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# Chicago Real Estate School

Illinois Real Estate License, Courses, Classes

## Sitemaps

- [XML Sitemap](https://realestateschoolchicago.com/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [How Much Does It Cost To Get A Real Estate License In Chicago?](https://realestateschoolchicago.com/how-much-does-it-cost-to-get-a-real-estate-license-in-illinois/) - First, we need to discuss cost versus investment. You’ll see a range of prices at different real estate schools. But no matter what you spend up front, you’re going to get your entire educational investment back on your very first deal, in almost every case. However, if you can’t pass the real estate exam, because
- [How Do I Decide Which Is the Best Real Estate School In Chicago?](https://realestateschoolchicago.com/how-do-i-decide-which-is-the-best-real-estate-school/) - How do you decide which is the best real estate school? If you want to get your real estate license, there are lots of schools to choose from. It’s an important decision, since choosing the right one could mean the difference between passing the state exam, and having to start all over. Sessions With A
- [How Long Does It Take To Get a Real Estate License in Illinois?](https://realestateschoolchicago.com/how-long-does-it-take-to-get-a-real-estate-license-in-illinois/) - Have you thought about getting your real estate license in Illinois, and wondered how long it would take?We have an entire video explaining the steps of the real estate license process in detail, but when you boil it down, it essentially involves:Taking a classPassing the testand getting your licenseHow long does the real estate class
- [Can I Get My Illinois Real Estate Broker License Online?](https://realestateschoolchicago.com/can-i-get-my-real-estate-license-online/) - Can I Get My Illinois Real Estate Broker License Online? Are you considering taking real estate classes online to be licensed to sell real estate in Illinois, and wondering whether you’d have to attend some classes in-person? Our Online Self-Study Course consists of reading text, watching video presentations, and taking quizzes, followed by 15 hours
- [What Are The Requirements To Get An Illinois Real Estate Brokers License?](https://realestateschoolchicago.com/what-are-the-requirements-to-get-a-license/) - What Are The Requirements To Get An Illinois Real Estate Brokers License? Ever wondered what it takes to become a real estate agent? Maybe you’re tired of your job, and ready for the flexibility and opportunity of a career in real estate.There are four prerequisites for getting your Illinois Real Estate License.You must be at
- [How to Get A Leasing Agent License](https://realestateschoolchicago.com/how-to-get-an-illinois-leasing-agent-license/) - [et_pb_section admin_label="section"] [et_pb_row admin_label="row"] [et_pb_column type="4_4"][et_pb_text admin_label="Text"]Becoming a residential leasing agent is a gratifying career. With a complete understanding of owner-tenant laws and the leasing process, you’ll help people find their dream homes to rent. You can become a leasing agent in as little as 15 hours by following our course to gain your leasing
- [What Are The Steps To Get Licensed?](https://realestateschoolchicago.com/what-are-the-steps-to-get-licensed/) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row _builder_version="4.16" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="4.16" global_colors_info="{}"][et_pb_image src="https://realestateschoolchicago.com/wp-content/uploads/2022/08/Colorful-Business-Step-by-Step-Guide-Graph-pdf.jpg" title_text="Colorful Business Step by Step Guide Graph" align="center" _builder_version="4.17.6" _module_preset="default" height="550px" global_colors_info="{}"][/et_pb_image][et_pb_button button_url="https://realestateschoolchicago.com/product/75-hour-pre-license-broker-course-live-class/" button_text="Register & Pay: Hybrid Classes" _builder_version="4.17.4" _module_preset="default" global_colors_info="{}"][/et_pb_button][et_pb_button button_url="https://realestateschoolchicago.com/product/75-hour-pre-license-broker-course-online-i-and-ii/" button_text="Register & Pay: Online Classes" _builder_version="4.16" _module_preset="default" global_colors_info="{}"][/et_pb_button][et_pb_button button_url="https://realestateschoolchicago.com/product/75-hour-pre-license-broker-course-flex-option-spanish/" button_text="Register & Pay: Spanish Course (¡Aprende de instructores de habla hispana!)" _builder_version="4.21.0" _module_preset="default" global_colors_info="{}"][/et_pb_button][et_pb_button
- [How Hard Is It To Get An Illinois Real Estate License?](https://realestateschoolchicago.com/how-hard-is-it-to-get-a-license/) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row _builder_version="4.16" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="4.16" global_colors_info="{}"][et_pb_text _builder_version="4.19.4" global_colors_info="{}"]Ever wonder how hard it is, to get an Illinois Real Estate license? People say that you can make great money as a real estate agent, but have you ever really considered whether YOU could do it? You can take real estate classes online available
- [How Much Can a Real Estate Agent Earn On Commissions in Illinois?](https://realestateschoolchicago.com/how-much-do-il-real-estate-agents-earn/) - [et_pb_section fb_built="1" _builder_version="4.16" global_colors_info="{}"][et_pb_row _builder_version="4.16" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="4.16" global_colors_info="{}"][et_pb_text admin_label="Text" _builder_version="4.19.4" hover_enabled="0" global_colors_info="{}" sticky_enabled="0"]Have you ever researched what the average Illinois real estate agent earns each year? We'll give you the figures in a moment, but first, there are some important things to consider. How Much Do Real Estate Agents Earn In Commission? Real estate
- [There Is No Such Thing As A Real Estate Agent in Illinois!](https://realestateschoolchicago.com/there-is-no-such-thing-as-an-agent-in-illinois/) - [et_pb_section fb_built="1" _builder_version="4.4.7" global_colors_info="{}"][et_pb_row _builder_version="4.13.1" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="4.4.7" global_colors_info="{}"][et_pb_text _builder_version="4.13.1" global_colors_info="{}"]Did you know that Illinois doesn’t have real estate agents any more? Well, that’s a slight exaggeration - we still have people who fill that role, but they don’t have a “real estate agent license”. Let me explain… Most people don’t know it, because it

## Pages

- [Home 7.23](https://realestateschoolchicago.com/) - Pass the Real Estate Exam with the Help of Chicago Real Estate School. Meet our Team and Start Your Illinois Real Estate Classes Today. Payment Plans Available.
- [Payment Plans](https://realestateschoolchicago.com/payment-plans/) - HERE AT CRES WE OFFER PAYMENT PLANS TO ASSIST WHILE YOU INVEST IN YOUR REAL ESTATE CAREER JOURNEY See below for our payment plan detailsStarting a new career as a Real Estate Agent is surprisingly affordable. CRES makes it easy to get started TODAY, by offering a payment plan for all of our courses, classroom
- [Online Classes](https://realestateschoolchicago.com/online-classes/) - Online CLASSES 75-hour Pre-license Broker Course: Online Package Options SALE PRICE $379 Click here for more details Kickstart your real estate career with our state-approved 75-hour Pre-Licensing Real Estate Broker course, designed for busy professionals. This program offers self-paced online learning. The course includes resources and the support you need to pass the state exam
- [Live In Person Classes](https://realestateschoolchicago.com/live-classes/) - In-Person Classes Upcoming Classes Rogers Park 7300 N WESTERN AVE CHICAGO, IL 60645 June 23 – July 16 Tuesday/Thursday6:00 pm-9:00 pm 8 Classroom Sessions7300 N Western AveChicago, IL 60645Instructor : Ernesto Camarillo Enroll NOW July 13 - Aug. 5 Monday/Wednesday9:00 am-12:00 pm 8 Classroom Sessions 7300 N Western Ave Chicago, IL 60645 Instructor: Sam Zakarian Enroll NOW Aug
- [All Courses](https://realestateschoolchicago.com/all-courses/) - Course Options 75-Hour Pre-Licensing Broker Online Course Online Course $479 $ 379 Textbook – PDF, Hard Copy, Audiobook Live Zoom Sessions Practice Exam Questions 100% Self Paced Online Course Chapter Quizzes Review Videos View Upcoming Class Schedules SALE 75-Hour Pre-Licensing Broker In Person Course Live In Person Course $549 $ 479 In Person Class Sessions
- [Instructors & Staff](https://realestateschoolchicago.com/certified-real-estate-instructors-staff/) - Instructors & Staff Our team of experienced real estate instructors and staff are dedicated to providing you with the knowledge and support you need to succeed in the industry. With years of expertise and a passion for teaching, they will guide you through the complexities of the real estate market and equip you with the
- [FAQ](https://realestateschoolchicago.com/faq-illinois-real-estate-license/) - FAQ Frequently Asked Questions We answer the most common questions we receive as a real estate school. These answers will help guide you to a more informed decision when choosing a career in real estate. What is the process of becoming a Real Estate Agent? Essentially, you need to…1. At least 18 years old2. Attend
- [All Day Review Class](https://realestateschoolchicago.com/all-day-review/) - ALL DAY REVIEW ALL-DAY REVIEW CLASS WITH SAM ZAKARIAN This review is designed to help you Pass the State Exam with ease and move on to a Great Career in Real Estate! $109 Our comprehensive All-day Real Estate review class is designed to provide participants with an extensive and thorough review of all chapters in
- [Logan Square Location](https://realestateschoolchicago.com/logan-square-location/) - CHICAGO REAL ESTATE SCHOOL The CRES Logan Square classroom is convenient for all residents and those who visit the area: Located inside RE/MAX LOYALTY at the corner of W. Fullerton Ave and n. Drake Ave. Easily find our classroom to complete your Real Estate Classes in Chicago. Open Concept Classroom Area’s for study if you
- [Rogers Park Location](https://realestateschoolchicago.com/rogers-park-location/) - CHICAGO REAL ESTATE SCHOOL The CRES Rogers Park classroom is convenient for all residents and those who visit the area:Located inside Century 21 Universal at the corner of N. Western Ave and Touhy Ave. Easily find our classroom to complete your Real Estate Classes in Chicago.Have you typed in “real estate classroom classes near me?”
- [Ultimate Exam Smart Prep Suite](https://realestateschoolchicago.com/ultimate-exam-smart-prep-suite/) - Master the 75-hour pre-licensing curriculum with our Ultimate Exam Smart Prep Suite, designed to turn complex real estate principles into exam-day confidence. This all-in-one digital toolkit provides unlimited simulated exams that mirror the actual testing environment, ensuring no surprises on your big day. Whether you’re mastering real estate math or navigating agency laws, our suite
- [Login](https://realestateschoolchicago.com/login/) - LOGIN Username or Email Address Password Remember Me Log In Lost your password?
- [Broker Courses](https://realestateschoolchicago.com/broker-classes/) - Broker Courses 75- Hour Pre-Licensing Online Broker Course Our IDFPR approved self-paced online Real Estate Broker course offers a comprehensive and flexible learning experience tailored to meet the needs of aspiring real estate professionals. Designed carefully to fit seamlessly into your busy schedule, the course covers essential topics such as real estate laws, property valuation, marketing
- [Next Steps](https://realestateschoolchicago.com/next/) - [et_pb_section fb_built=”1″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_margin=”|auto|||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.16″ text_font_size=”20px” global_colors_info=”{}”] Please read the entire page carefully, as you’ll need to know everything on the page! [/et_pb_text][et_pb_text admin_label=”STEP 1″ _builder_version=”4.16″ text_font=”|700||on|||||” text_font_size=”16px” global_colors_info=”{}”] Step 1 – Sign up for the Illinois Real Estate Licensing Exam [/et_pb_text][et_pb_accordion _builder_version=”4.25.1″ hover_enabled=”0″
- [Live Class Schedule- Logan Square](https://realestateschoolchicago.com/live-class-schedule-logan-square/) - Preferred Schedule- Logan Square Location: 3551 W. Fullerton Ave Chicago, IL 60647 Please select the ONE class schedule (classroom) you’d like to attend. Select your class wisely – there will be a $75 fee to switch. Name(Required)Email(Required) Upcoming Schedule(Required)Pay attention to the location of your selected class. Each class is 3 hours per Day, Twice
- [Live Class Schedule- Rogers Park](https://realestateschoolchicago.com/live-class-schedule/) - Preferred Schedule Please select the ONE class schedule (classroom) you’d like to attend. Select your class wisely – there will be a $75 fee to switch. Name(Required)Email(Required) Location(Required)Choose your classroom location Choose the location selected during RegistrationRogers Park- 7300 N Western Ave Chicago, IL 60645Logan Square- 3551 N Fullerton Ave Chicago, IL 60647Upcoming Schedule- Rogers
- [Illinois Real Estate License Classes](https://realestateschoolchicago.com/classes/) - [et_pb_section fb_built=”1″ _builder_version=”4.27.0″ _module_preset=”default” background_color=”#393366″ background_enable_image=”off” background_repeat=”repeat” min_height=”599px” custom_margin=”||0px||false|false” custom_padding=”0px||50px||false|false” top_divider_color_tablet=”” top_divider_color_phone=”” top_divider_color_last_edited=”on|phone” global_colors_info=”{}” background__hover_enabled=”off|hover”][et_pb_row column_structure=”2_5,3_5″ _builder_version=”4.27.0″ _module_preset=”default” custom_margin=”0px||30px||false|false” custom_padding=”113px||0px||false|false” global_colors_info=”{}”][et_pb_column type=”2_5″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_blurb title=”State of Illinois Real Estate Classes” content_max_width=”100%” _builder_version=”4.22.2″ _module_preset=”default” header_level=”h1″ header_font=”|700|||||||” header_text_color=”#FFFFFF” header_font_size=”73px” body_text_color=”#FFFFFF” body_font_size=”20px” width=”100%” max_width=”550px” module_alignment=”left” custom_margin=”-4px||||false|false” header_font_size_tablet=”60px” header_font_size_phone=”38px” header_font_size_last_edited=”on|phone” global_colors_info=”{}”] Launch a successful Real Estate career! Our
- [75 HR Online Course Package Options](https://realestateschoolchicago.com/75-hr-online-course-package-options/) - Online Course Package Options 75-hour Pre-license Broker Course: Online Package Options Kickstart your real estate career with our state-approved 75-hour Pre-Licensing Real Estate Broker course, designed for busy professionals. This program offers self-paced online learning and 2 tailored Package options to provide the resources and support you need to pass the state exam on your
- [Residential Leasing Agent Course](https://realestateschoolchicago.com/residential-leasing-agent-course/) - $249 Enroll TODAY Leasing Agent Course Offered by Chicago Real Estate SchoolOur residential leasing agent course is a 15-hour course delivered entirely online. Students have 90 days from purchase to complete the course. After completing the leasing agent course, you’ll have an understanding in:Basic residential leasing agent provisionsFundamentals in marketing and advertisingElements of owner-tenant lawsAspects
- [45-Hour Post-License Course](https://realestateschoolchicago.com/45-hour-post-license-course/) - 45- HOUR POST-LICENSING COURSE Our Post-License Courses are offered through our partnership with The CE Shop REGISTER TODAY Make sure to check the information under the course description to determine if this is the CE you need to complete.Please note: You will need to register as a new student, regardless if you’ve taken classes with
- [Videos](https://realestateschoolchicago.com/video-answers/) - VIDEOS It’s important to do your research! These videos will give you a solid understanding of the process, so be sure to watch them all…
- [Contact](https://realestateschoolchicago.com/contact-us/) - CONTACT US CONTACT THE CHICAGO REAL ESTATE SCHOOL TEAM TODAY! If you’re brand new to the Real Estate profession and have lots of questions, just call us. We want you to feel comfortable and confident moving forward.7300 N Western Ave, Chicago, IL 60645 Call or Text: 773-647-1830 Email: support@realestateschoolchicago.com SUPPORT HOURS Monday – Friday: 7:00AM
- [State Exam Study Course](https://realestateschoolchicago.com/state-exam-study-course/) - This course will help you prepare for the State Portion of the Real Estate Exam so you can get your Illinois LicenseSelf-Study. 100% Online, 100% On-Demand, 24/7. At CRES, we want to ensure that you are 100% happy with your purchase. Our policy offers a full refund within 24 hours of your purchase. Whats Included
- [Privacy Policy](https://realestateschoolchicago.com/privacy-policy/) - This privacy notice for Chicago Real Estate School (“we“, “us“, or “our“), describes how and why we might collect, store, use, and/or share (“process“) your information when you use our services (“services“), such as when you:Visit our website at realestateschoolchicago.com, or any website of ours that links to this privacy noticeEngage with us in other
- [Possible Careers With Broker License](https://realestateschoolchicago.com/careers-real-estate-license/) - Join Our top-rated Real Estate School and excel in your career Launch Your Real Estate Career Today Get Started Today WONDERING WHAT YOU CAN DO WITH A REAL ESTATE LICENSE?Ever wondered what you can do with a Real Estate license? The options are so diverse, and cover a wide variety of opportunities, requiring varying strengths.
- [Partially Thank You](https://realestateschoolchicago.com/partially-thank-you/) - Congratulations! Your registration is complete. You will receive an email with information on next steps, including how to select specific locations / dates / times for any courses you may have purchased. Check your email for login information for your online resources, which are available immediately. But before you go…Were you referred by a
- [Transcript](https://realestateschoolchicago.com/transcript/) - Transcript Request Please complete the form and your transcript will be emailed to you within 1 business day. FacebookThis field is for validation purposes and should be left unchanged.Name(Required) First Last Email(Required) Enter Email Confirm Email CAPTCHA
- [About](https://realestateschoolchicago.com/about/) - Discover Our Real Estate Expertise Chicago Real Estate School: Your Gateway to a Thriving Real Estate CareerAt The Chicago Real Estate School, we are dedicated to empowering aspiring real estate professionals with the knowledge, skills, and confidence they need to succeed in this dynamic industry. With over 30 years of experience, our school has become
- [Licensing](https://realestateschoolchicago.com/licensing/) - ILLINOIS LICENSING PROCESS Explore courses HOW DO YOU GET YOUR ILLINOIS REAL ESTATE LICENSE?Once you’ve completed the 75-hour Broker Pre-license Course, and passed the Illinois Real Estate Exam, it’s time to get your license!The first step is to find a Sponsoring Broker – in other words, to “get hired”. You have up to one year
- [Terms and Conditions](https://realestateschoolchicago.com/terms-and-conditions/) - Chicago Real Estate School Affiliate Program Terms of ServiceAgreementBy signing up to be an Affiliate in the Chicago Real Estate School Affiliate Program (“Program”) you are agreeing to be bound by the following terms and conditions (“Terms of Service”).Chicago Real Estate School reserves the right to update and change the Terms of Service from time
- [Testing](https://realestateschoolchicago.com/passing-illinois-real-estate-test/) - Pass The Illinois Real Estate Exam With CRES REAL ESTATE LICENSE REQUIREMENTS FOR PASSING THE ILLINOIS REAL ESTATE EXAM Start Your Real Estate Career Now With the help of the Chicago Real Estate School, passing the Illinois Real Estate Exam is a goal you CAN accomplish! Once you complete the course (minimum 15 hours of
- [Thank You - WooCommerce](https://realestateschoolchicago.com/thank-you/) - Thank You Congratulations! Your payment was successful. You will receive an email shortly with a link to select your specific class for any courses you may have purchased.
- [Curso en español](https://realestateschoolchicago.com/live-classes-spanish/) - [et_pb_section fb_built="1" _builder_version="4.23.1" _module_preset="default" background_color="#393366" background_enable_image="off" background_repeat="repeat" min_height="494.1px" custom_padding="||40px||false|false" global_colors_info="{}" background__hover_enabled="off|hover"][et_pb_row column_structure="2_5,3_5" _builder_version="4.16" _module_preset="default" custom_padding="||0px||false|false" global_colors_info="{}"][et_pb_column type="2_5" _builder_version="4.16" _module_preset="default" global_colors_info="{}"][et_pb_blurb title="Curso en español" content_max_width="100%" content_tablet="35 horas de sesiones en el aula dirigidas por un instructor y 40 horas de estudio en línea" content_phone="35 horas de sesionesen el aula dirigidas por un instructor y 40 horas
- [Review Sessions Schedule](https://realestateschoolchicago.com/review-sessions-schedule/) - Preferred Review Webinar Schedule The following are complete sets of classes that fulfills the State requirement for 15 hours of “interactive time” with an instructor. Select your schedule wisely. There will be a $75 fee to select a new schedule if you don't attend the schedule you select. You may choose ONE of these sets.
