Chapter Three Learning Objectives: When the student has completed this chapter he or she will be able to:

      Summarize the purpose and thrust of the Illinois Human Rights Act

      Define and describe the principal forms of illegal discrimination

      Identify what parties are exempt from the fair housing prohibitions

      Describe how fair housing violations are enforced

      Summarize the key provisions of the Americans with Disabilities Act

      Define and summarize the principal forms of anit-trust legislation, including The Sherman Antitrust Act, Clayton Antitrust Act, collusion; price fixing; market allocation; and tie-in agreements

      Course Time: 2.25 Hrs.

      Chapter 4: Sales Contracts and Trust Funds

      Chapter Four Learning Objectives: When the student has completed this chapter he or she will be able to:

      Define numerous legal characteristics of contract and sales contracts in particular, including validity; who may complete; contingencies; default; contract creation; and blank contracts

      Enumerate the essential requirements for compliant handling of trust fund deposits

      Summarize the various requirements for managing trust fund accounts

      List ways brokers can handle trust fund disputes and disputed disbursements

      Define the trust fund prohibitions of commingling and conversion

      Define and describe primary and secondary provisions of the sales contract

      Course Time: 2.75 Hrs.

      Chapter 5: Estimating Market Value

      Chapter Five Learning Objectives: When the student has completed this chapter he or she will be able to:

      Define ‘market value’ and the pre-conditions for a valid market value estimate

      List the steps involved in the overall appraisal process encompassing the three approaches to value.

      Summarize the specific steps involved in generating a value estimate using the market data approach

      Identify how to complete a broker’s comparative market analysis

      Describe the steps involved in the income approach to value

      Course Time: 1.5 Hrs.

      Chapter 6: Other Laws & Regulations Affecting Brokerage Functions

      Chapter Six Learning Objectives: When the student has completed this chapter he or she will be able to:

      Define broker cooperation and describe generally how cooperation works in the context of the multiple listing services.

      Define ‘teams’ and highlight several areas of concern with teams that have become regulated..

      Identify forms of compensation and summarize the principal regulations surrounding compensation and how and when it can be legitimately received

      Summarize the principal regulations framing compliant real estate advertising practice, including identifications; web advertising; electronic communications and prohibitions

      Identify what activities unlicensed assistants can legally undertake

      Summarize what brokerage activities constitute ‘licensed activities’ requiring an active real estate license

      Course Time: 1.5 Hrs.

      INDEX OF INTERACTIVE EXERCISES

      CHAPTER 1:

      THE LISTING AND SELLING PROCESS

      Chapter One Learning Objectives: When the student has completed this chapter he or she will be able to:

      Highlight the components of residential prospecting strategy.

      Summarize the key steps in planning and executing a listing presentation

      Identify the purpose and prevailing types of listing agreements

      Summarize the four benchmarks in the listing process

      Describe the key activities that take place prior to closing and the broker’s responsibilities during this period

      Discuss the impact of electronic communications on residential brokerage, including MLS, emails, social media and smartphones

      Summarize essential advertising regulations framing one’s brokerage practice

      Identify the principal elements and financial entries in the seller’s net sheet.

      Calculate a buyer’s estimated closing costs

      Listings are the traditional source of a broker's income. By obtaining a listing, a broker obtains a share of the commission generated whenever a cooperating

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