- [Checkout](https://realestateschoolchicago.com/checkout/) - [shoppingcart]

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- [Single Product Tmplate Brooker Classes](https://realestateschoolchicago.com/?elementor_library=elementor-single-product-115860) - Other Payment Options at checkout: Add Value with the Ultimate Exam Smart Test Prep Suite Exclusive Access to our Exam Readiness Portal which includes: Hyperlink Glossary 500 Test Prep Questions An additional 68 Videos (Including 10 Math Videos) Comprehensive Explanations Detailed Practice Exam Reports (Scored the exact same way they are scored during your State Exam)Topic Based Grading Scale- Lets
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- [Elementor Footer #115871](https://realestateschoolchicago.com/?elementor_library=elementor-footer-115871) - Content area
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- [Elementor Products Archive #116005](https://realestateschoolchicago.com/?elementor_library=elementor-products-archive-116005) - Available Course Options 75-Hour Pre-Licensing Broker Online Course Online Course $ 479 Textbook – PDF, Hard Copy, Audiobook Live Zoom Sessions Practice Exam Questions 100% Self Paced Online Course Chapter Quizzes Review Videos View Upcoming Class Schedules 75-Hour Pre-Licensing Broker In Person Course Live In Person Course $ 579 In Person Class Sessions Textbook- PDF,
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- [FAQ Single Page Template](https://realestateschoolchicago.com/?elementor_library=faq-single-page-template) - Can I Get My Illinois Real Estate Broker License Online? Are you considering taking real estate classes online to be licensed to sell real estate in Illinois, and wondering whether you’d have to attend some classes in-person? Our Online Self-Study Course consists of reading text, watching video presentations, and taking quizzes, followed by 15 hours

## Products

- [75-hour Pre-license Broker Course: Live In Person Class](https://realestateschoolchicago.com/product/75-hour-pre-license-broker-course-live-class/) - Get the education you need to become a licensed real estate broker in just four weeks with our intensive 75-hour Live in person course. This program is designed for ambitious individuals ready to launch their careers, offering maximum flexibility through a blended learning format that combines live instruction with online resources. Learn the essential principles, practices, laws, and ethics of real estate from expert instructors currently working in the industry. We provide the solid foundation necessary to pass the state licensing exam and succeed as a professional broker. All schedules provide the required 75 hours of instruction needed for your Illinois broker license eligibility, you will have 2 years from registration to complete the course. Flexible 4-Week Schedule Options (Dates/Times based on location) Mornings: Mondays & Wednesdays (9:00 AM - 12:00 PM) - 8 Sessions Evenings: Tuesdays & Thursdays (6:00 PM - 9:00 PM) - 8 Sessions Weekends: Saturdays (9:00 AM - 3:30 PM) - 4 Sessions See below for Location Options Click Here for Rogers Park Location Details Click Here for Logan Square Location Details After purchasing the course, your emailed receipt will contain a link to allow you access to your dashboard and a link to modify your class schedule. See instructor reviews, topics covered, and FAQs below.
- [75-hour Pre-license Broker Course: Online](https://realestateschoolchicago.com/product/75-hour-pre-license-broker-course-online-i-and-ii/) - Launch your real estate career with our comprehensive, state-approved 75-hour Pre-Licensing Real Estate Broker course, delivered in a flexible online course designed for busy professionals. This program combines the convenience of self-paced online learning with the essential interaction of live, instructor-led webinar sessions via Zoom. Our online course provides the full 75 hours of state-required education while adding premium tools to ensure you pass the state exam on your first try and hit the ground running as a new broker. What’s Included.. Complete 75-Hour Curriculum: Covers the mandatory 60-hour Broker Pre-License Topics and the interactive 15-hour Applied Real Estate Principles course. Exam Readiness: Access to comprehensive practice exams, digital flashcards, and hundreds of practice questions with immediate feedback. Audiobook & Video Learning: Perfect for busy professionals, our package includes an audiobook version of the textbook and supplemental video lessons to help you study on the go. Live Instructor-Led Webinars: Direct access to seasoned real estate experts via Zoom for the 15-hour interactive portion to get your specific questions answered in real-time. Student Support: Access to all course materials, chapter quizzes, portal support through our dedicated support team. Career Kickstarter Program: (If applicable) Professional development courses to help you build a 30/60/90-day business plan and start your lead network. Enrollment Information Ready to take the next step in your real estate career? Select your preferred live session schedule during registration to begin your self-paced coursework immediately. You will have 2 years from registration to complete the course. See course details and FAQs below. Then when you’re ready, click on Register. (This is both Part I and Part II combined, as described here.)
- [Ultimate Exam Smart Test Prep Suite](https://realestateschoolchicago.com/product/ultimate-exam-smart-prep-suite/) - Essential Features Simulated Exams: Unlimited mock tests that match the exact number of questions and time limits of the actual licensing exam. Vocabulary Mastery: Specialized tools for the 250+ essential real estate terms that often make up the largest portion of the exam. Math Mastery: Dedicated practice for property valuation, commission splits, and mortgage calculations. Ultimate Learning Package: Hyperlinked glossaries, digital flashcards, and video/audio lessons that allow students to study on the go. Performance Analytics: This digital toolkit has “Smart Practice” or “Mastery Tracking” features that identify a student’s weak areas, allowing them to focus their study time efficiently rather than rereading entire chapters Flexible Access: A fully mobile-responsive interface or dedicated app for “anytime, anywhere” study sessions.
- [Residential Leasing Agent Course](https://realestateschoolchicago.com/product/leasing-agent-course/) - Our residential leasing agent course is a 15-hour course delivered entirely online. Students have 90 days from purchase to complete the course. After completing the leasing agent course, you’ll have an understanding in: Basic residential leasing agent provisions Fundamentals in marketing and advertising Elements of owner-tenant laws Aspects surrounding the process of leasing, as well as Environmental issues Equal opportunity leasing
- [75-hour Pre-license Broker Course: Online Platinum Package](https://realestateschoolchicago.com/product/75-hour-pre-license-broker-course-online-platinum-package/) - The Platinum Package is our most comprehensive option, designed for students who want more than just a license. It provides the full 75 hours of state-required education while adding premium tools to ensure you pass the state exam on your first try and hit the ground running as a new broker. The Platinum Advantage- What’s Included.. Complete 75-Hour Curriculum: Covers the mandatory 60-hour Broker Pre-License Topics and the interactive 15-hour Applied Real Estate Principles course. Ultimate Exam Prep Suite: Access to comprehensive practice exams, digital flashcards, and thousands of practice questions with immediate feedback. Audiobook & Video Learning: Perfect for busy professionals, our package includes an audiobook version of the textbook and supplemental video lessons to help you study on the go. Live Instructor-Led Webinars: Direct access to seasoned real estate experts via Zoom for the 15-hour interactive portion to get your specific questions answered in real-time. Student Support: Access to all course materials, chapter quizzes, portal support through our dedicated support team. Career Kickstarter Program: (If applicable) Professional development courses to help you build a 30/60/90-day business plan and start your lead network. Enrollment Information Ready to take the next step in your real estate career? Select your preferred live session schedule during registration to begin your self-paced coursework immediately. You will have 2 years from registration to complete the course. See course details and FAQs below. Then when you’re ready, click on Register. (This is both Part I and Part II combined, as described here.)
- [All Day Review](https://realestateschoolchicago.com/product/all-day-review/) - Instructor: Sam Zakarian When: TO BE ANNOUNCED- Check back or give us a call to inquire about future dates Location: TO BE ANNOUNCED Our comprehensive All-day Real Estate review class is designed to provide participants with an extensive and thorough review of all chapters in the real estate curriculum. We place a strong emphasis on key topics that are critical for ensuring proper preparation and a higher likelihood of success when taking your real estate exam. Our experienced instructors will guide you through the material, making sure you grasp the concepts fully!
- [75-hour Pre-license Broker Course: Online Gold Package](https://realestateschoolchicago.com/product/75-hour-pre-license-broker-course-online-gold-package/) - Launch your real estate career with our comprehensive, state-approved 75-hour Pre-Licensing Real Estate Broker course, delivered in a flexible online course designed for busy professionals. This program combines the convenience of self-paced online learning with the essential interaction of live, instructor-led webinar sessions via Zoom. Enrollment Information Ready to take the next step in your real estate career? Select your preferred live session schedule during registration to begin your self-paced coursework immediately. You will have 2 years from registration to complete the course. See course details and FAQs below. Then when you’re ready, click on Register. (This is both Part I and Part II combined, as described here.)
- [Final Payment - Switching from On Sale Online to In Person](https://realestateschoolchicago.com/product/final-payment-switching-from-on-sale-online-to-hybrid/)
- [State Exam Study Course](https://realestateschoolchicago.com/product/state-exam-study-course/) - Illinois Real Estate study course for licensees from another state seeking license reciprocity. Start your Career Journey to Success Our real estate courses in the Chicagoland area offer a comprehensive and engaging learning experience for aspiring professionals. With expert instructors, hands-on training, and a focus on the local market, you’ll gain the knowledge and skills
- [Curso de prelicencia de 75 horas en español](https://realestateschoolchicago.com/product/75-hour-pre-license-broker-course-flex-option-spanish/) - Consulte las reseñas de los instructores, los temas tratados y las preguntas frecuentes a continuación. Tienes 2 años desde el registro para completar el curso. En CRES, queremos asegurarnos de que esté 100 % satisfecho con su compra. Nuestra política ofrece un reembolso completo dentro de los 7 días posteriores a la fecha de compra.

## Courses

- [Online Course](https://realestateschoolchicago.com/courses/online9thedition/) - Here is where you will find the chapter modules and sign up for the required webinars. Chapter Quizzes are now located on the homepage of your dashboard.
- [State Exam Study Course](https://realestateschoolchicago.com/courses/state-exam-study-course/) - A course designed to give you information for the Illinois Broker State Examination, specifically for reciprocity/endorsement process.
- [Chapter Review Videos](https://realestateschoolchicago.com/courses/chapter-videos/)
- [Supplemental Training Materials](https://realestateschoolchicago.com/courses/supplemental-training-materials/)
- [Chapter Quizzes - required](https://realestateschoolchicago.com/courses/chapterquizzes/) - All quizzes are required to pass with 75% or better for course completion.
- [Sign up for Webinars Here](https://realestateschoolchicago.com/courses/sign-up-for-webinars-here/)
- [Exam Smart Portal Access](https://realestateschoolchicago.com/courses/exam-smart-portal-access/) - You will receive the key to access your exclusive access to the exam smart portal with 7 Business Days of Purchase. Please email support@realestateschoolchicago.com if you have not received access or if you are having issues.
- [540-question Practice Exam - optional](https://realestateschoolchicago.com/courses/practice-exam/) - These questions are optional and do not count toward the required quizzes.
- [Audiobook](https://realestateschoolchicago.com/courses/audio-book/)
- [Flashcards](https://realestateschoolchicago.com/courses/flashcards/)
- [Games](https://realestateschoolchicago.com/courses/games/)
- [Free Trial](https://realestateschoolchicago.com/courses/free-trial/) - [et_pb_section fb_built="1" _builder_version="4.25.1" hover_enabled="0" global_colors_info="{}" sticky_enabled="0" max_width="100%" width="100%" height="100px" max_height="100px" custom_margin="-150px||-56px|-200px|false|false"][et_pb_row _builder_version="4.16" background_size="initial" background_position="top_left" background_repeat="repeat" hover_enabled="0" global_colors_info="{}" sticky_enabled="0"][et_pb_column type="4_4" _builder_version="4.16" custom_padding="|||" hover_enabled="0" global_colors_info="{}" custom_padding__hover="|||" sticky_enabled="0"][et_pb_text _builder_version="4.16" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"]Chapter modules, audiobook, chapter review videos, and quizzes for a few chapters [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [Live Webinars](https://realestateschoolchicago.com/courses/live-webinars/)
- [Residential Leasing Agent](https://realestateschoolchicago.com/courses/residential-leasing-agent/) - This is the course content
- [Online Modules](https://realestateschoolchicago.com/courses/online-modules/) - Required chapter modules, audiobook, chapter review videos, and quizzes.
- [2 Day Review](https://realestateschoolchicago.com/courses/2-day-review/)
- [125 random question Sample Test](https://realestateschoolchicago.com/courses/sample-test-2/)

## Modules

- [Audio Chapter 16](https://realestateschoolchicago.com/courses/audio-book/modules/audio-chapter-16/) - Audiobook Audio Chapter 16 Audio 1 https://realestateschoolchicago.com/wp-content/uploads/2022/04/CHAPTER-16.1.mp3 Audio 2 https://realestateschoolchicago.com/wp-content/uploads/2022/04/CHAPTER-16.2.mp3 Audio 3 https://realestateschoolchicago.com/wp-content/uploads/2022/04/CHAPTER-16.3.mp3 Audio 4 https://realestateschoolchicago.com/wp-content/uploads/2022/04/CHAPTER-16.4.mp3 Audio 5 https://realestateschoolchicago.com/wp-content/uploads/2022/04/CHAPTER-16.5.mp3 Audio 6 https://realestateschoolchicago.com/wp-content/uploads/2022/04/CHAPTER-16.6.mp3 Audio 7 https://realestateschoolchicago.com/wp-content/uploads/2022/04/CHAPTER-16.7.mp3 Audio 8 https://realestateschoolchicago.com/wp-content/uploads/2022/04/CHAPTER-16.8.mp3 Audio 9 https://realestateschoolchicago.com/wp-content/uploads/2022/04/CHAPTER-16.9.mp3 Audio 10 https://realestateschoolchicago.com/wp-content/uploads/2022/04/CHAPTER-16.10.mp3 If you would like to download the entire chapter as a single audio file…Mac users:HOLD down the “CONTROL” button (bottom left
- [Audio Chapter 15](https://realestateschoolchicago.com/courses/audio-book/modules/audio-chapter-15/) - Audiobook Audio Chapter 15 Audio 1 https://realestateschoolchicago.com/wp-content/uploads/2018/08/CHAPTER-15.1.mp3 Audio 2 https://realestateschoolchicago.com/wp-content/uploads/2018/08/CHAPTER-15.2.mp3 Audio 3 https://realestateschoolchicago.com/wp-content/uploads/2018/08/CHAPTER-15.3.mp3 Audio 4 https://realestateschoolchicago.com/wp-content/uploads/2018/08/CHAPTER-15.4.mp3 Audio 5 https://realestateschoolchicago.com/wp-content/uploads/2018/08/CHAPTER-15.5.mp3 Audio 6 https://realestateschoolchicago.com/wp-content/uploads/2018/08/CHAPTER-15.6.mp3 Audio 7 https://realestateschoolchicago.com/wp-content/uploads/2018/08/CHAPTER-15.7.mp3 If you would like to download the entire chapter as a single audio file…Mac users:HOLD down the “CONTROL” button (bottom left corner of your keyboard) while clicking your mouse on the
- [Audio Chapter 14](https://realestateschoolchicago.com/courses/audio-book/modules/audio-chapter-14/) - Audiobook Audio Chapter 14 Audio 1 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-14.1.mp3 Audio 2 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-14.2.mp3 Audio 3 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-14.3.mp3 Audio 4 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-14.4.mp3 If you would like to download the entire chapter as a single audio file…Mac users:HOLD down the “CONTROL” button (bottom left corner of your keyboard) while clicking your mouse on the “Download” button below, then select “save link as…” from
- [Audio Chapter 13](https://realestateschoolchicago.com/courses/audio-book/modules/audio-chapter-13/) - Audiobook Audio Chapter 13 Audio 1 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-13.1.mp3 Audio 2 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-13.2.mp3 Audio 3 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-13.3.mp3 Audio 4 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-13.4.mp3 Audio 5 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-13.5.mp3 Audio 6 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-13.6.mp3 Audio 7 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-13.7.mp3 Audio 8 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-13.8.mp3 Audio 9 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-13.9.mp3 Audio 10 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-13.10.mp3 Audio 11 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-13.11.mp3 If you would like to download the entire chapter as a single audio file…Mac users:HOLD down the “CONTROL”
- [Audio Chapter 12](https://realestateschoolchicago.com/courses/audio-book/modules/audio-chapter-12/) - Audiobook Audio Chapter 12 Audio 1 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-12.1.mp3 Audio 2 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-12.2.mp3 Audio 3 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-12.3.mp3 Audio 4 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-12.4.mp3 Audio 5 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-12.5.mp3 If you would like to download the entire chapter as a single audio file…Mac users:HOLD down the “CONTROL” button (bottom left corner of your keyboard) while clicking your mouse on the “Download” button below, then select “save
- [Audio Chapter 11](https://realestateschoolchicago.com/courses/audio-book/modules/audio-chapter-11/) - Audiobook Audio Chapter 11 Audio 1 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-11.1.mp3 Audio 2 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-11.2.mp3 Audio 3 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-11.3.mp3 Audio 4 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-11.4.mp3 If you would like to download the entire chapter as a single audio file…Mac users:HOLD down the “CONTROL” button (bottom left corner of your keyboard) while clicking your mouse on the “Download” button below, then select “save link as…” from
- [Audio Chapter 10](https://realestateschoolchicago.com/courses/audio-book/modules/audio-chapter-10/) - Audiobook Audio Chapter 10 Audio 1 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-10.1.mp3 Audio 2 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-10.2.mp3 Audio 3 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-10.3.mp3 Audio 4 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-10.4.mp3 Audio 5 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-10.5.mp3 If you would like to download the entire chapter as a single audio file…Mac users:HOLD down the “CONTROL” button (bottom left corner of your keyboard) while clicking your mouse on the “Download” button below, then select “save
- [Audio Chapter 9](https://realestateschoolchicago.com/courses/audio-book/modules/audio-chapter-9/) - Audiobook Audio Chapter 9 Audio 1 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-9.1.mp3 Audio 2 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-9.2.mp3 Audio 3 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-9.3.mp3 Audio 4 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-9.4.mp3 Audio 5 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-9.5.mp3 If you would like to download the entire chapter as a single audio file…Mac users:HOLD down the “CONTROL” button (bottom left corner of your keyboard) while clicking your mouse on the “Download” button below, then select “save
- [Audio Chapter 8](https://realestateschoolchicago.com/courses/audio-book/modules/audio-chapter-8/) - Audiobook Audio Chapter 8 Audio 1 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-8.1.mp3 Audio 2 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-8.2.mp3 Audio 3 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-8.3.mp3 Audio 4 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-8.4.mp3 If you would like to download the entire chapter as a single audio file…Mac users:HOLD down the “CONTROL” button (bottom left corner of your keyboard) while clicking your mouse on the “Download” button below, then select “save link as…” from
- [Audio Chapter 7](https://realestateschoolchicago.com/courses/audio-book/modules/audio-chapter-7/) - Audiobook Audio Chapter 7 Audio 1 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-7.1.mp3 Audio 2 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-7.2.mp3 Audio 3 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-7.3.mp3 If you would like to download the entire chapter as a single audio file…Mac users:HOLD down the “CONTROL” button (bottom left corner of your keyboard) while clicking your mouse on the “Download” button below, then select “save link as…” from the menu. A
- [Audio Chapter 6](https://realestateschoolchicago.com/courses/audio-book/modules/audio-chapter-6/) - Audiobook Audio Chapter 6 Audio 1 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-6.1.mp3 Audio 2 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-6.2.mp3 Audio 3 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-6.3.mp3 Audio 4 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-6.4.mp3 Audio 5 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-6.5.mp3 Audio 6 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-6.6.mp3 Audio 7 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-6.7.mp3 Audio 8 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-6.8.mp3 Audio 9 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-6.9.mp3 If you would like to download the entire chapter as a single audio file…Mac users:HOLD down the “CONTROL” button (bottom left corner of
- [Audio Chapter 5](https://realestateschoolchicago.com/courses/audio-book/modules/audio-chapter-5/) - Audiobook Audio Chapter 5 Audio 1 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-5.1.mp3 Audio 2 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-5.2.mp3 Audio 3 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-5.3.mp3 If you would like to download the entire chapter as a single audio file…Mac users:HOLD down the “CONTROL” button (bottom left corner of your keyboard) while clicking your mouse on the “Download” button below, then select “save link as…” from the menu. A
- [Audio Chapter 4](https://realestateschoolchicago.com/courses/audio-book/modules/audio-chapter-4/) - Audiobook Audio Chapter 4 Audio 1 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-4.1.mp3 Audio 2 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-4.2.mp3 If you would like to download the entire chapter as a single audio file…Mac users:HOLD down the “CONTROL” button (bottom left corner of your keyboard) while clicking your mouse on the “Download” button below, then select “save link as…” from the menu. A dialog box pops
- [Audio Chapter 3](https://realestateschoolchicago.com/courses/audio-book/modules/audio-chapter-3/) - Audiobook Audio Chapter 3 Audio 1 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-3.1.mp3 Audio 2 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-3.2.mp3 Audio 3 https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-3.3.mp3 If you would like to download the entire chapter as a single audio file…Mac users:HOLD down the “CONTROL” button (bottom left corner of your keyboard) while clicking your mouse on the “Download” button below, then select “save link as…” from the menu. A
- [Audio Chapter 2](https://realestateschoolchicago.com/courses/audio-book/modules/audio-chapter-2/) - Audiobook Audio Chapter 2 Audio 1 https://realestateschoolchicago.com/wp-content/uploads/2018/07/2.1.mp3 Audio 2 https://realestateschoolchicago.com/wp-content/uploads/2018/07/2.2.mp3 Audio 3 https://realestateschoolchicago.com/wp-content/uploads/2018/07/2.3.mp3 Audio 4 https://realestateschoolchicago.com/wp-content/uploads/2018/07/2.4.mp3 Audio 5 https://realestateschoolchicago.com/wp-content/uploads/2018/07/2.5.mp3 Audio 6 https://realestateschoolchicago.com/wp-content/uploads/2018/07/2.6.mp3 Audio 7 https://realestateschoolchicago.com/wp-content/uploads/2018/07/2.7.mp3 Audio 8 https://realestateschoolchicago.com/wp-content/uploads/2018/07/2.8.mp3 If you would like to download the entire chapter as a single audio file…Mac users:HOLD down the “CONTROL” button (bottom left corner of your keyboard) while clicking your
- [Audio Chapter 1](https://realestateschoolchicago.com/courses/audio-book/modules/audio-chapter-1-2/) - Audiobook Audio Chapter 1 Audio 1.1 https://realestateschoolchicago.com/wp-content/uploads/2017/08/1.1.mp3 Audio 1.2 https://realestateschoolchicago.com/wp-content/uploads/2017/08/1.2.mp3 Audio 1.3 https://realestateschoolchicago.com/wp-content/uploads/2017/08/1.3.mp3 Audio 1.4 https://realestateschoolchicago.com/wp-content/uploads/2017/08/1.4_1.mp3 Audio 1.5 https://realestateschoolchicago.com/wp-content/uploads/2017/08/1.5.mp3 If you would like to download the entire chapter as a single audio file…Mac users:HOLD down the “CONTROL” button (bottom left corner of your keyboard) while clicking your mouse on the “Download” button below, then select “save
- [Exam Smart Portal Access - Lesson - 1116956](https://realestateschoolchicago.com/courses/exam-smart-portal-access/modules/exam-smart-portal-access-lesson-1116956/) - Exclusive Access to our Exam Smart Subscription. Please email the support team if your access key has not been emailed within 7 Business days of purchase. Support Email: Support@realestateschoolchicago.com
- [Module](https://realestateschoolchicago.com/modules/module-9/)
- [Module](https://realestateschoolchicago.com/modules/module-8/)
- [4-Webinar Review Session: Sign up here for Part II of the Online Course](https://realestateschoolchicago.com/modules/4-webinar-review-session-sign-up-here-for-part-ii-of-the-online-course/) - Once you have completed the self-study course, please sign up for the 4-Webinar Review Sessions
- [SIGN UP FOR WEBINARS HERE](https://realestateschoolchicago.com/modules/sign-up-for-webinars-here/) - Once you have completed the self-study course, please sign up for the 4-Webinar Review Sessions
- [INTRODUCTION](https://realestateschoolchicago.com/courses/online9thedition/modules/introduction-4/) - Online Course INTRODUCTION Module Content 0% Complete 0/6 Steps INFORMATION ABOUT THE STATE REAL ESTATE BROKER EXAM 2024 NATIONAL REAL ESTATE BROKER EXAMINATION DETAILED CONTENT OUTLINE 2024 ILLINOIS STATE EXAMINATION OUTLINE NUMBER OF QUESTIONS FOR THE STATE BROKER PORTION EFFECTIVE LEARNING METHODS GENERAL STRUCTURE OF THE QUESTIONS Back to Course Next Topic
- [Chapter 1](https://realestateschoolchicago.com/courses/chapter-videos/modules/chapter-1-3/)
- [CHAPTER 2 - REAL ESTATE AGENCY](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/chapter-2-real-estate-agency/)
- [Chapter 16](https://realestateschoolchicago.com/courses/chapter-videos/modules/chapter-16-2/)
- [Chapter 15](https://realestateschoolchicago.com/courses/chapter-videos/modules/chapter-15-2/)
- [Chapter 14](https://realestateschoolchicago.com/courses/chapter-videos/modules/chapter-14-2/)
- [Chapter 13](https://realestateschoolchicago.com/courses/chapter-videos/modules/chapter-13-2/)
- [Chapter 12](https://realestateschoolchicago.com/courses/chapter-videos/modules/chapter-12-2/)
- [Chapter 11](https://realestateschoolchicago.com/courses/chapter-videos/modules/chapter-11-2/)
- [Chapter 10](https://realestateschoolchicago.com/courses/chapter-videos/modules/chapter-10-2/)
- [Chapter 9](https://realestateschoolchicago.com/courses/chapter-videos/modules/chapter-9-2/)
- [Chapter 8](https://realestateschoolchicago.com/courses/chapter-videos/modules/chapter-8-2/)
- [Chapter 7](https://realestateschoolchicago.com/courses/chapter-videos/modules/chapter-7-2/)
- [Chapter 6](https://realestateschoolchicago.com/courses/chapter-videos/modules/chapter-6-2/)
- [Chapter 5](https://realestateschoolchicago.com/courses/chapter-videos/modules/chapter-5-2/)
- [Chapter 4](https://realestateschoolchicago.com/courses/chapter-videos/modules/chapter-4-2/)
- [Chapter 3](https://realestateschoolchicago.com/courses/chapter-videos/modules/chapter-3-2/)
- [Chapter 2](https://realestateschoolchicago.com/courses/chapter-videos/modules/chapter-2-2/)
- [Module](https://realestateschoolchicago.com/modules/module-7/)
- [Test Prep Videos with Sam Zakarian](https://realestateschoolchicago.com/courses/chapter-videos/modules/test-prep-videos-with-sam-zakarian/) - *Please note that these videos are from 2020 and do not contain all updated material. We have made them accessible to students as requested.*
- [Test Prep](https://realestateschoolchicago.com/courses/chapter-videos/modules/math-test-prep/)
- [INFORMATION ABOUT THE STATE EXAM](https://realestateschoolchicago.com/courses/state-exam-study-course/modules/information-about-the-state-exam/) - Click here to take the Sample State Exam
- [INFORMATION ABOUT THE STATE REAL ESTATE RESIDENTIAL LEASING AGENT EXAM](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/information-about-the-state-real-estate-residential-leasing-agent-exam/)
- [INTRODUCTION](https://realestateschoolchicago.com/courses/online-course-2022/modules/introduction-7/)
- [4-Webinar Review Session: Sign up here for Part II of the Online Course](https://realestateschoolchicago.com/courses/online-course-2022/modules/4-webinar-review-session-sign-up-here-for-part-ii-of-the-online-course-2/) - Once you have completed the self-study course, please sign up for the 4-Webinar Review Session here.
- [Live Webinar Calendar](https://realestateschoolchicago.com/courses/live-webinars/modules/live-webinar-calendar/) - [et_pb_section admin_label="section"] [et_pb_row admin_label="row"] [et_pb_column type="4_4"][et_pb_text admin_label="Text"][/et_pb_text][/et_pb_column] [/et_pb_row] [/et_pb_section]
- [Chapter 2](https://realestateschoolchicago.com/modules/chapter-2-3/)
- [Chapter 1](https://realestateschoolchicago.com/modules/chapter-1-4/)
- [Introduction](https://realestateschoolchicago.com/courses/free-trial-2/modules/introduction-8/)
- [4 - Webinar Review Session](https://realestateschoolchicago.com/modules/4-webinar-review-session/) - Once you have completed the self-study course, please sign up for the 4-Webinar Review Sessions
- [Webinar Sign Up](https://realestateschoolchicago.com/courses/sign-up-for-webinars-here/modules/webinar-sign-up/)
- [Module](https://realestateschoolchicago.com/modules/module-5/)
- [Calendar](https://realestateschoolchicago.com/modules/calendar-2/)
- [Live Webinars - Lesson - 88306](https://realestateschoolchicago.com/modules/live-webinars-lesson-88306/)
- [Webinar Registration](https://realestateschoolchicago.com/courses/2-day-review/modules/webinar-registration/) - Zoom Registration
- [Recordings](https://realestateschoolchicago.com/courses/2-day-review/modules/recordings/) - Saturday Sunday
- [Module](https://realestateschoolchicago.com/modules/module-6/)
- [Calendar](https://realestateschoolchicago.com/modules/calendar/) - [et_pb_section fb_built="1" theme_builder_area="post_content" _builder_version="4.20.2" _module_preset="default"][et_pb_row _builder_version="4.20.2" _module_preset="default" theme_builder_area="post_content"][et_pb_column _builder_version="4.20.2" _module_preset="default" type="4_4" theme_builder_area="post_content"][et_pb_code _builder_version="4.20.2" _module_preset="default" theme_builder_area="post_content" hover_enabled="0" sticky_enabled="0" admin_label="Code"][/et_pb_code][/et_pb_column][/et_pb_row][/et_pb_section]
- [Evenings](https://realestateschoolchicago.com/modules/evenings/) - March 13 6PM | Chapter 12 - 13 March 15 6PM | Chapter 14 - 15 March 20 6PM | Chapter 16 March 22 6PM | Math & Test Prep
- [Mornings](https://realestateschoolchicago.com/modules/mornings/) - March 9 9AM | Chapter 14 - 15 March 14 9AM | Chapter 16 March 16 9AM | Math & Test Prep
- [GLOSSARY](https://realestateschoolchicago.com/modules/glossary-4/) - [et_pb_section fb_built="1" _builder_version="4.4.0"][et_pb_row _builder_version="4.4.0"][et_pb_column type="4_4" _builder_version="4.4.0"][et_pb_accordion admin_label="Accordion" _builder_version="4.4.0" use_border_color="off" border_color="#ffffff" border_style="solid"][et_pb_accordion_item title="A" open="on" _builder_version="3.0.47"] abandonment The voluntary and permanent cessation of use or enjoyment with no intention to resume or reclaim one's possession or interest. May pertain to an easement or a property. abrogation Tenants cannot sign away their rights in advance of signing the
- [CHAPTER 6 - FAIR HOUSING](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/chapter-6-fair-housing/)
- [PDF Textbook](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/pdf-textbook/) - Leasing Agent Textbook
- [CHAPTER 7 - REAL ESTATE LICENSING LAW](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/chapter-7-real-estate-licensing-law/)
- [CHAPTER 4 - PROPERTY MANAGEMENT](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/chapter-4-property-management/)
- [CHAPTER 3 - CONTRACTS](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/chapter-3-contracts/)
- [CHAPTER 1 - INTRODUCTION TO REAL ESTATE AND REAL PROPERTY](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/chapter-1-introduction-to-real-estate-and-real-property-2/)
- [Audiobook](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/audiobook-2/)
- [Crossword](https://realestateschoolchicago.com/courses/games/modules/crossword-2/) - New clues each time you open it!
- [Workbook](https://realestateschoolchicago.com/courses/2-day-review/modules/workbook/)
- [CHAPTER 5 - LEASES](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/chapter-5-leases/)
- [MODULE 1: INTRODUCTION](https://realestateschoolchicago.com/courses/supplemental-training-materials/modules/module-1/) - Congratulations! You’re about to begin developing some of the most important skills a Real Estate Broker can have. These four texts aren’t lengthy, but they’re PACKED with wisdom, so read them carefully, and refer back to them frequently! Each text is in PDF form - you may print the PDF if you prefer to read
- [Module](https://realestateschoolchicago.com/modules/module-4/)
- [APPENDIX A: ADDITIONAL MATH PROBLEMS & SOLUTIONS](https://realestateschoolchicago.com/courses/online9thedition/modules/appendix-a-additional-math-problems-solutions-2/)
- [CHAPTER 17: GENERAL MATH PROBLEM CATEGORIES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-17-general-math-problem-categories/)
- [CHAPTER 16: ILLINOIS REAL ESTATE LICENSING LAW](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-16-illinois-real-estate-licensing-law-4/)
- [CHAPTER 15: PROPERTY MANAGEMENT & LEASING](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-15-property-management-leasing-4/)
- [CHAPTER 14: FAIR HOUSING](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-14-fair-housing-4/)
- [CHAPTER 13: REAL ESTATE BROKERAGE OPERATIONS & AGREEMENTS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/)
- [CHAPTER 12: CONTRACT LAW](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-12-contract-law-4/)
- [CHAPTER 11: REAL ESTATE AGENCY](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-11-real-estate-agency-4/)
- [CHAPTER 10: REAL ESTATE CLOSINGS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-10-real-estate-closings-4/)
- [CHAPTER 9: TITLE TRANSFER AND RECORDS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-9-title-transfer-and-records-4/)
- [CHAPTER 8: ENVIRONMENTAL ISSUES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-8-environmental-issues-4/)
- [CHAPTER 7: REAL ESTATE APPRAISAL](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-7-real-estate-appraisal-4/)
- [CHAPTER 6: REAL ESTATE FINANCING](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-6-real-estate-financing-4/)
- [CHAPTER 5: LIENS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-5-liens-4/)
- [CHAPTER 4: LEGAL DESCRIPTION OF LAND](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-4-legal-description-of-land-4/)
- [CHAPTER 3: LAND-USE CONTROLS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-3-land-use-controls-4/)
- [CHAPTER 2: OWNERSHIP, INTERESTS AND ENCUMBRANCES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-2-ownership-interests-and-encumbrances-4/)
- [CHAPTER 1: INTRODUCTION TO REAL ESTATE PROPERTY](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-1-introduction-to-real-estate-property/)
- [Module](https://realestateschoolchicago.com/modules/module-3/)
- [Module](https://realestateschoolchicago.com/modules/module-2/)
- [CHAPTER 11: REAL ESTATE AGENCY](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-11-real-estate-agency-6/)
- [CHAPTER 12: CONTRACT LAW](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-12-contract-law-6/)
- [CHAPTER 13: REAL ESTATE BROKERAGE OPERATIONS & AGREEMENTS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/)
- [CHAPTER 16: ILLINOIS REAL ESTATE LICENSING LAW](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-16-illinois-real-estate-licensing-law-5/)
- [CHAPTER 17: GENERAL MATH PROBLEM CATEGORIES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-17-general-math-problem-categories-2/)
- [CHAPTER 16: ILLINOIS REAL ESTATE LICENSING LAW](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/)
- [CHAPTER 17: GENERAL MATH PROBLEM CATEGORIES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-17-general-math-problem-categories-3/)
- [CHAPTER 1: INTRODUCTION TO REAL ESTATE PROPERTY](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-1-introduction-to-real-estate-property-2/)
- [APPENDIX A: ADDITIONAL MATH PROBLEMS - required](https://realestateschoolchicago.com/courses/online-modules/modules/appendix-a-additional-math-problems-solutions-3/)
- [APPENDIX A: ADDITIONAL MATH PROBLEMS - required](https://realestateschoolchicago.com/courses/online-course-2022/modules/appendix-a-additional-math-problems-solutions-4/)
- [CHAPTER 15: PROPERTY MANAGEMENT & LEASING](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-15-property-management-leasing-5/)
- [CHAPTER 14: FAIR HOUSING](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-14-fair-housing-5/)
- [CHAPTER 13: REAL ESTATE BROKERAGE OPERATIONS & AGREEMENTS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/)
- [CHAPTER 12: CONTRACT LAW](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-12-contract-law-5/)
- [CHAPTER 11: REAL ESTATE AGENCY](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-11-real-estate-agency-5/)
- [CHAPTER 10: REAL ESTATE CLOSINGS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-10-real-estate-closings-5/)
- [CHAPTER 9: TITLE TRANSFER AND RECORDS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-9-title-transfer-and-records-5/)
- [CHAPTER 8: ENVIRONMENTAL ISSUES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-8-environmental-issues-5/)
- [CHAPTER 7: REAL ESTATE APPRAISAL](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-7-real-estate-appraisal-5/)
- [CHAPTER 6: REAL ESTATE FINANCING](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-6-real-estate-financing-5/)
- [CHAPTER 5: LIENS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-5-liens-5/)
- [CHAPTER 4: LEGAL DESCRIPTION OF LAND](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-4-legal-description-of-land-5/)
- [CHAPTER 3: LAND-USE CONTROLS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-3-land-use-controls-5/)
- [CHAPTER 2: OWNERSHIP, INTERESTS, AND ENCUMBRANCES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-2-ownership-interests-and-encumbrances-5/)
- [INTRODUCTION](https://realestateschoolchicago.com/courses/online-modules/modules/introduction-6/)
- [CHAPTER 15: PROPERTY MANAGEMENT & LEASING](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-15-property-management-leasing-6/)
- [CHAPTER 14: FAIR HOUSING](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-14-fair-housing-6/)
- [CHAPTER 10: REAL ESTATE CLOSINGS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-10-real-estate-closings-6/)
- [CHAPTER 9: TITLE TRANSFER AND RECORDS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-9-title-transfer-and-records-6/)
- [CHAPTER 8: ENVIRONMENTAL ISSUES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-8-environmental-issues-6/)
- [CHAPTER 7: REAL ESTATE APPRAISAL](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-7-real-estate-appraisal-6/)
- [CHAPTER 6: REAL ESTATE FINANCING](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-6-real-estate-financing-6/)
- [CHAPTER 5: LIENS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-5-liens-6/)
- [CHAPTER 4: LEGAL DESCRIPTION OF LAND](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-4-legal-description-of-land-6/)
- [CHAPTER 1: INTRODUCTION TO REAL ESTATE PROPERTY](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-1-introduction-to-real-estate-property-3/)
- [CHAPTER 2: OWNERSHIP, INTERESTS, AND ENCUMBRANCES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-2-ownership-interests-and-encumbrances-6/)
- [CHAPTER 3: LAND-USE CONTROLS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-3-land-use-controls-6/)
- [Group 6](https://realestateschoolchicago.com/courses/flashcards/modules/group-6/) - [et_pb_section fb_built="1" _builder_version="4.16" _module_preset="default" global_colors_info="{}"][et_pb_row _builder_version="4.16" _module_preset="default" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="4.16" _module_preset="default" global_colors_info="{}"][et_pb_text _builder_version="4.16" _module_preset="default" global_colors_info="{}"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [Group 5](https://realestateschoolchicago.com/courses/flashcards/modules/group-5/) - [et_pb_section fb_built="1" _builder_version="4.16" _module_preset="default" global_colors_info="{}"][et_pb_row _builder_version="4.16" _module_preset="default" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="4.16" _module_preset="default" global_colors_info="{}"][et_pb_text _builder_version="4.16" _module_preset="default" global_colors_info="{}"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [Group 4](https://realestateschoolchicago.com/courses/flashcards/modules/group-4/) - [et_pb_section fb_built="1" _builder_version="4.16" _module_preset="default" global_colors_info="{}"][et_pb_row _builder_version="4.16" _module_preset="default" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="4.16" _module_preset="default" global_colors_info="{}"][et_pb_text _builder_version="4.16" _module_preset="default" global_colors_info="{}"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [Group 3](https://realestateschoolchicago.com/courses/flashcards/modules/group-3/) - [et_pb_section fb_built="1" _builder_version="4.16" _module_preset="default" global_colors_info="{}"][et_pb_row _builder_version="4.16" _module_preset="default" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="4.16" _module_preset="default" global_colors_info="{}"][et_pb_text _builder_version="4.16" _module_preset="default" global_colors_info="{}"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [Group 1](https://realestateschoolchicago.com/courses/flashcards/modules/group-1/) - [et_pb_section fb_built="1" _builder_version="4.16" _module_preset="default" global_colors_info="{}"][et_pb_row _builder_version="4.16" _module_preset="default" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="4.16" _module_preset="default" global_colors_info="{}"][et_pb_text _builder_version="4.16" _module_preset="default" global_colors_info="{}"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [Group 2](https://realestateschoolchicago.com/courses/flashcards/modules/group-2/) - [et_pb_section fb_built="1" _builder_version="4.16" _module_preset="default" global_colors_info="{}"][et_pb_row _builder_version="4.16" _module_preset="default" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="4.16" _module_preset="default" global_colors_info="{}"][et_pb_text _builder_version="4.16" _module_preset="default" global_colors_info="{}"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [TEXTBOOK AND PRACTICE QUIZ](https://realestateschoolchicago.com/courses/test-prep-video-series-2021/modules/textbook-and-practice-quiz/) - [et_pb_section fb_built="1" admin_label="section" _builder_version="4.16" global_colors_info="{}"][et_pb_row admin_label="row" _builder_version="4.16" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_text admin_label="Text" _builder_version="4.17.4" background_size="initial" background_position="top_left" background_repeat="repeat" hover_enabled="0" global_colors_info="{}" sticky_enabled="0"]Below is one additional text and one practice quiz associated with this module, which can be viewed online, as well as downloaded or printed: Illinois Law Textbook [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [CHAPTER 8: ENVIRONMENTAL ISSUES](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-8-environmental-issues-3/)
- [APPENDIX A: ADDITIONAL MATH PROBLEMS & SOLUTIONS (required)](https://realestateschoolchicago.com/courses/online8thedition/modules/appendix-a-additional-math-problems-solutions/)
- [CHAPTER 16: ILLINOIS REAL ESTATE LICENSING LAW](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-16-illinois-real-estate-licensing-law-3/)
- [CHAPTER 15: PROPERTY MANAGEMENT & LEASING](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-15-property-management-leasing-3/)
- [CHAPTER 14: FAIR HOUSING](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-14-fair-housing-3/)
- [CHAPTER 13: REAL ESTATE BROKERAGE OPERATIONS & AGREEMENTS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-3/)
- [CHAPTER 12: CONTRACT LAW](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-12-contract-law-3/)
- [CHAPTER 11: REAL ESTATE AGENCY](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-11-real-estate-agency-3/)
- [CHAPTER 10: REAL ESTATE CLOSINGS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-10-real-estate-closings-3/)
- [CHAPTER 9: TITLE TRANSFER AND RECORDS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-9-title-transfer-and-records-3/)
- [CHAPTER 7: REAL ESTATE APPRAISAL](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-7-real-estate-appraisal-3/)
- [CHAPTER 6: REAL ESTATE FINANCING](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-6-real-estate-financing-3/)
- [CHAPTER 5: LIENS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-5-liens-3/)
- [CHAPTER 4: LEGAL DESCRIPTION OF LAND](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-4-legal-description-of-land-3/)
- [CHAPTER 3: LAND-USE CONTROLS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-3-land-use-controls-3/)
- [CHAPTER 1: INTRODUCTION TO REAL ESTATE PROPERTY](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-1-intro-to-real-estate-propery-3/)
- [CHAPTER 17: GENERAL MATH PROBLEM CATEGORIES AND ILLUSTRATED SOLUTIONS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-17-general-math-problem-categories-and-illustrated-solutions-3/)
- [CHAPTER 2: OWNERSHIP, INTERESTS AND ENCUMBRANCES](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-2-ownership-interests-and-encumbrances-3/)
- [Chapter Quizzes](https://realestateschoolchicago.com/modules/chapter-quizzes/) - Chapter Quizzes - Required
- [Module](https://realestateschoolchicago.com/modules/module/)
- [STATE EXAM REVIEW COURSE BOOK PDF VERSION](https://realestateschoolchicago.com/modules/state-exam-book-pdf/) - [et_pb_section fb_built="1" admin_label="section" _builder_version="4.15" global_colors_info="{}"][et_pb_row admin_label="row" _builder_version="4.15" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="4.15" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_text _builder_version="4.15.1" background_size="initial" background_position="top_left" background_repeat="repeat" hover_enabled="0" use_border_color="off" global_colors_info="{}" sticky_enabled="0"]The link below is the complete course textbook in PDF format. You can use this to quickly find topics by using the 'Find' function (Ctrl+F) to search through the whole book. Illinois Real Estate
- [4-Webinar Review Session: Sign up here for Part II of the Online Course](https://realestateschoolchicago.com/courses/online8thedition/modules/applied-measurement-sign-up-here-for-part-ii-of-the-online-course/) - Once you have completed the self-study course, please sign up for the 4-Webinar Review Session here.
- [Audio Chapter 1](https://realestateschoolchicago.com/courses/audio-book/modules/audio-chapter-1/) - [et_pb_section fb_built="1" _builder_version="3.22" global_colors_info="{}"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_audio audio="https://realestateschoolchicago.com/wp-content/uploads/2017/08/1.1.mp3" title="1.1" admin_label="1.1" _builder_version="4.14.8" border_style="solid" global_colors_info="{}"][/et_pb_audio][et_pb_audio audio="https://realestateschoolchicago.com/wp-content/uploads/2017/08/1.2.mp3" title="1.2" admin_label="1.2" _builder_version="4.14.8" global_colors_info="{}"][/et_pb_audio][et_pb_audio audio="https://realestateschoolchicago.com/wp-content/uploads/2017/08/1.3.mp3" title="1.3" admin_label="1.3" _builder_version="4.14.8" border_style="solid" global_colors_info="{}"][/et_pb_audio][et_pb_audio audio="https://realestateschoolchicago.com/wp-content/uploads/2017/08/1.4_1.mp3" title="1.4" admin_label="1.4" _builder_version="4.14.8" border_style="solid" global_colors_info="{}"][/et_pb_audio][et_pb_audio audio="https://realestateschoolchicago.com/wp-content/uploads/2017/08/1.5.mp3" title="1.5" admin_label="1.5" _builder_version="4.14.8" border_style="solid" global_colors_info="{}"][/et_pb_audio][et_pb_text disabled_on="off|off|off" _builder_version="4.14.8" text_orientation="center" global_module="54301" saved_tabs="all" global_colors_info="{}" button_text_size__hover_enabled="off" button_text_size__hover="null" button_one_text_size__hover_enabled="off" button_one_text_size__hover="null" button_two_text_size__hover_enabled="off" button_two_text_size__hover="null"
- [Audio Introduction](https://realestateschoolchicago.com/courses/audio-book/modules/audio-introduction/)
- [4-Webinar Review Session: Choose your preferred schedule for Part II of the Online Course](https://realestateschoolchicago.com/courses/online8thedition/modules/4-webinar-review-session-choose-your-preferred-schedule-for-part-ii-of-the-online-course/)
- [REAL ESTATE BOOK PDF VERSION 9th EDITION](https://realestateschoolchicago.com/courses/chapterquizzes/modules/real-estate-book-pdf-version-9th-edition-3/) - The link below is the complete course textbook in PDF format. You can use this to quickly find topics by using the 'Find' function (Ctrl+F) to search through the whole book. ILLINOIS REAL ESTATE PRE-LICENSE BROKER COURSE TEXTBOOK
- [MATH PROBLEMS](https://realestateschoolchicago.com/courses/test-prep-video-series-2021/modules/math-problems/)
- [REAL ESTATE BOOK PDF VERSION 9TH EDITION](https://realestateschoolchicago.com/courses/online8thedition/modules/real-estate-book-pdf-version-9th-edition-2/) - [et_pb_section fb_built="1" admin_label="section" _builder_version="3.22" global_colors_info="{}"][et_pb_row admin_label="row" _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_text admin_label="Text" _builder_version="4.13.1" background_size="initial" background_position="top_left" background_repeat="repeat" hover_enabled="0" global_colors_info="{}" link_option_url_new_window="on" sticky_enabled="0"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [REAL ESTATE BOOK PDF VERSION 8TH EDITION](https://realestateschoolchicago.com/courses/online8thedition/modules/real-estate-book-pdf-version-8th-edition/) - The link below is the complete course textbook in PDF format. You can use this to quickly find topics by using the 'Find' function (Ctrl+F) to search through the whole book. ILLINOIS REAL ESTATE PRE-LICENSE BROKER COURSE TEXTBOOK (EIGHTH EDITION) UPDATES SINCE 8TH EDITION
- [Group 1](https://realestateschoolchicago.com/modules/group-1-2/) - [et_pb_section fb_built="1" _builder_version="3.22" collapsed="off" global_colors_info="{}"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" collapsed="off" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_text _builder_version="4.13.1" _module_preset="default" global_colors_info="{}"][/et_pb_text][et_pb_text _builder_version="4.13.1" _module_preset="default" global_colors_info="{}"][/et_pb_text][et_pb_text _builder_version="4.13.1" _module_preset="default" global_colors_info="{}"][/et_pb_text][et_pb_text _builder_version="4.13.1" _module_preset="default" global_colors_info="{}"][/et_pb_text][et_pb_text _builder_version="4.13.1" _module_preset="default" hover_enabled="0" sticky_enabled="0"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [CHAPTER 15](https://realestateschoolchicago.com/courses/test-prep-video-series-2021/modules/chapter-15/) - [et_pb_section fb_built="1" _builder_version="3.22" global_colors_info="{}"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_video _builder_version="4.13.1" _module_preset="default" src="https://vimeo.com/649140700" hover_enabled="0" sticky_enabled="0"][/et_pb_video][/et_pb_column][/et_pb_row][/et_pb_section]
- [CHAPTER 16](https://realestateschoolchicago.com/courses/test-prep-video-series-2021/modules/chapter-16/) - [et_pb_section fb_built="1" _builder_version="3.22" global_colors_info="{}"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_video _builder_version="4.13.1" _module_preset="default" src="https://vimeo.com/651640634" hover_enabled="0" sticky_enabled="0"][/et_pb_video][/et_pb_column][/et_pb_row][/et_pb_section]
- [CHAPTER 14](https://realestateschoolchicago.com/courses/test-prep-video-series-2021/modules/chapter-14/) - [et_pb_section fb_built="1" _builder_version="3.22" global_colors_info="{}"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_video _builder_version="4.13.1" _module_preset="default" src="https://vimeo.com/651647881" hover_enabled="0" sticky_enabled="0"][/et_pb_video][/et_pb_column][/et_pb_row][/et_pb_section]
- [CHAPTER 13](https://realestateschoolchicago.com/courses/test-prep-video-series-2021/modules/chapter-13/) - [et_pb_section fb_built="1" _builder_version="3.22" global_colors_info="{}"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_video src="https://vimeo.com/651605528" _builder_version="4.13.1" _module_preset="default" hover_enabled="0" global_colors_info="{}" sticky_enabled="0"][/et_pb_video][/et_pb_column][/et_pb_row][/et_pb_section]
- [CHAPTER 12](https://realestateschoolchicago.com/courses/test-prep-video-series-2021/modules/chapter-12/) - [et_pb_section fb_built="1" _builder_version="3.22" global_colors_info="{}"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_video src="https://vimeo.com/651603866" _builder_version="4.13.1" _module_preset="default" hover_enabled="0" global_colors_info="{}" sticky_enabled="0"][/et_pb_video][/et_pb_column][/et_pb_row][/et_pb_section]
- [CHAPTER 11](https://realestateschoolchicago.com/courses/test-prep-video-series-2021/modules/chapter-11/) - [et_pb_section fb_built="1" _builder_version="3.22" global_colors_info="{}"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_video _builder_version="4.13.1" _module_preset="default" src="https://vimeo.com/651602847" hover_enabled="0" sticky_enabled="0"][/et_pb_video][/et_pb_column][/et_pb_row][/et_pb_section]
- [CHAPTER 6](https://realestateschoolchicago.com/courses/test-prep-video-series-2021/modules/chapter-6/) - [et_pb_section fb_built="1" _builder_version="3.22" global_colors_info="{}"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_video _builder_version="4.13.1" _module_preset="default" src="https://vimeo.com/651582096" hover_enabled="0" sticky_enabled="0"][/et_pb_video][/et_pb_column][/et_pb_row][/et_pb_section]
- [FLASHCARDS](https://realestateschoolchicago.com/courses/chapterquizzes/modules/flashcards-2/) - [et_pb_section fb_built="1" _builder_version="3.22" global_colors_info="{}"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_text _builder_version="4.13.1" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][/et_pb_text][et_pb_text _builder_version="4.13.1" _module_preset="default" global_colors_info="{}"][/et_pb_text][et_pb_text _builder_version="4.13.1" _module_preset="default" global_colors_info="{}"][/et_pb_text][et_pb_text _builder_version="4.13.1" _module_preset="default" global_colors_info="{}"][/et_pb_text][et_pb_text _builder_version="4.13.1" _module_preset="default" hover_enabled="0" sticky_enabled="0"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [FLASHCARDS](https://realestateschoolchicago.com/courses/online8thedition/modules/flashcards/) - [et_pb_section fb_built="1" _builder_version="3.22" collapsed="off" global_colors_info="{}"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" collapsed="off" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_text admin_label="Text" _builder_version="4.13.1" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][/et_pb_text][et_pb_text _builder_version="4.13.1" _module_preset="default" global_colors_info="{}"][/et_pb_text][et_pb_text _builder_version="4.13.1" _module_preset="default" global_colors_info="{}"][/et_pb_text][et_pb_text _builder_version="4.13.1" _module_preset="default" global_colors_info="{}"][/et_pb_text][et_pb_text _builder_version="4.13.1" _module_preset="default" hover_enabled="0" sticky_enabled="0"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [CHAPTER 1](https://realestateschoolchicago.com/courses/test-prep-video-series-2021/modules/chapter-1-2/) - [et_pb_section fb_built="1" _builder_version="3.22" global_colors_info="{}"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_video src="https://vimeo.com/649122046" _builder_version="4.13.1" _module_preset="default" hover_enabled="0" global_colors_info="{}" sticky_enabled="0"][/et_pb_video][/et_pb_column][/et_pb_row][/et_pb_section]
- [CHAPTER 10](https://realestateschoolchicago.com/courses/test-prep-video-series-2021/modules/chapter-10/) - [et_pb_section fb_built="1" _builder_version="3.22" global_colors_info="{}"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_video src="https://vimeo.com/649145710" _builder_version="4.13.1" _module_preset="default" hover_enabled="0" global_colors_info="{}" sticky_enabled="0"][/et_pb_video][/et_pb_column][/et_pb_row][/et_pb_section]
- [CHAPTER 2](https://realestateschoolchicago.com/courses/test-prep-video-series-2021/modules/chapter-2/) - [et_pb_section fb_built="1" _builder_version="3.22" global_colors_info="{}"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_video src="https://vimeo.com/649125235" _builder_version="4.13.1" _module_preset="default" hover_enabled="0" global_colors_info="{}" sticky_enabled="0"][/et_pb_video][/et_pb_column][/et_pb_row][/et_pb_section]
- [CHAPTER 3](https://realestateschoolchicago.com/courses/test-prep-video-series-2021/modules/chapter-3/) - [et_pb_section fb_built="1" _builder_version="3.22" global_colors_info="{}"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_video src="https://vimeo.com/649129261" _builder_version="4.13.1" _module_preset="default" global_colors_info="{}"][/et_pb_video][/et_pb_column][/et_pb_row][/et_pb_section]
- [CHAPTER 5](https://realestateschoolchicago.com/courses/test-prep-video-series-2021/modules/chapter-5/) - [et_pb_section fb_built="1" _builder_version="3.22" global_colors_info="{}"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_video src="https://vimeo.com/649140815" _builder_version="4.13.1" _module_preset="default" hover_enabled="0" global_colors_info="{}" sticky_enabled="0"][/et_pb_video][/et_pb_column][/et_pb_row][/et_pb_section]
- [CHAPTER 9](https://realestateschoolchicago.com/courses/test-prep-video-series-2021/modules/chapter-9/) - [et_pb_section fb_built="1" _builder_version="3.22" global_colors_info="{}"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_video _builder_version="4.13.1" _module_preset="default" src="https://vimeo.com/649138537" hover_enabled="0" sticky_enabled="0"][/et_pb_video][/et_pb_column][/et_pb_row][/et_pb_section]
- [CHAPTER 8](https://realestateschoolchicago.com/courses/test-prep-video-series-2021/modules/chapter-8/) - [et_pb_section fb_built="1" _builder_version="3.22" global_colors_info="{}"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_video _builder_version="4.13.1" _module_preset="default" src="https://vimeo.com/649137560" hover_enabled="0" sticky_enabled="0"][/et_pb_video][/et_pb_column][/et_pb_row][/et_pb_section]
- [CHAPTER 7](https://realestateschoolchicago.com/courses/test-prep-video-series-2021/modules/chapter-7/) - [et_pb_section fb_built="1" _builder_version="3.22" global_colors_info="{}"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_video _builder_version="4.13.1" _module_preset="default" src="https://vimeo.com/649134393" hover_enabled="0" sticky_enabled="0"][/et_pb_video][/et_pb_column][/et_pb_row][/et_pb_section]
- [CHAPTER 4](https://realestateschoolchicago.com/courses/test-prep-video-series-2021/modules/chapter-4/) - [et_pb_section fb_built="1" _builder_version="3.22" global_colors_info="{}"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_video _builder_version="4.13.1" _module_preset="default" src="https://vimeo.com/649130272" hover_enabled="0" sticky_enabled="0"][/et_pb_video][/et_pb_column][/et_pb_row][/et_pb_section]
- [INTRODUCTION](https://realestateschoolchicago.com/courses/test-prep-video-series-2021/modules/introduction-5/) - [et_pb_section fb_built="1" _builder_version="3.22" global_colors_info="{}"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_video src="https://vimeo.com/649115395" _builder_version="4.13.1" _module_preset="default" global_colors_info="{}"][/et_pb_video][/et_pb_column][/et_pb_row][/et_pb_section]
- [START HERE](https://realestateschoolchicago.com/modules/start-here-2/) - [et_pb_section fb_built="1" admin_label="section" _builder_version="3.22" global_colors_info="{}"][et_pb_row admin_label="row" _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_text admin_label="Text" _builder_version="4.9.11" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"]You are encouraged to attend our “onboarding” Zoom meeting this Saturday at 9 AM. During the 30-min video call, we will be… welcoming our newest group of students (which includes YOU!) going over some
- [REAL ESTATE BOOK PDF VERSION 9TH EDITION](https://realestateschoolchicago.com/modules/real-estate-book-pdf-version-9th-edition/) - [et_pb_section fb_built="1" admin_label="section" _builder_version="3.22" global_colors_info="{}"][et_pb_row admin_label="row" _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_text admin_label="Text" _builder_version="4.11.4" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"] 9th Edition Textbook PDF [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [REAL ESTATE BOOK PDF VERSION 8TH EDITION](https://realestateschoolchicago.com/courses/chapterquizzes/modules/real-estate-book-pdf-version-8th-edition-2/) - The link below is the complete course textbook in PDF format. You can use this to quickly find topics by using the 'Find' function (Ctrl+F) to search through the whole book. ILLINOIS REAL ESTATE PRE-LICENSE BROKER COURSE TEXTBOOK (EIGHTH EDITION) UPDATES SINCE 8TH EDITION
- [MODULE 5: SUPERCHARGED PRODUCTIVITY](https://realestateschoolchicago.com/courses/supplemental-training-materials/modules/module-5-supercharged-productivity/)
- [INTRODUCTION](https://realestateschoolchicago.com/modules/introduction-3/) - [et_pb_section fb_built="1" admin_label="section" _builder_version="3.22"][et_pb_row admin_label="row" _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" custom_padding__hover="|||"][et_pb_text admin_label="Video" _builder_version="4.4.4" max_width="600px" module_alignment="center"][/et_pb_text][et_pb_text _builder_version="4.5.3" background_size="initial" background_position="top_left" background_repeat="repeat" use_border_color="off" border_color="#ffffff" border_style="solid"]INFORMATION ABOUT THE STATE REAL ESTATE BROKER EXAM[/et_pb_text][et_pb_text _builder_version="4.5.3" background_size="initial" background_position="top_left" background_repeat="repeat" use_border_color="off" border_color="#ffffff" border_style="solid"]AMP provides a candidate's handbook that contains your exam application. It is available at www.realestateschoolchicago.com/amp and provides you
- [CLICK HERE FOR VIDEO WITH STUDY TIPS](https://realestateschoolchicago.com/courses/chapterquizzes/modules/click-here-for-video-with-study-tips/)
- [GLOSSARY](https://realestateschoolchicago.com/courses/online8thedition/modules/glossary-3/) - [et_pb_section fb_built="1" _builder_version="4.4.0"][et_pb_row _builder_version="4.4.0"][et_pb_column type="4_4" _builder_version="4.4.0"][et_pb_accordion admin_label="Accordion" _builder_version="4.4.0" use_border_color="off" border_color="#ffffff" border_style="solid"][et_pb_accordion_item title="A" open="on" _builder_version="3.0.47"]abandonment The voluntary and permanent cessation of use or enjoyment with no intention to resume or reclaim one's possession or interest. May pertain to an easement or a property. abrogation Tenants cannot sign away their rights in advance of signing the lease.
- [TEXTBOOKS AND PRACTICE QUIZ](https://realestateschoolchicago.com/modules/textbooks-practice-quiz/) - Welcome to the Online Broker Course Review! Below are two texts and one practice quiz associated with this course, which can be viewed online, as well as downloaded or printed: Broker Course Review Textbook Illinois Law Textbook
- [Introductory Video - PLEASE WATCH FIRST!](https://realestateschoolchicago.com/modules/introductory-video-please-watch-first/)
- [CHAPTER 16: ILLINOIS REAL ESTATE LICENSING LAW](https://realestateschoolchicago.com/modules/chapter-16-illinois-real-estate-licensing-law/)
- [CHAPTER 15: PROPERTY MANAGEMENT & LEASING](https://realestateschoolchicago.com/modules/chapter-15-property-management-leasing/)
- [CHAPTER 14: FAIR HOUSING](https://realestateschoolchicago.com/modules/chapter-14-fair-housing/)
- [CHAPTER 13: REAL ESTATE BROKERAGE OPERATIONS & AGREEMENTS](https://realestateschoolchicago.com/modules/chapter-13-real-estate-brokerage-operations-agreements/)
- [CHAPTER 12: CONTRACT LAW](https://realestateschoolchicago.com/modules/chapter-12-contract-law/)
- [CHAPTER 11: REAL ESTATE AGENCY](https://realestateschoolchicago.com/modules/chapter-11-real-estate-agency/)
- [CHAPTER 10: REAL ESTATE CLOSINGS](https://realestateschoolchicago.com/modules/chapter-10-real-estate-closings/)
- [CHAPTER 9: TITLE TRANSFER AND RECORDS](https://realestateschoolchicago.com/modules/chapter-9-title-transfer-and-records/)
- [CHAPTER 8: ENVIRONMENTAL ISSUES](https://realestateschoolchicago.com/modules/chapter-8-environmental-issues/)
- [CHAPTER 7: REAL ESTATE APPRAISAL](https://realestateschoolchicago.com/modules/chapter-7-real-estate-appraisal/)
- [CHAPTER 6: REAL ESTATE FINANCING](https://realestateschoolchicago.com/modules/chapter-6-real-estate-financing/) - [et_pb_section admin_label="section"][et_pb_row admin_label="row"][/et_pb_row][/et_pb_section]
- [CHAPTER 5: LIENS](https://realestateschoolchicago.com/modules/chapter-5-liens/)
- [CHAPTER 4: LEGAL DESCRIPTION OF LAND](https://realestateschoolchicago.com/modules/chapter-4-legal-description-of-land/)
- [CHAPTER 3: LAND-USE CONTROLS](https://realestateschoolchicago.com/modules/chapter-3-land-use-controls/)
- [CHAPTER 2: OWNERSHIP, INTERESTS AND ENCUMBRANCES](https://realestateschoolchicago.com/modules/chapter-2-ownership-interests-and-encumbrances/)
- [CHAPTER 1: INTRODUCTION TO REAL ESTATE AND REAL PROPERTY](https://realestateschoolchicago.com/modules/chapter-1/)
- [INTRODUCTION](https://realestateschoolchicago.com/modules/introduction/) - [et_pb_section fb_built="1" admin_label="section" _builder_version="3.22"][et_pb_row admin_label="row" _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" custom_padding__hover="|||"][et_pb_text admin_label="Video" _builder_version="4.4.4" max_width="600px" hover_enabled="0" module_alignment="center"][/et_pb_text][et_pb_text _builder_version="3.27.4" background_size="initial" background_position="top_left" background_repeat="repeat" use_border_color="off" border_color="#ffffff" border_style="solid"]INFORMATION ABOUT THE STATE REAL ESTATE BROKER EXAM [/et_pb_text][et_pb_text _builder_version="3.27.4" background_size="initial" background_position="top_left" background_repeat="repeat" use_border_color="off" border_color="#ffffff" border_style="solid"]AMP provides a candidate's handbook that contains your exam application. It is available through your school
- [REAL ESTATE BOOK PDF VERSION](https://realestateschoolchicago.com/modules/pdf-book-cres/) - [et_pb_section fb_built="1" admin_label="section" _builder_version="3.22"][et_pb_row admin_label="row" _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" max_width="1080px"][et_pb_column type="4_4" _builder_version="3.0.47" custom_padding="|||" custom_padding__hover="|||"][et_pb_text _builder_version="4.5.3" background_size="initial" background_position="top_left" background_repeat="repeat" hover_enabled="0" z_index_tablet="500" text_text_shadow_horizontal_length_tablet="0px" text_text_shadow_vertical_length_tablet="0px" text_text_shadow_blur_strength_tablet="1px" link_text_shadow_horizontal_length_tablet="0px" link_text_shadow_vertical_length_tablet="0px" link_text_shadow_blur_strength_tablet="1px" ul_text_shadow_horizontal_length_tablet="0px" ul_text_shadow_vertical_length_tablet="0px" ul_text_shadow_blur_strength_tablet="1px" ol_text_shadow_horizontal_length_tablet="0px" ol_text_shadow_vertical_length_tablet="0px" ol_text_shadow_blur_strength_tablet="1px" quote_text_shadow_horizontal_length_tablet="0px" quote_text_shadow_vertical_length_tablet="0px" quote_text_shadow_blur_strength_tablet="1px" header_text_shadow_horizontal_length_tablet="0px" header_text_shadow_vertical_length_tablet="0px" header_text_shadow_blur_strength_tablet="1px" header_2_text_shadow_horizontal_length_tablet="0px" header_2_text_shadow_vertical_length_tablet="0px" header_2_text_shadow_blur_strength_tablet="1px" header_3_text_shadow_horizontal_length_tablet="0px" header_3_text_shadow_vertical_length_tablet="0px" header_3_text_shadow_blur_strength_tablet="1px" header_4_text_shadow_horizontal_length_tablet="0px" header_4_text_shadow_vertical_length_tablet="0px" header_4_text_shadow_blur_strength_tablet="1px" header_5_text_shadow_horizontal_length_tablet="0px" header_5_text_shadow_vertical_length_tablet="0px" header_5_text_shadow_blur_strength_tablet="1px" header_6_text_shadow_horizontal_length_tablet="0px" header_6_text_shadow_vertical_length_tablet="0px" header_6_text_shadow_blur_strength_tablet="1px" box_shadow_horizontal_tablet="0px" box_shadow_vertical_tablet="0px"
- [POST LICENSE BROKER BOOK PDF VERSION](https://realestateschoolchicago.com/modules/post-license-broker-book/) - [et_pb_section fb_built="1" _builder_version="3.22"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" custom_padding__hover="|||"][et_pb_text _builder_version="4.5.3" hover_enabled="0"]The link below is the complete course textbook in PDF format. You can use this to quickly find topics by using the 'Find' function (Ctrl+F) to search through the whole book. CHICAGO REAL ESTATE SCHOOL POST-LICENSE BROKER BOOK (SIXTH EDITION)[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [4-Webinar Review Session: Sign up here for Part II of the Online Course](https://realestateschoolchicago.com/modules/applied-measurement/) - Once you have completed the self-study course, please sign up for the 4-Webinar Review Session here.
- [SEXUAL HARASSMENT PREVENTION](https://realestateschoolchicago.com/courses/sexual-harassment-prevention-course/modules/sexual-harassment-prevention/)
- [SEXUAL HARASSMENT PREVENTION COURSE PDF VERSION](https://realestateschoolchicago.com/courses/sexual-harassment-prevention-course/modules/sexual-harassment-prevention-course-pdf-version/) - The link below is the complete course textbook in PDF format. You can use this to quickly find topics by using the ‘Find’ function (Ctrl+F) to search through the whole book. Sexual Harassment Prevention Course PDF
- [APPENDIX A: ADDITIONAL MATH PROBLEMS & SOLUTIONS (required)](https://realestateschoolchicago.com/modules/module-21-2/)
- [REAL ESTATE BOOK PDF VERSION](https://realestateschoolchicago.com/modules/pdf-book-cres-2/) - [et_pb_section fb_built="1" admin_label="section" _builder_version="3.22"][et_pb_row admin_label="row" _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" max_width="1080px"][et_pb_column type="4_4" _builder_version="3.0.47" custom_padding="|||" custom_padding__hover="|||"][et_pb_text _builder_version="4.0.9" background_size="initial" background_position="top_left" background_repeat="repeat" z_index_tablet="500" hover_enabled="0" text_text_shadow_horizontal_length_tablet="0px" text_text_shadow_vertical_length_tablet="0px" text_text_shadow_blur_strength_tablet="1px" link_text_shadow_horizontal_length_tablet="0px" link_text_shadow_vertical_length_tablet="0px" link_text_shadow_blur_strength_tablet="1px" ul_text_shadow_horizontal_length_tablet="0px" ul_text_shadow_vertical_length_tablet="0px" ul_text_shadow_blur_strength_tablet="1px" ol_text_shadow_horizontal_length_tablet="0px" ol_text_shadow_vertical_length_tablet="0px" ol_text_shadow_blur_strength_tablet="1px" quote_text_shadow_horizontal_length_tablet="0px" quote_text_shadow_vertical_length_tablet="0px" quote_text_shadow_blur_strength_tablet="1px" header_text_shadow_horizontal_length_tablet="0px" header_text_shadow_vertical_length_tablet="0px" header_text_shadow_blur_strength_tablet="1px" header_2_text_shadow_horizontal_length_tablet="0px" header_2_text_shadow_vertical_length_tablet="0px" header_2_text_shadow_blur_strength_tablet="1px" header_3_text_shadow_horizontal_length_tablet="0px" header_3_text_shadow_vertical_length_tablet="0px" header_3_text_shadow_blur_strength_tablet="1px" header_4_text_shadow_horizontal_length_tablet="0px" header_4_text_shadow_vertical_length_tablet="0px" header_4_text_shadow_blur_strength_tablet="1px" header_5_text_shadow_horizontal_length_tablet="0px" header_5_text_shadow_vertical_length_tablet="0px" header_5_text_shadow_blur_strength_tablet="1px" header_6_text_shadow_horizontal_length_tablet="0px" header_6_text_shadow_vertical_length_tablet="0px" header_6_text_shadow_blur_strength_tablet="1px" box_shadow_horizontal_tablet="0px" box_shadow_vertical_tablet="0px"
- [APPENDIX A: ADDITIONAL MATH PROBLEMS & SOLUTIONS (REQUIRED)](https://realestateschoolchicago.com/modules/module-21/)
- [INTRODUCTION](https://realestateschoolchicago.com/modules/introduction-2/) - [et_pb_section bb_built="1" admin_label="section" inner_width="auto" inner_max_width="1920px"][et_pb_row admin_label="row" background_position="top_left" background_repeat="repeat" background_size="initial" width="80%" max_width="1920px"][et_pb_column type="4_4"][et_pb_text background_layout="light" text_orientation="left" use_border_color="off" border_color="#ffffff" border_style="solid" background_position="top_left" background_repeat="repeat" background_size="initial"] INFORMATION ABOUT THE STATE REAL ESTATE BROKER EXAM [/et_pb_text][et_pb_text background_layout="light" text_orientation="left" use_border_color="off" border_color="#ffffff" border_style="solid" background_position="top_left" background_repeat="repeat" background_size="initial"] AMP provides a candidate's handbook that contains your exam application. It is available through your school or the
- [AUDIOBOOK](https://realestateschoolchicago.com/modules/audiobook/)
- [CHAPTER 3: ILLINOIS REAL ESTATE LICENSING LAW](https://realestateschoolchicago.com/modules/chapter-3-illinois-real-estate-licensing-law/)
- [CHAPTER 2: REAL ESTATE BROKERAGE OPERATIONS & AGREEMENTS](https://realestateschoolchicago.com/modules/chapter-2-real-estate-brokerage-operations-agreements/)
- [CHAPTER 1: REAL ESTATE AGENCY](https://realestateschoolchicago.com/modules/chapter-1-real-estate-agency/)
- [GLOSSARY](https://realestateschoolchicago.com/modules/glossary-2/) - [et_pb_section admin_label="section"][et_pb_row admin_label="row"][et_pb_column type="4_4"][et_pb_accordion admin_label="Accordion" use_border_color="off" border_color="#ffffff" border_style="solid"] [et_pb_accordion_item title="A"] abandonment The voluntary and permanent cessation of use or enjoyment with no intention to resume or reclaim one's possession or interest. May pertain to an easement or a property. abrogation Tenants cannot sign away their rights in advance of signing the lease. abstract of title
- [GLOSSARY](https://realestateschoolchicago.com/modules/glossary/) - [et_pb_section admin_label="section"][et_pb_row admin_label="row"][et_pb_column type="4_4"][et_pb_accordion admin_label="Accordion" use_border_color="off" border_color="#ffffff" border_style="solid"] [et_pb_accordion_item title="A"] abandonment The voluntary and permanent cessation of use or enjoyment with no intention to resume or reclaim one's possession or interest. May pertain to an easement or a property. abrogation Tenants cannot sign away their rights in advance of signing the lease. abstract of title
- [Problem 22](https://realestateschoolchicago.com/modules/problem-22/) - [et_pb_section bb_built="1"][et_pb_row][et_pb_column type="4_4"][et_pb_text _builder_version="3.15"] [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [Problem 21](https://realestateschoolchicago.com/modules/problem-21/) - [et_pb_section bb_built="1"][et_pb_row][et_pb_column type="4_4"][et_pb_text _builder_version="3.15"] [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [Problem 17](https://realestateschoolchicago.com/modules/problem-17/) - [et_pb_section bb_built="1"][et_pb_row][et_pb_column type="4_4"][et_pb_text _builder_version="3.15"] [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [Problem 16](https://realestateschoolchicago.com/modules/problem-16/) - [et_pb_section bb_built="1"][et_pb_row][et_pb_column type="4_4"][et_pb_text _builder_version="3.15"] [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [Problem 15](https://realestateschoolchicago.com/modules/problem-15/) - [et_pb_section bb_built="1"][et_pb_row][et_pb_column type="4_4"][et_pb_text _builder_version="3.15"] [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [Problem 3](https://realestateschoolchicago.com/modules/problem-3/) - [et_pb_section bb_built="1"][et_pb_row][et_pb_column type="4_4"][et_pb_text _builder_version="3.15"] [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [Problem 2](https://realestateschoolchicago.com/modules/problem-2/) - [et_pb_section bb_built="1"][et_pb_row][et_pb_column type="4_4"][et_pb_text _builder_version="3.15"] [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [Problem 1](https://realestateschoolchicago.com/modules/problem-1/) - [et_pb_section bb_built="1"][et_pb_row][et_pb_column type="4_4"][et_pb_text _builder_version="3.15"] [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [Introduction](https://realestateschoolchicago.com/modules/intro/) - [et_pb_section bb_built="1"][et_pb_row][et_pb_column type="4_4"][et_pb_text _builder_version="3.15"] [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
- [CHAPTER 6: ILLINOIS REAL ESTATE LICENSING LAW](https://realestateschoolchicago.com/modules/chapter-6-illinois-real-estate-licensing-law/)
- [CHAPTER 5: REAL ESTATE BROKERAGE OPERATIONS & AGREEMENTS](https://realestateschoolchicago.com/modules/chapter-5-real-estate-brokerage-operations-agreements/)
- [CHAPTER 4: CONTRACT LAW](https://realestateschoolchicago.com/modules/chapter-4-contract-law/)
- [CHAPTER 3: REAL ESTATE AGENCY](https://realestateschoolchicago.com/modules/chapter-3-real-estate-agency/)
- [CHAPTER 2: REAL ESTATE CLOSINGS](https://realestateschoolchicago.com/modules/chapter-2-real-estate-closings/)
- [CHAPTER 1: ENVIRONMENTAL ISSUES](https://realestateschoolchicago.com/modules/chapter-1-environmental-issues/)
- [CLICK HERE TO BEGIN](https://realestateschoolchicago.com/modules/click-here-to-begin/) - Please click on the blue "play" button in the middle of the image below, to watch the introductory video.
- [CHAPTER 17: GENERAL MATH PROBLEM CATEGORIES AND ILLUSTRATED SOLUTIONS](https://realestateschoolchicago.com/modules/chapter-17-general-math-problem-categories-and-illustrated-solutions-2/)
- [CHAPTER 16: ILLINOIS REAL ESTATE LICENSING LAW](https://realestateschoolchicago.com/modules/chapter-16-illinois-real-estate-licensing-law-2/)
- [CHAPTER 15: PROPERTY MANAGEMENT & LEASING](https://realestateschoolchicago.com/modules/chapter-15-property-management-leasing-2/)
- [CHAPTER 14: FAIR HOUSING](https://realestateschoolchicago.com/modules/chapter-14-fair-housing-2/)
- [CHAPTER 13: REAL ESTATE BROKERAGE OPERATIONS & AGREEMENTS](https://realestateschoolchicago.com/modules/chapter-13-real-estate-brokerage-operations-agreements-2/)
- [CHAPTER 12: CONTRACT LAW](https://realestateschoolchicago.com/modules/chapter-12-contract-law-2/)
- [CHAPTER 11: REAL ESTATE AGENCY](https://realestateschoolchicago.com/modules/chapter-11-real-estate-agency-2/)
- [CHAPTER 10: REAL ESTATE CLOSINGS](https://realestateschoolchicago.com/modules/chapter-10-real-estate-closings-2/)
- [CHAPTER 9: TITLE TRANSFER AND RECORDS](https://realestateschoolchicago.com/modules/chapter-9-title-transfer-and-records-2/)
- [CHAPTER 8: ENVIRONMENTAL ISSUES](https://realestateschoolchicago.com/modules/chapter-8-environmental-issues-2/)
- [CHAPTER 7: REAL ESTATE APPRAISAL](https://realestateschoolchicago.com/modules/chapter-7-real-estate-appraisal-2/)
- [CHAPTER 6: REAL ESTATE FINANCING](https://realestateschoolchicago.com/modules/chapter-6-real-estate-financing-2/) - [et_pb_section admin_label="section"][et_pb_row admin_label="row"][/et_pb_row][/et_pb_section]
- [CHAPTER 5: LIENS](https://realestateschoolchicago.com/modules/chapter-5-liens-2/)
- [CHAPTER 4: LEGAL DESCRIPTION OF LAND](https://realestateschoolchicago.com/modules/chapter-4-legal-description-of-land-2/)
- [CHAPTER 3: LAND-USE CONTROLS](https://realestateschoolchicago.com/modules/chapter-3-land-use-controls-2/)
- [CHAPTER 2: OWNERSHIP, INTERESTS AND ENCUMBRANCES](https://realestateschoolchicago.com/modules/chapter-2-ownership-interests-and-encumbrances-2/)
- [CHAPTER 1: INTRODUCTION TO REAL ESTATE AND REAL PROPERTY](https://realestateschoolchicago.com/modules/chapter-1-introduction-to-real-estate-and-real-property/)
- [CHAPTER 17: GENERAL MATH PROBLEM CATEGORIES AND ILLUSTRATED SOLUTIONS](https://realestateschoolchicago.com/modules/chapter-17-general-math-problem-categories-and-illustrated-solutions/)
- [PRACTICE EXAM](https://realestateschoolchicago.com/courses/practice-exam/modules/section-1/)
- [LIVE WEBINARS](https://realestateschoolchicago.com/modules/live-webinars/) - If you have not registered for the Live Webinars, click here
- [MODULE 2: LISTING SECRETS OF THE TOP 17%](https://realestateschoolchicago.com/courses/supplemental-training-materials/modules/module-2-listing-secrets-top-17/)
- [MODULE 3: TIME MANAGEMENT FOR ENTREPRENEURS](https://realestateschoolchicago.com/courses/supplemental-training-materials/modules/module-3-time-management-entrepreneurs/)
- [MODULE 4: THE RISE OF YOU](https://realestateschoolchicago.com/courses/supplemental-training-materials/modules/module-4-rise/)

## Topics

- [Chapter 1 Review Video](https://realestateschoolchicago.com/topic/chapter-1-review-video-3/)
- [audiobook chapter 1](https://realestateschoolchicago.com/topic/audiobook-chapter-1/)
- [Topic](https://realestateschoolchicago.com/topic/topic-12/)
- [FORMULAS AND EQUATIONS YOU NEED TO KNOW](https://realestateschoolchicago.com/courses/online9thedition/modules/appendix-a-additional-math-problems-solutions-2/topic/formulas-and-equations-you-need-to-know/) - Mile 5280 Feet Square Mile 640 Acres Acre 43,560 Square Feet Square Yard 9 Square Feet Cubic Yard 27 Cubic Feet Square Foot 144 Square Inches Township 36 Square Miles; 6 Miles Square Section 1 Square Mile; 640 Acres Tax Valuation X Dollars X
- [17.18 APPRAISAL CALCULATIONS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-17-general-math-problem-categories/topic/17-18-appraisal-calculations/) - Capitalization, income approach, Cap Rate Approach Under the income approach, the estimate of value is arrived at by capitalizing the annual net income. The solution to these problems is based on the following formula: Value X Capitalization rate = Net Operating Income An apartment building produces a net income of $4,320 per annum. The investor
- [17.19 BASIS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-17-general-math-problem-categories/topic/17-19-basis/) - Mr. and Mrs. Swift purchased their home 15 years ago for $32,500. During their ownership, they made capital improvements totaling $19,400. They sold the home for $72,900. What amount of gain did they make on the sale? Solution step 1: Purchase Price Plus Improvements = Basis Calculation: $32,500 + $19,400 = $51,900 Basis Solution Step
- [17.17 QUALIFYING FOR A LOAN](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-17-general-math-problem-categories/topic/17-17-qualifying-for-a-loan/) - The typical housing debt-to-income ratio for conventional loans is 25-28%. The typical total debt-to-income ratio for conventional loans is 33-36%. The 25-28% means that for the borrower to qualify, PITI (principal, interest, taxes, insurance) must not be more than 25-28% of the borrower's monthly gross income. The 33-36% means that for the borrower to qualify,
- [17.16 YIELDS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-17-general-math-problem-categories/topic/17-16-yields/) - The percentage of profit is called the yield of the loan. Yields on loans are increased by points paid at closing. Each point charged has the effect of raising the interest rate ⅛%. The First Bank lends $100,000 to the borrower and charges 3 points at closing. The interest rate on the loan is 12%
- [17.12 PRORATIONS AT CLOSING](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-17-general-math-problem-categories/topic/17-12-prorations-at-closing/) - Proration Rules 30-day Standard Month 360-day standard Year Seller is in possession of the property on the day of closing In preparing a statement for a closing to be held August 14, a real estate broker determines that the annual real property taxes in the amount of $360 have not been paid. What will the
- [17.14 DEBT SERVICE](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-17-general-math-problem-categories/topic/17-14-debt-service/) - A mortgage loan of $50,000 at 11% interest requires monthly payments of principal and interest of $516.10 to fully amortize the loan for a term of 20 years. If the loan is paid over the 20-year term, how much interest does the borrower pay? Solution Step 1: Monthly Principal & Interest Payments x 12 =
- [17.15 FEES AND POINTS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-17-general-math-problem-categories/topic/17-15-fees-and-points/) - The formula for calculating the dollar amount owed in points on a loan is: loan X number of points (percentage) = dollars in points A house sells for $60,000. The buyer obtains an 80% loan. If the bank charges 3 points at closing, how much in points must the buyer pay? Solution Step 1: Determine
- [17.11 TRANSFER TAX CALCULATIONS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-17-general-math-problem-categories/topic/17-11-transfer-tax-calculations/) - The conveyance in Illinois is taxed as a result of the Illinois Real Estate Transfer Tax Act. The amount subject to taxation is the sales price minus any assumed mortgage or mortgage taken "subject to." State tax: $0.50 per $500 or fraction thereof County tax: $0.25 per $500 or fraction thereof If the total amount
- [17.13 FINANCIAL CALCULATIONS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-17-general-math-problem-categories/topic/17-13-financial-calculations/) - Simple Interest Interest calculations use the formula: loan balance X rate of interest = annual interest A loan of $15,000 is repaid in full, one year after the loan is made. If the interest rate on the loan is 12.5%, what amount of interest is owed? Solution Step 1: Principle x interest rate = interest
- [17.9 COST/SIZE](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-17-general-math-problem-categories/topic/17-9-cost-size/) - A triangular lot measures 200 feet along the street and 500 feet in depth on the side perpendicular to the front lot line. If the lot sells for 10 cents per square foot, what is the selling price? Solution Step 1: Length X Width divided by 2 = Area of a Triangle Calculation: (200 feet
- [17.10 TAX CALCULATIONS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-17-general-math-problem-categories/topic/17-10-tax-calculations/) - If the assessed value of the property is $80,000 and the tax value is 100% of the assessed value, what is the annual tax if the tax rate is $1.50 per $100 and the equalization factor is 1.5? Solution Step 1: Assessed Value X Equalization Factor = Equalized Assessed Value Calculation: $80,000 x 1.5 =
- [17.8 SQUARE FOOTAGE](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-17-general-math-problem-categories/topic/17-8-square-footage/) - A rectangular lot measures 185 feet by 90 feet. How many square feet does this lot contain? Solution: Length x width = Area Calculation: 185 x 90 = 16,650 square feet Answer: 16,650 sq ft area A room measures 15 feet by 21 feet. We want to install wall-to-wall carpeting and need to calculate the
- [11.1 INTRODUCTION TO REAL ESTATE AGENCY](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-11-real-estate-agency-4/topic/11-1-introduction-to-real-estate-agency-4/) - Illinois no longer recognizes common law agency. Additionally, Illinois no longer allows the use of sub-agency in real estate transactions, where the representative of the buyer was a sub-agent of the seller. Illinois now recognizes both a seller agency agreement and a buyer agency agreement whereby one agent has a fiduciary relationship with the seller and
- [10.7 CLOSING STATEMENT](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-10-real-estate-closings-4/topic/10-7-closing-statement/) - Computing the prorations and charges The following list illustrates the various prorations and other amounts to be included in a settlement statement, prepared by the Closing Agent at the Title Company or the lawyer for the buyer or seller: Closing date: June 15 Commission: 6% (0.06) x $230,000 sales price = $13,800 Seller's mortgage interest:
- [10.6 PRORATIONS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-10-real-estate-closings-4/topic/10-6-prorations/) - Most closings involve the division of financial responsibility between the buyer and seller for such items as loan interest, taxes, rents, fuel, and utility bills. These allowances are called prorations. Prorations are necessary to ensure that expenses are divided fairly between the seller and the buyer. Accrued items such as water bills, Illinois real estate
- [10.5 PREPARATION OF CLOSING STATEMENTS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-10-real-estate-closings-4/topic/10-5-preparation-of-closing-statements/) - A typical real estate transaction requires accounting for the expenses incurred by either party, generally on the HUD-1, a form required for any federally related closing. All expenses must be itemized to arrive at the exact amount of cash required from the buyer and the net proceeds to the seller. These include prorated items those
- [10.4 TILA-RESPA INTEGRATED DISCLOSURE RULE (TRID)](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-10-real-estate-closings-4/topic/10-4-tila-respa-integrated-disclosure-rule-trid/) - In 2010, federal legislation known as the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) created the TILA-RESPA Integrated Disclosure rule as a consumer protection ruling that gives more transparency to the loan process. It does not apply to cash transactions. The TRID rule applies to most closed-end consumer credit transactions secured by real
- [10.3 REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-10-real-estate-closings-4/topic/10-3-real-estate-settlement-procedures-act-respa-3/) - The Real Estate Settlement Procedures Act (RESPA) is a federal consumer law that requires certain disclosures about the mortgage and settlement process and prohibits certain practices that increase the costs of settlement services, such as kickbacks and referral fees that can increase settlement costs for home buyers. RESPA regulations apply to first lien residential mortgage loans
- [10.2 CLOSING PROCEDURES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-10-real-estate-closings-4/topic/10-2-closing-procedures-4/) - Face-to-Face Closing Face-to-face closings may be held at a number of locations, including the offices of the title company, the lending institution, an attorney for one of the parties, the broker, the county recorder, or the escrow company. Those attending a closing may include: the buyer or the buyer's duly authorized agent, the seller or
- [10.1 PRECLOSING PROCEDURES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-10-real-estate-closings-4/topic/10-1-preclosing-procedures-4/) - Buyer's Requirements to CloseBoth the buyers and their lenders must be sure that the seller can deliver the title that was promised in the purchase agreement and that the property is now in essentially the same condition it was in when the buyers and the sellers agreed to the sale. This involves inspecting: the title
- [9.6 TRANSFER OF PROPERTY THROUGH A WILL](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-9-title-transfer-and-records-4/topic/9-6-transfer-of-property-through-a-will-4/) - Transfer of Property Through a Will A person who dies testate (with a will) has prepared a will indicating how his/her property should be handled. Transfer of Property After Death — No Will — Have Heirs In contrast, when a person dies intestate (without a will), real estate and personal property pass to the decedent's
- [9.9 PROOF (ASSURANCE) OF OWNERSHIP](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-9-title-transfer-and-records-4/topic/9-9-proof-assurance-of-ownership-4/) - Proof of ownership is evidence that title is marketable. A deed by itself is not considered sufficient evidence of ownership in Illinois. Even though a warranty deed conveys the grantor's interest, it contains no proof of the condition of the grantor's title at the time of the conveyance. The grantee needs some assurance that (s)he
- [9.8 REAL ESTATE DOCUMENTS – PUBLIC RECORDS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-9-title-transfer-and-records-4/topic/9-8-real-estate-documents-public-records-4/) - Public records contain detailed information about each parcel of real estate in a city or county. These records are crucial in establishing ownership, giving notice of encumbrances, and establishing priority of liens. They protect the interests of real estate owners, taxing bodies, creditors, and the general public. The real estate recording system includes written documents
- [9.7 TRANSFER OF TITLE BY DESCENT](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-9-title-transfer-and-records-4/topic/9-7-transfer-of-title-by-descent-4/) - When a person dies intestate (without leaving a valid will), her state's law of descent governs how and to whom her property will be distributed. The Illinois Law of Descent and Distribution (in the Illinois Probate Act) provides that real estate located in Illinois owned by a deceased resident or nonresident who did not leave a
- [9.5 TRANSFER BY ADVERSE POSSESSION](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-9-title-transfer-and-records-4/topic/9-5-transfer-by-adverse-possession-4/) - Adverse possession, sometimes referred to as squatter's rights, is another means of involuntary transfer. An individual who makes a claim to certain property, takes possession of, and uses it may take title away from an owner who fails to use or inspect the property for a period of years. The law recognizes that the use
- [9.4 TRANSFER TAX STAMPS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-9-title-transfer-and-records-4/topic/9-4-transfer-tax-stamps-4/) - The Illinois Real Estate Transfer Act imposes: a state tax on conveying title to real estate in the amount of $0.50 per $500, or fraction thereof in all Illinois counties, there is an additional transfer tax of $0.25 per $500, or fraction thereof Total transfer tax to state and county combined is $0.75 per $500
- [9.3 TYPES OF DEEDS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-9-title-transfer-and-records-4/topic/9-3-types-of-deeds-4/) - A deed can take several forms, depending on the extent of the grantor's pledges to the grantee. Regardless of any guarantees the deed offers, however, the grantee will want additional assurance that the grantor has the right to offer what the deed conveys. To obtain this protection, grantees commonly seek evidence of title. The most
- [9.2 REQUIREMENTS FOR A VALID DEED](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-9-title-transfer-and-records-4/topic/9-2-requirements-for-a-valid-deed-4/) - The following are the minimum requirements for a valid deed in Illinois: Grantor, who has the legal capacity to execute (sign) the deed Grantee named with reasonable certainty to be identified Recital of consideration Granting clause (words of conveyance, together with any words of limitation) Accurate legal description of the property conveyed Any relevant exceptions
- [9.1 MEANING OF TITLE](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-9-title-transfer-and-records-4/topic/9-1-meaning-of-title-4/) - The term title has three meanings. Title is a way of referring to ownership; it is not an actual printed piece of paper. Title to real estate means the right to ownership or actual ownership of the land; it represents the owner's bundle of rights. Title also serves as evidence of that ownership of real
- [8.8 ENVIRONMENTAL SITE ASSESSMENTS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-8-environmental-issues-4/topic/8-8-environmental-site-assessments-4/) - An environmental site assessment is often performed on a property to show that due care was exercised in determining if any environmental impairments exist. The assessment can help prevent parties from becoming involved in contaminated property and work as a defense to liability. It is often requested by a lending institution, developer, or a potential
- [8.7 LIABILITY OF REAL ESTATE LICENSEES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-8-environmental-issues-4/topic/8-7-liability-of-real-estate-licensees-4/) - Environmental law is relatively new. Although federal and state laws have defined many of the liabilities involved, common law is being used for further interpretation. Real estate licensees and all others involved in a real estate transaction must be aware of both actual and potential liability. Sellers often carry the most legal liability exposure. Innocent
- [8.6 ENVIRONMENTAL PROTECTION](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-8-environmental-issues-4/topic/8-6-environmental-protection-4/) - The majority of legislation dealing with environmental problems has been enacted within the past four decades. Although the Environmental Protection Agency (EPA) was created in 1970 at the federal level to oversee such problems, several other federal agencies' areas of concern generally overlap. The federal laws were created to encourage state and local governments to
- [8.5 WASTE DISPOSAL SITES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-8-environmental-issues-4/topic/8-5-waste-disposal-sites-4/) - Federal, state, and local regulations govern the location, construction, content, and maintenance of landfill sites built to accommodate the vast quantities of garbage produced every day in America. A landfill is an enormous hole, either excavated for the purpose of waste disposal or left over from surface mining operations. The hole is lined with clay
- [8.4 HAZARDOUS SUBSTANCES PART 3](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-8-environmental-issues-4/topic/8-4-hazardous-substances-part-3-4/) - Mold Mold can be found almost anywhere and can grow on almost any organic substance, so long as moisture, oxygen, and an organic food source are present. Moisture feeds mold growth. If a moisture problem is not discovered or addressed, mold growth can gradually destroy what it is growing on. There are over 2,000 types
- [8.3 HAZARDOUS SUBSTANCES PART 2](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-8-environmental-issues-4/topic/8-3-hazardous-substances-part-2-4/) - Radon Radon is a naturally occurring, colorless, odorless, tasteless, radioactive gas produced by the decay of other radioactive substances. Radon is measured in picocuries (a unit of radiation) contained in a liter of air (i.e., pCi/L). Radon is found in every state and territory, with radon levels in the outdoor air averaging 0.4 pCi/L. Fans
- [8.2 HAZARDOUS SUBSTANCES PART 1](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-8-environmental-issues-4/topic/8-2-hazardous-substances-part-1-3/) - Asbestos Asbestos is a fire-resistant mineral that was once used extensively as insulation and to strengthen other materials. A component of more than 3,000 types of building materials, asbestos was found in most construction, including residential, until 1978 when its use was banned. The EPA estimates that, even today, about 20 percent of the nation's
- [8.1 ILLINOIS ENVIRONMENTAL CONTROLS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-8-environmental-issues-4/topic/8-1-illinois-environmental-controls-4/) - The Illinois Environmental Protection Agency (IEPA) is charged with maintaining and enhancing the state's air, land, and water quality through education, inspection, regulation, enforcement, recycling, and prevention activities. The Pollution Control Board and Hazardous Waste Advisory Council are two of the many bodies created to assist the IEPA in specific areas. Most Illinois environmental regulations
- [7.6 THE APPRAISAL PROCESS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-7-real-estate-appraisal-4/topic/7-6-the-appraisal-process-4/) - Although appraising is not an exact or a precise science, the key to an accurate appraisal lies in the methodical collection and analysis of data. The appraisal process is an orderly set of procedures used to collect and analyze data to arrive at an ultimate value conclusion. The data are divided into two basic classes:
- [7.5 THE THREE APPROACHES TO VALUE part 3](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-7-real-estate-appraisal-4/topic/7-5-the-three-approaches-to-value-part-3/) - The Income Approach The income approach to value is based on the present value of the rights to future income. It assumes that the income generated by a property will determine the property's value. The income approach is used for valuation of income-producing properties such as apartment buildings, office buildings, and shopping centers. In estimating
- [7.4 THE THREE APPROACHES TO VALUE part 2](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-7-real-estate-appraisal-4/topic/7-4-the-three-approaches-to-value-part-2/) - The Cost Approach The cost approach to value also is based on the principle of substitution. The cost approach consists of five steps: Estimate the value of the land as if it were vacant and available to be put to its highest and best use. Estimate the current cost of constructing the buildings and improvements.
- [7.3 THE THREE APPROACHES TO VALUE](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-7-real-estate-appraisal-4/topic/7-3-the-three-approaches-to-value-4/) - The Sales Comparison ApproachIn the sales comparison approach (also known as the market data approach), an estimate of value is obtained by comparing the property being appraised (the subject property) with recently sold comparable properties (properties similar to the subject, called comps). Because no two parcels of real estate are exactly alike, each comparable property must
- [7.2 VALUE](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-7-real-estate-appraisal-4/topic/7-2-value-4/) - To have value in the real estate market that is, to have monetary worth based on desirability a property must have the following four characteristics: Demand—The need or desire for possession or ownership backed by the financial means to satisfy that need Utility—The property's usefulness for its intended purposes Scarcity—A finite supply Transferability—The relative ease
- [7.1 REAL ESTATE APPRAISAL PROCESS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-7-real-estate-appraisal-4/topic/7-1-real-estate-appraisal-process-4/) - Appraisal An appraisal is an opinion of value based on supportable evidence and approved methods. A real estate appraisal report is an opinion of market value on a property given to a lender or client with detailed and accurate information. An appraiser is an independent person trained to provide an unbiased opinion of value in
- [6.12 OTHER FINANCING TECHNIQUES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-6-real-estate-financing-4/topic/6-12-other-financing-techniques/) - Purchase-Money Mortgages This is a note and mortgage created at the time of purchase when the seller agrees to finance all or part of the purchase price and consists of a first or junior lien depending on whether prior mortgage liens exist. This is based on the fact that the seller gives the buyer title
- [6.13 FINANCING LEGISLATION](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-6-real-estate-financing-4/topic/6-13-financing-legislation/) - Truth in Lending Act and Regulation Z Regulation Z, which was enacted pursuant to the Truth in Lending Act, by the Federal Trade Commission (FTC), requires that credit institutions inform borrowers of the true cost of obtaining credit. With proper disclosures, borrowers can compare the costs of various lenders to avoid the uninformed use of credit.
- [6.11 LOAN PROGRAMS PART 2](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-6-real-estate-financing-4/topic/6-11-loan-programs-part-2/) - VA-Guaranteed Loans The Department of Veterans Affairs (VA) is authorized to guarantee loans to purchase or construct homes for eligible veterans and their spouses (including un-remarried spouses of veterans whose deaths were service-related). Eligibility is defined as veterans who: served on active duty have some form of honorable discharge after a minimum of 90 days
- [6.10 LOAN PROGRAMS PART 1](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-6-real-estate-financing-4/topic/6-10-loan-programs-part-1/) - Conventional Loans Conventional loans are viewed as the most secure loans because their loan-to-value ratios are often lowest. Usually, the ratio is 80 percent of the value of the property or less because the borrower makes a down payment of at least 20 percent. The security for the loan is provided solely by the mortgage;
- [6.9 REVERSE MORTGAGE AND NONRECOURSE LOANS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-6-real-estate-financing-4/topic/6-9-reverse-mortgage-and-nonrecourse-loans/) - Reverse Mortgage A reverse mortgage allows people 62 or older to borrow money against the equity they have built in their home. The money may be used for any purpose, and the borrowers decide if they want to receive the money in a lump sum, fixed monthly payments, an open line of credit, or other options.
- [6.8 INTEREST AND PRINCIPAL CREDITED FROM AMORTIZED PAYMENTS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-6-real-estate-financing-4/topic/6-8-interest-and-principal-credited-from-amortized-payments-4/) - Lenders charge borrowers a certain percentage of the principal as interest for each year a debt is outstanding. The amount of interest due on any one payment is calculated by computing the total yearly interest (based on the unpaid balance) and dividing that figure by the number of payments made each year. For example, assume
- [6.7 FINANCING TECHNIQUES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-6-real-estate-financing-4/topic/6-7-financing-techniques-4/) - Straight Loans A straight loan or interest-only loan (also known as a term loan) is a non-amortized loan that essentially divides the loan into two amounts to be paid off separately. The borrower makes periodic payments of interest only, followed by the payment of the principal in full at the end of the term. Amortized
- [6.6 THE REAL ESTATE FINANCING MARKET](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-6-real-estate-financing-4/topic/6-6-the-real-estate-financing-market-4/) - The Federal Reserve System The role of the Federal Reserve System (the Fed) is to maintain sound credit conditions, help counteract inflationary and deflationary trends, and create a favorable economic climate. The Fed divides the country into 12 federal reserve districts, each served by a federal reserve bank. All nationally chartered banks must join the
- [6.5 FORECLOSURE](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-6-real-estate-financing-4/topic/6-5-foreclosure-4/) - Foreclosure is a legal procedure in which property pledged as security is sold to satisfy the debt. The foreclosure procedure brings the rights of the parties and all junior lienholders to a conclusion. It passes title either to the person holding the mortgage document or deed of trust or to a third party who purchases the
- [6.4 OWNER FINANCING](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-6-real-estate-financing-4/topic/6-4-owner-financing-4/) - Real estate can be purchased under a land contract, also known as a contract for deed or an installment contract. Real estate is usually sold on contract for specific financial reasons. For instance, mortgage financing may be unavailable to a borrower for some reason. High-interest rates may make borrowing too expensive, or the purchaser may
- [6.3 DEED OF TRUST](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-6-real-estate-financing-4/topic/6-3-deed-of-trust-4/) - As previously stated, a promissory note does need to be tied to either a mortgage or a deed of trust. In Illinois, the note used to obtain money to purchase real property is usually secured by a mortgage. The mortgage document or deed of trust clearly establishes: that the property is security for a debt,
- [6.2 PROMISSORY NOTES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-6-real-estate-financing-4/topic/6-2-promissory-notes-4/) - The promissory note, referred to as the note or financing instrument, is the borrower's personal promise to repay a debt according to agreed terms. The note exposes all the borrower's assets to claims by secured creditors. The mortgagor executes one or more promissory notes to total the amount of the debt. A promissory note executed
- [6.1 MORTGAGES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-6-real-estate-financing-4/topic/6-1-mortgages-4/) - A mortgage is a voluntary lien on real estate. The person who borrows money to buy a piece of property voluntarily gives the lender the right to take that property if the borrower fails to repay the loan. The borrower, or mortgagor, pledges the land to the lender, or mortgagee, as security for the debt.
- [5.3 OTHER LIENS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-5-liens-4/topic/5-3-other-liens-4/) - Mortgage Liens (Deed of Trust Liens) A mortgage lien, sometimes called a deed of trust lien, is a voluntary lien on real estate given to a lender by a borrower as security for a real estate loan. It becomes a lien on real property when the lender records the documents in the county where the
- [5.2 REAL ESTATE TAX LIENS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-5-liens-4/topic/5-2-real-estate-tax-liens-4/) - The ownership of real estate is always subject to certain government powers. One of these is the right of state and local governments to impose (levy) taxes to pay for their functions. Because the location of real estate is permanently fixed, the government can levy taxes with a high degree of certainty that the taxes
- [5.1 GENERAL LIEN INFORMATION](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-5-liens-4/topic/5-1-general-lien-information-4/) - A lien is a monetary charge or claim against property that is made to enforce the payment of money. Whenever someone borrows money, the lender generally requires some form of security. Security (also referred to as collateral) is something of value that the borrower promises to give the lender if the borrower fails to repay the
- [4.1 DESCRIBING LAND PART 1](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-4-legal-description-of-land-4/topic/4-1-describing-land-part-1-4/) - Describing Land A legal description is a detailed way of describing a parcel of land for documents such as deeds and mortgages that will be accepted in a court of law. The description is based on information collected through a survey, the process by which boundaries are measured by calculating the dimensions and area to
- [4.2 DESCRIBING LAND PART 2](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-4-legal-description-of-land-4/topic/4-2-describing-land-part-2-4/) - Township Tiers Lines running east and west, parallel to the baseline and six miles apart, are referred to as township lines. They form strips of land called township tiers. These township tiers are designated by consecutive numbers north or south of the baseline. For instance, the strip of land between 6 and 12 miles north
- [4.3 LEGAL DESCRIPTION OF LAND](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-4-legal-description-of-land-4/topic/4-3-legal-description-of-land-part-3-4/) - Lot-and-Block System The third method of legal description is the lot-and-block (recorded plat) system. This system uses lot-and-block numbers referred to in a plat map filed in the public records of the county where the land is located. The lot-and-block system is often used to describe a property in subdivisions and urban areas. A lot-and-block
- [3.7 REGULATION OF LAND SALES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-3-land-use-controls-4/topic/3-7-regulation-of-land-sales-4/) - Just as the sale and use of property within a state are controlled by state and local governments, the sale of property in one state to buyers in another is subject to strict federal and state regulations. National Interstate Land Sales Full Disclosure Act The U.S. Congress created the federal Interstate Land Sales Full Disclosure
- [3.3 ZONING](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-3-land-use-controls-4/topic/3-3-zoning-4/) - Zoning is a regulatory tool that helps communities regulate and control how land is used and limits the type of business in a given area. Zoning ordinances are local laws that implement the comprehensive plan and regulate and control the use of land and structures within designated land-use districts. If the comprehensive or master plan is
- [3.5 SUBDIVISION & LAND DEVELOPMENT](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-3-land-use-controls-4/topic/3-5-subdivision-land-development-4/) - Most communities have adopted subdivision and land development ordinances as part of their comprehensive plans. An ordinance includes provisions for submitting and processing subdivision plats. A major advantage of subdivision ordinances is that they encourage flexibility, economy, and ingenuity in the use of land. A subdivider is a person who buys undeveloped acreage(s) and divides it
- [3.4 BUILDING CODES AND CERTIFICATES OF OCCUPANCY](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-3-land-use-controls-4/topic/3-4-building-codes-and-certificates-of-occupancy-4/) - Building Codes Most municipalities have enacted ordinances to specify construction standards that must be met when repairing or erecting buildings. These are called building codes, and they set the requirements for kinds of materials and standards of workmanship, sanitary equipment, electrical wiring, fire prevention, and similar issues. Building Permits In addition to adhering to building
- [3.6 PRIVATE LAND-USE CONTROLS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-3-land-use-controls-4/topic/3-6-private-land-use-controls-4/) - Not all restrictions on the use of land are imposed by government bodies. Certain restrictions to control and to maintain the desirable quality and character of a property or subdivision may be created by private entities, including the property owners themselves. These restrictions are separate from and in addition to the land-use controls exercised by
- [3.1 REGULATION](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-3-land-use-controls-4/topic/3-1-regulation-4/) - Land use is regulated by: Public and Private Restrictions Federal, State, and Local Governments. Government ControlMost government controls on property occur at the local level. Police PowerIt is the inherent authority of the states to create regulations needed to protect the public health, safety, and welfare. Through enabling acts, states delegate to counties and local
- [2.16 WATER RIGHTS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-2-ownership-interests-and-encumbrances-4/topic/2-16-water-rights/) - Riparian and littoral rights are appurtenant (attached) to the land. The right to use the water belongs to whoever owns the bordering land and cannot be retained by a former owner after the land is sold. Riparian Rights are common law rights granted to owners of land along the course of a river, stream, or similar body
- [2.15 ENCUMBRANCES PART 3](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-2-ownership-interests-and-encumbrances-4/topic/2-15-encumbrances-part-3/) - License A license is a personal privilege (not a right) to enter the land of another for a specific purpose. A license can be terminated or canceled by the licensor (the person who granted the license) at any time: If the use of another's property is given orally or informally, it generally is considered to
- [2.14 ENCUMBRANCES PART 2](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-2-ownership-interests-and-encumbrances-4/topic/2-14-encumbrances-part-2/) - Easements An easement is the right to use the land of another for a particular purpose. It may exist in any portion of the real estate, including the airspace above or a right-of-way across the land. An appurtenant easement is attached to the ownership of one parcel and allows the owner the use of a neighbor's
- [2.12 CONDOMINIUMS, COOPERATIVES, TOWN HOUSES, AND TIME-SHARES PART 3](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-2-ownership-interests-and-encumbrances-4/topic/2-12-condominiums-cooperatives-town-houses-and-time-shares-part-3/) - Townhouse Ownership A townhouse is a popular form of housing in urban areas. The term townhouse is often used to describe any type of housing connected by common walls. In fact, the townhouse concept is a cross between single-family houses and apartments. Title to each unit and lot is vested in the individual owner. Each
- [2.13 ENCUMBRANCES PART 1](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-2-ownership-interests-and-encumbrances-4/topic/2-13-encumbrances-part-1/) - An encumbrance is a claim, charge, or liability that attaches to real estate. An encumbrance does not have a possessory interest in real property. An encumbrance may decrease the value or obstruct the use of the property. An encumbrance is a right or an interest held by someone other than the property owner that affects
- [2.11 CONDOMINIUMS, COOPERATIVES, TOWN HOUSES, AND TIME-SHARES PART 2](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-2-ownership-interests-and-encumbrances-4/topic/2-11-condominiums-cooperatives-town-houses-and-time-shares-part-2/) - Cooperative Ownership In a cooperative, a corporation holds title to the land and building. The corporation offers shares of stock to prospective tenants. The price the corporation sets for each apartment becomes the price of the stock. The purchaser becomes a shareholder in the corporation by virtue of this stock ownership and receives a proprietary
- [2.10 CONDOMINIUMS, COOPERATIVES, TOWN HOUSES, AND TIME-SHARES PART 1](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-2-ownership-interests-and-encumbrances-4/topic/2-10-condominiums-cooperatives-town-houses-and-time-shares-part-1/) - Two Types of Ownership in a Condominium The owner of each unit holds a fee simple title to the air space described by the 3D survey. The individual unit owners also own a specified share of the undivided interest in the remainder of the building and land, known as the common elements, as Tenant in
- [2.9 OWNERSHIP BY BUSINESS ORGANIZATIONS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-2-ownership-interests-and-encumbrances-4/topic/2-9-ownership-by-business-organizations/) - Partnerships A Partnership is an association of two or more persons who carry on a business for profit as co-owners. General Partnership All the partners participate in the operation and management of the business. Each General Partner is solely responsible for the entire debt of the Partnership. General partnerships are dissolved and must be reorganized
- [2.8 FREEHOLD ESTATES PART 2](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-2-ownership-interests-and-encumbrances-4/topic/2-8-freehold-estates-part-2/) - Life Estate is a freehold estate limited in duration to the life of the owner or the life of some other designated person or persons. Unlike other freehold estates, a life estate is not inheritable. It passes to future owners according to the prearranged provisions of the life estate. A life tenant is entitled to the
- [2.7 FREEHOLD ESTATES PART 1](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-2-ownership-interests-and-encumbrances-4/topic/2-7-freehold-estates-part-1/) - Fee Simple EstateBecause fee simple estates are of unlimited duration, they are said to run "forever." Upon the death of the owner, a fee simple passes to the owner's heirs or as provided by a will. A fee simple estate is also referred to as an estate of inheritance (because that is how it passes
- [2.6 ESTATES IN LAND](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-2-ownership-interests-and-encumbrances-4/topic/2-6-estates-in-land/) - An estate in land defines the degree, quantity, nature, and extent of an owner's interest in real property. Many types of estates exist, but not all interests in real estate are estates. To be an estate in land, an interest must allow possession, meaning the holding and enjoyment of the property either now or in the
- [2.5 GOVERNMENTAL POWERS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-2-ownership-interests-and-encumbrances-4/topic/2-5-governmental-powers/) - Ownership rights are subject to certain powers or rights held by federal, state, and local governments. These limitations on the ownership of real estate are imposed for the general welfare of the community and, therefore, supersede the rights or interests of the individual. The state and local government powers discussed in this section are all
- [2.4 LIMITATIONS ON THE RIGHTS OF OWNERSHIP](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-2-ownership-interests-and-encumbrances-4/topic/2-4-limitations-on-the-rights-of-ownership/) - Even the most complete ownership the law allows is limited by public and private restrictions. These restrictions are intended to ensure that one owner's use or enjoyment of her property does not interfere with others' use or enjoyment of their property or with the welfare of the general public.
- [2.3 FORMS OF REAL ESTATE OWNERSHIP PART 3](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-2-ownership-interests-and-encumbrances-4/topic/2-3-forms-of-real-estate-ownership-part-3/) - Trusts A trust is a device by which: one person (Trustor) transfers ownership of property to someone else (Trustee) Trustor owns the property Trustee holds or manages the property for the benefit of a third party (Beneficiary) The trustee is a fiduciary, who acts in confidence or trust and has a special legal relationship with
- [17.7 AREA CALCULATIONS: ACREAGE](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-17-general-math-problem-categories/topic/17-7-area-calculations-acreage/) - An acre of land has a width of 330 feet. If this acre of land is rectangular in shape, what is its length? (Each acre contains 43,560 square feet). Solution Step 1: An Acre has 43,560 square feet Solution Step 2: If Length x Width = Area, then Length = Area/Width Calculation: Length = 43,560/330
- [17.6 PROFIT/LOSS ON SALE OF REAL ESTATE](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-17-general-math-problem-categories/topic/17-6-profit-loss-on-sale-of-real-estate/) - The formula for profit: investment X percent of profit = dollars in profit The formula for loss: investment X percent of loss = dollars lost Mr. Wong buys a house for investment purposes for $48,000. He sells it six months later for $54,000 with no expenditures for fix-up or repair. What is Mr. Wong's percentage
- [17.5 ESTIMATING PARTIAL SALES OF LAND](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-17-general-math-problem-categories/topic/17-5-estimating-partial-sales-of-land/) - A subdivision contains 400 lots. If a broker has sold 25% of the lots and his sales staff has sold 50% of the remaining lots, how many lots are still unsold? Solution Step 1: Original Number of Lots x Percentage Sold by Broker = Number of Lots Remaining Calculation: 400 x 25% = 100 lots.
- [17.4 RENTALS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-17-general-math-problem-categories/topic/17-4-rentals/) - A real estate salesperson is the property manager for the owner of a local shopping center. The center has five units, each renting for $24,000 per year. The center has an annual vacancy factor of 4.5%. The commission for rental of the units is 9% of the gross rental income. What is the commission for
- [17.3 COMMISSION SPLITS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-17-general-math-problem-categories/topic/17-3-commission-splits/) - A real estate broker sells a property for $65,000. The commission on this sale to the real estate firm with whom the broker is associated is 7%. The broker receives 60% of the total commission paid to the real estate firm. What is the firm's share of the commission in dollars? Solution Step 1: Selling
- [17.2 COMMISSION AND SALES PROBLEMS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-17-general-math-problem-categories/topic/17-2-commission-and-sales-problems/) - Problems involving commissions are readily solved by the Formula: sales price X rate of commission = total commission A real estate broker sells a property for $90,000. Her rate of commission is 7%. What is the amount of commission in dollars? Product Missing = multiply Solution: sales price x rate = commission Calculation: $90,000 x
- [17.1 MEASUREMENT STANDARDS WHICH MUST BE MEMORIZED](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-17-general-math-problem-categories/topic/17-1-measurement-standards-which-must-be-memorized/) - Linear Measure Square Measure Cubic Measure 12 inches = 1 foot 144 square inches = 1 square foot 27 cubic feet = 1 cubic yard 3 feet = 1 yard 9 square feet = 1 square yard 5,280 feet = 1 mile 43,560 square feet = 1 acre 640 acres = 1 square mile (section)
- [16.20 THE REAL ESTATE RECOVERY FUND](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-16-illinois-real-estate-licensing-law-4/topic/16-20-the-real-estate-recovery-fund/) - The Real Estate Recovery Fund provides a means of compensation for actual monetary losses (as opposed to losses in market value) suffered by any person as a result of actions by a licensee or a licensee's unlicensed employee: a violation of the Real Estate License Act of 2000, its rules and regulations, act of embezzlement of
- [16.19 DISCIPLINARY PROVISIONS AND LOSS OF LICENSE PART 3](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-16-illinois-real-estate-licensing-law-4/topic/16-19-disciplinary-provisions-and-loss-of-license-part-3/) - Any person providing or offering to provide real estate services, or who is licensed or claims to be licensed under the Act, may be investigated by the Department. At least 30 days before the date of a hearing set for examination of such an issue, and prior to taking any disciplinary action (including but not
- [16.18 DISCIPLINARY PROVISIONS AND LOSS OF LICENSE PART 2](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-16-illinois-real-estate-licensing-law-4/topic/16-18-disciplinary-provisions-and-loss-of-license-part-2/) - Discrimination Licensee guilty of discrimination (Section 20-50) If there has been a civil or criminal trial in which a licensee has been found to have engaged in illegal discrimination in the course of a licensed activity, the Department must suspend or revoke the licensee's license unless the adjudication is in appeal. Similarly, if an administrative
- [16.17 DISCIPLINARY PROVISIONS AND LOSS OF LICENSE PART 1](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-16-illinois-real-estate-licensing-law-4/topic/16-17-disciplinary-provisions-and-loss-of-license-part-1/) - The Real Estate License Act of 2000 lists specific violations for which licensees may be subject to discipline. The Department is authorized to impose the following disciplinary penalties: Refuse to issue or renew any license Suspend or revoke any license Censure or reprimand a licensee Place a licensee on probation Impose a civil penalty of
- [16.16 COMPENSATION AND BUSINESS PRACTICE](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-16-illinois-real-estate-licensing-law-4/topic/16-16-compensation-and-business-practice/) - Section 10-5: A licensee may not receive compensation from anyone other than her sponsoring broker. In turn, sponsoring brokers may compensate only licensees whom they personally sponsor (including licensed brokers working as personal assistants). The one exception is a former licensee now working for another sponsoring broker but who is due a commission from work
- [16.15 SELLING YOUR OWN PROPERTY](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-16-illinois-real-estate-licensing-law-4/topic/16-15-selling-your-own-property/) - Selling or leasing your own property or a property in which you have an interest means you, as a licensee, must use the term "broker-owned" or "agent-owned" in all advertising and on listing sheets. If the real estate firm's sign is used in the yard, and the firm's services are being used, then having the
- [16.14 YOUR REAL ESTATE BUSINESS AND THE ACT PART 4](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-16-illinois-real-estate-licensing-law-4/topic/16-14-your-real-estate-business-and-the-act-part-4/) - Advertising is expanded to include social media and digital forums. A sponsoring broker must include his/her business name and franchise affiliation in all advertisements. The Sponsoring Broker’s name shall be at least equal in size or larger than the team names or that of the individual licensee Blind ads are prohibited. Blind ads are defined
- [16.13 YOUR REAL ESTATE BUSINESS AND THE ACT PART 3](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-16-illinois-real-estate-licensing-law-4/topic/16-13-your-real-estate-business-and-the-act-part-3/) - Handling Client Funds (Section 20-20) Licensees should immediately provide any earnest money checks to their sponsoring. The sponsoring broker must "maintain and deposit in a special account, separate and apart from personal and other business accounts, all escrow monies belonging to others entrusted to a licensee while acting as a real estate agent, escrow agent,
- [16.11 YOUR REAL ESTATE BUSINESS AND THE ACT PART 2](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-16-illinois-real-estate-licensing-law-4/topic/16-11-your-real-estate-business-and-the-act-part-2/) - Section 15-25 deals with a licensee's treatment of customers. A licensee shall "treat all customers honestly and shall not negligently or knowingly give them false information." Ministerial acts are permitted. Section 15-40 clearly states that compensation does not determine agency. Dual Agency Disclosure Informed written consent is required of both buyer and seller for dual
- [16.11 YOUR REAL ESTATE BUSINESS AND THE ACT PART 1](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-16-illinois-real-estate-licensing-law-4/topic/16-11-your-real-estate-business-and-the-act-part-1/) - Place of Business (Section 5-45) Any sponsoring broker actively engaged in the real estate business must maintain a definite office or place of business within Illinois. The sponsoring broker must display a visible, conspicuous identification sign outside the office. Inside, the sponsoring broker must conspicuously display the branch office license she sponsors. The sponsoring broker's
- [16.10 CONTINUING EDUCATION](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-16-illinois-real-estate-licensing-law-4/topic/16-10-continuing-education/) - Continuing Education Hours — Requirements Residential Leasing Agent — 8 hours of continuing education in the core curriculum for each 2-year renewal period Broker — 12 hours each 2-year renewal. 4-Hour CORE and 8 Hours of Elective – one hour of elective must include Sexual Harassment Prevention Training Managing Broker — 6-Hour CORE and 8
- [16.9 LICENSE FEES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-16-illinois-real-estate-licensing-law-4/topic/16-9-license-fees/) - Applicants for real estate licenses are subject to appropriate fees in addition to the testing fee paid to AMP when applying for the examination. The Illinois Real Estate License Act of 2000 provides for predetermined licensing fees. Initial Fees leasing license initial fee is $100. broker initial license fee is $150. managing broker initial fee
- [16.8 EXPIRATION AND RENEWAL](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-16-illinois-real-estate-licensing-law-4/topic/16-8-expiration-and-renewal/) - License expiration and renewal dates are established by rule, consistent with the Act; Licenses may be renewed - by paying required fees and meeting CE requirements—up to 90 days prior to expiration of the license. Brokers, managing brokers, and residential leasing agents may renew their expired licenses (provided they pay the necessary fees and meet
- [16.7 CHANGING OR LEAVING FIRMS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-16-illinois-real-estate-licensing-law-4/topic/16-7-changing-or-leaving-firms/) - Old BrokerWhen a licensee quits or the sponsoring broker or a designated managing broker terminates the licensee’s employment with the sponsoring broker for any reason, the licensee must obtain her license from the employing broker at whose firm it has been kept. The licensee can terminate their license on their own. Once a licensee
- [16.6 THE REAL ESTATE LICENSE](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-16-illinois-real-estate-licensing-law-4/topic/16-6-the-real-estate-license-4/) - After passing the state exam, the applicant is sent an email with their score and a formal application for licensure needs to be made to the state. An email will be sent immediately after application, allowing the individual to practice real estate immediately. A sponsoring broker is required to approve the application before a license
- [16.5 THE LICENSING EXAMINATION](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-16-illinois-real-estate-licensing-law-4/topic/16-5-the-licensing-examination-4/) - Requirements to take the State Exam Applicants are eligible to take the Residential Leasing Agent, Broker or Managing Broker examination only after they have met the education and age requirements: they must also be able to demonstrate that they have met the other requirements set out by the Illinois Real Estate License Act of 2000
- [16.4 OBTAINING AND KEEPING A REAL ESTATE LICENSE PART 2](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-16-illinois-real-estate-licensing-law-4/topic/16-4-obtaining-and-keeping-a-real-estate-license-part-2-4/) - Broker's License (Article 5) A broker is defined as any individual, partnership, limited liability company (LLC), corporation, or registered limited liability partnership other than a residential leasing agent who, for another and for compensation, whether in person or through any media or technology, or with the intention or expectation of receiving compensation, either directly or
- [16.3 OBTAINING AND KEEPING A REAL ESTATE LICENSE PART 1](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-16-illinois-real-estate-licensing-law-4/topic/16-3-obtaining-and-keeping-a-real-estate-license-part-1-4/) - Who Needs to Be Licensed? (Section 1-10) It is illegal for anyone to act as a broker, managing broker, sponsoring broker or residential leasing agent without a real estate license issued by the Department. Any broker who performs any of the following services, either directly or indirectly, whether in or through any media or technology,
- [16.2 ADMINISTRATION OF THE ILLINOIS REAL ESTATE LICENSE ACT](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-16-illinois-real-estate-licensing-law-4/topic/16-2-administration-of-the-illinois-real-estate-license-act-4/) - Division of Professional Regulation The Department, through the Division of Professional Regulation (DPR) has primary authority to administer the Illinois Real Estate License Act of 2000. It is also empowered to issue rules and regulations that implement and interpret the Act. The rules accompanying the Act are important to a full understanding of the Act's
- [16.1 ILLINOIS REAL ESTATE LAW](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-16-illinois-real-estate-licensing-law-4/topic/16-1-illinois-real-estate-law-4/) - The state of Illinois has enacted real estate laws since 1921. The purpose of Illinois Real Estate Licensing Laws is to regulate persons and entities engaged in real estate business for the protection of the public. Major changes were made in real estate license law with the Real Estate License Act of 2000. We
- [15.14 REGULATION OF THE RENTAL FINDING INDUSTRY](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-15-property-management-leasing-4/topic/15-14-regulation-of-the-rental-finding-industry/) - Rental-Finding Services A rental-finding service is any business that finds, attempts to find, or offers to find for any person for consideration a unit of rental real estate for a lessee, for a unit of rental real estate not owned or leased by the business. Any person or business entity that operates a rental-finding service
- [15.13 DISCHARGE OF LEASES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-15-property-management-leasing-4/topic/15-13-discharge-of-leases/) - A lease is discharged when the contract terminates. Termination can occur: when all parties have fully performed their obligations under the agreement. the parties may agree to cancel the lease. A tenant who simply abandons leased property remains liable for the terms of the lease including the rent. The terms of the lease will usually
- [15.12 LEASE AGREEMENTS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-15-property-management-leasing-4/topic/15-12-lease-agreements/) - Requirements of a Valid Lease A lease is a form of contract. To be valid, a lease must meet essentially the same requirements as any other contract: Capacity to contract - The parties must have the legal capacity to contract. Legal objectives - The objectives of the lease must be legal. Offer and acceptance -
- [15.11 TYPES OF LEASES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-15-property-management-leasing-4/topic/15-11-types-of-leases/) - Gross Lease In a gross lease, the tenant pays a fixed rent, and the landlord pays all taxes, insurance, repairs, utilities, and the like connected with the property (usually called property charges or operating expenses). This is typically the type of rent structure involved in apartment rentals. Letter of Intent for Commercial Purchase A letter
- [15.10 LEASES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-15-property-management-leasing-4/topic/15-10-leases/) - Leasing Real Estate A lease is a contract between an owner of real estate (the lessor) and a tenant (the lessee). it is a contract to transfer the lessor's rights to exclusive possession and use of the property to the tenant for a specified period of time. The landlord receives payment for use of the premises
- [15.9 RISK MANAGEMENT](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-15-property-management-leasing-4/topic/15-9-risk-management/) - The perils of any risk must be evaluated in terms of options. In considering the possibility of a loss, the property manager must decide whether it is better to: avoid risk, by removing the source of risk (for instance, a swimming pool may pose an unacceptable risk if a daycare center is located in the
- [15.8 THE AMERICANS WITH DISABILITIES ACT](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-15-property-management-leasing-4/topic/15-8-the-americans-with-disabilities-act/) - Title I of the ADA provides for the employment of qualified job applicants regardless of their disability. Any employer with 15 or more employees must adopt nondiscriminatory employment procedures. In addition, employers must make reasonable accommodations to enable individuals with disabilities to perform essential job functions. Title III of the ADA prohibits discrimination in
- [15.7 MAINTAINING THE PROPERTY](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-15-property-management-leasing-4/topic/15-7-maintaining-the-property/) - One of the most important functions of a property manager is the supervision of property maintenance. A manager must learn to balance services provided with their costs that is, to satisfy tenants' needs while minimizing operating expenses. To maintain the property efficiently, the manager must be able to assess the building's needs and how best
- [15.6 RENTING THE PROPERTY](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-15-property-management-leasing-4/topic/15-6-renting-the-property/) - Setting Rental Rates Rental rates are influenced primarily by supply and demand. The property manager should conduct a detailed survey of the competitive space available in the neighborhood, emphasizing similar properties. In establishing rental rates, the property manager has four long-term considerations: The rental income must be sufficient to cover the property's fixed charges and
- [15.5 THE MANAGEMENT PLAN AND AGREEMENT](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-15-property-management-leasing-4/topic/15-5-the-management-plan-and-agreement/) - The Management Plan Property management begins with a management plan prepared by the property manager. A management plan outlines the details of the owner's objectives with the property, as well as what the property manager expects to accomplish and how, including all financial objectives. In preparing a management plan, a property manager analyzes three factors:
- [15.4 NEW OPPORTUNITIES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-15-property-management-leasing-4/topic/15-4-new-opportunities/) - Community Association Management The prevalence of homeowners' and condominium associations, combined with complex planning and development codes, have placed new demands on property managers. Working as part of a team, property managers assist in providing a comprehensive array of services to volunteer boards. The Illinois Community Association Manager Licensing and Disciplinary Act was created: to
- [15.3 PROPERTY MANAGER’S RESPONSIBILITIES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-15-property-management-leasing-4/topic/15-3-property-managers-responsibilities-3/) - Financial Reports One of the primary responsibilities of a property manager is maintaining financial reports, including an operating budget, cash flow report, profit and loss statement, and budget comparison statement. Operating budget An operating budget is the projection of income and expense for the operation of a property over a one-year period. This budget, developed
- [15.2 THE PROPERTY MANAGER](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-15-property-management-leasing-4/topic/15-2-the-property-manager/) - In addition to leasing, managing, marketing, and overall maintenance of real estate owned by others, it is also expected that a property manager function as a market analyst, residential leasing agent, accountant, advertising specialist, and maintenance person all in the same day. In addition, the property manager frequently interacts with people in various professions, including
- [15.1 THE MANAGEMENT PROFESSION](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-15-property-management-leasing-4/topic/15-1-the-management-profession/) - Most metropolitan areas have local associations of building and property owners and managers that are affiliates of regional and national associations. All of these professional organizations provide information and contacts for all aspects of property management. Here is a list of some well-known associations: Building Owners and Managers Association International (BOMA): commercial real estate Building
- [14.11 PROFESSIONAL ETHICS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-14-fair-housing-4/topic/14-11-professional-ethics/) - Ethics refers to a high moral system of principles, rules, and standards based on conduct and values. The ethical system of a profession establishes guidelines that reach to the higher principles of what is "right." Those principles may form the law, but they exist apart from the law. Professional ethics in business usually focus on
- [14.10 IMPLICATIONS FOR REAL ESTATE LICENSEES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-14-fair-housing-4/topic/14-10-implications-for-real-estate-licensees/) - The real estate industry is largely responsible for creating and maintaining an open housing market. Licensees are a community's real estate experts. Along with the privilege of profiting from real estate transactions comes the social and legal responsibilities to ensure that everyone's civil rights are protected. Fair housing is the law. The consequences for anyone
- [14.9 ILLINOIS SEXUAL HARASSMENT LAW 775ILCS5/2-101(E)](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-14-fair-housing-4/topic/14-9-illinois-sexual-harassment-law-775ilcs5-2-101e/) - "Sexual harassment" means any unwelcome sexual advances or request for sexual favors or any conduct of a sexual nature when (1) submission to such conduct is made either explicitly or implicitly a term or condition of an individual's employment (2) submission to or rejection of such conduct by an individual is used as a basis
- [14.8 THE ILLINOIS HUMAN RIGHTS ACT](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-14-fair-housing-4/topic/14-8-the-illinois-human-rights-act-4/) - The Illinois Real Estate License Act of 2000 prohibits any action that constitutes a violation of the Illinois Human Rights Act. This is true regardless of whether a complaint has been filed with or adjudicated by the Human Rights Commission. The Illinois Human Rights Act includes some prohibitions that also are specifically addressed by the
- [14.7 AMERICANS WITH DISABILITIES ACT](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-14-fair-housing-4/topic/14-7-americans-with-disabilities-act/) - Although the Americans with Disabilities Act (ADA) is not a housing or credit law, it still has a significant effect on the real estate industry. The ADA is important to licensees because it addresses the rights of individuals with disabilities in employment and public accommodations. Real estate licensees are often employers, and real estate brokerage offices
- [14.6 EQUAL CREDIT OPPORTUNITY ACT](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-14-fair-housing-4/topic/14-6-equal-credit-opportunity-act/) - The federal Equal Credit Opportunity Act (ECOA) prohibits discrimination based on race, color, religion, national origin, sex, marital status, or age in the granting of credit. Note that ECOA protects more classes of persons than the Fair Housing Act. The ECOA bars discrimination on the basis of marital status and age. It also prevents lenders
- [14.5 ENFORCEMENT OF THE FAIR HOUSING ACT](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-14-fair-housing-4/topic/14-5-enforcement-of-the-fair-housing-act/) - The federal Fair Housing Act is administered by the Office of Fair Housing and Equal Opportunity (OFHEO) under the direction of the secretary of HUD. Any aggrieved person who believes illegal discrimination has occurred may file a complaint with HUD within one year of the alleged act. HUD may also initiate its own complaint. Complaints
- [14.4 FAIR HOUSING PRACTICES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-14-fair-housing-4/topic/14-4-fair-housing-practices/) - Blockbusting Blockbusting is the act of encouraging people to sell or rent their homes by claiming that the entry of a protected class of people into the neighborhood will have some sort of negative impact on property values. Any message, however subtle or accidental, that property should be sold or rented because the neighborhood is
- [14.3 HUD FAIR HOUSING DEFINITIONS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-14-fair-housing-4/topic/14-3-hud-fair-housing-definitions/) - When HUD investigates a licensee for discriminatory practices, it may consider failure to prominently display the equal housing opportunity poster in the licensee's place of business as evidence of discrimination. HUD FAIR HOUSING DEFINITIONS HUD's regulations provide specific definitions that clarify the scope of the Fair Housing Act. Housing The regulations define housing as a
- [14.2 FAIR HOUSING ACT](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-14-fair-housing-4/topic/14-2-fair-housing-act-4/) - Title VIII of the Civil Rights Act of 1968 prohibits discrimination in housing based on race, color, religion, and national origin. It also threw out the "Separate but Equal" provision. In 1974, the Housing and Community Development Act added sex to the list of protected classes. In 1988, the Fair Housing Amendments Act added disability
- [14.1 EQUAL OPPORTUNITY IN HOUSING](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-14-fair-housing-4/topic/14-1-equal-opportunity-in-housing-4/) - The civil rights laws that affect the real estate industry ensure that everyone has the opportunity to live where they choose. Federal, state, and local fair housing or equal opportunity laws affect every phase of a real estate transaction, from listing to closing. However, while the passage of laws may establish a code for public
- [13.24 TERMINATION OF BROKER EMPLOYMENT AGREEMENTS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-24-termination-of-broker-employment-agreements/) - A broker employment agreement is a contract between a broker and a seller or buyer. Its success depends on the broker's personal and professional efforts. Because broker services are unique, a broker cannot turn over the contract to another broker without the principal's written consent. The client cannot force the broker to perform, but the
- [13.23 THE BUYING PROCESS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-23-the-buying-process/) - When the buyers have found the right property, the next step is to prepare and negotiate an offer that will lead to a signed sales contract between the seller and the buyer. The buyer's broker must prepare a CMA to establish a price for the buyer to offer. Factors to take into consideration include: Property
- [13.22 BUYER AGENCY AGREEMENTS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-22-buyer-agency-agreements/) - Like a listing agreement, a buyer agency agreement is an employment contract. In this case, the broker is employed as the buyer's agent. The buyer, rather than the seller, is the principal. The purpose of the agreement is to find a suitable property. A buyer agency agreement gives the buyer a degree of representation possible
- [13.21 BROKER'S AUTHORITY AND RESPONSIBILITIES PART 2](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-21-brokers-authority-and-responsibilities-part-2/) - Termination of the contract A contract should provide some way for the parties to end it and under what circumstances will the contract terminate. In Illinois, if a listing agreement provides that, in the event of a default by a buyer, the broker's full commission or fees will be paid out of an earnest money
- [13.20 BROKER'S AUTHORITY AND RESPONSIBILITIES PART 1](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-20-brokers-authority-and-responsibilities-part-1/) - The contract should specify whether the broker may place a sign on the property and advertise and market the property or utilize social networking through Facebook or other similar sites. Another new major consideration, since the inception of Buyer Broker Representation in Illinois, is whether the broker is permitted to authorize buyers' broker’s marketing efforts
- [13.19 THE LISTING AGREEMENT](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-19-the-listing-agreement/) - In Illinois, the listing contracts most commonly in use are prepared by local REALTOR® associations and their attorneys. These forms may vary slightly from area to area. Illinois law requires that the following disclosures be included with listing contracts. Disclosure of material facts - A broker must not withhold material facts concerning a property of
- [13.18 THE LISTING PROCESS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-18-the-listing-process/) - Measuring Structure and room count It is important to understand when it comes to measuring a property, there is no one size fits all method employed by appraisers, real estate agents, lender, or government units. To varying degrees, guidelines define Gross Living Area (GLA). Fannie Mae, HUD/FHA guidelines do not include basements/below grade, unfinished areas,
- [13.17 TERMINATION OF LISTING AGREEMENTS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-17-termination-of-listing-agreements/) - Because the licensee's services are unique, a brokerage agreement cannot be assigned to another licensee without the principal's written consent. The property owner cannot force the licensee to perform, but the licensee's failure to work diligently toward fulfilling the contract's terms constitutes a breach of the listing agreement. If the licensee cancels the listing, the
- [13.16 SPECIAL LISTING PROVISIONS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-16-special-listing-provisions/) - Multiple listing A multiple listing clause may be included in an exclusive listing. It is used by licensees who are members of a multiple listing service (MLS). An MLS is an information/ marketing organization whose members make their listings available for showing and sale through all the other member licensees. An MLS offers advantages to
- [13.15 TYPES OF LISTING AGREEMENTS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-15-types-of-listing-agreements/) - Exclusive-right-to-sell listing agreements In an exclusive-right-to-sell listing, one broker is appointed as the seller's sole agent. The listing broker is given the exclusive right or authorization to market the seller's property. If the property is sold while the listing is in effect, the seller must pay the broker a commission regardless of who sells the property:
- [13.14 BROKERAGE AGREEMENTS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-14-brokerage-agreements/) - Brokerage agreements are employment contracts for the personal professional services of the sponsoring broker, not for the transfer of real estate. The various types of brokerage agreements establish the basic relationship between the parties and provide different levels of rights and responsibilities for the sponsoring broker. Perhaps most important, brokerage agreements address the essential questions
- [13.13 STATE LICENSE LAWS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-13-state-license-laws/) - All 50 states, the District of Columbia, and all Canadian provinces license and regulate the activities of real estate professionals. While the laws share a common purpose, the details vary from state to state. Real estate license laws have been enacted to protect the public by ensuring a standard of competence and professionalism in the
- [13.12 OTHER CONSUMER PROTECTION MEASURES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-12-other-consumer-protection-measures/) - National Do Not Call Registry In 2003, the Federal Communications Commission (FCC) established the National Do Not Call Registry. The registry is a list of phone numbers of consumers who do not want to be contacted by commercial telemarketers. It is managed by the FTC and is enforced by the FTC, the FCC, and state
- [13.11 TECHNOLOGY AND BROKERAGE OF THE FUTURE](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-11-technology-and-brokerage-of-the-future/) - Social networking sites such as Facebook, Linkedln, YouTube, and Twitter are becoming increasingly useful in business, and the real estate industry is no different. Recognizing the value and pervasiveness of these sites, sponsoring brokers should set out clear guidelines in policy manuals and brokerage agreements to permit and guide the use of these technologies by
- [13.10 SALES FORCE COMPENSATION](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-10-sales-force-compensation/) - The amount of compensation a licensee receives from a sale is set by mutual agreement between the affiliated licensees and their sponsoring brokers. This compensation agreement is included in the employment agreement. Some sponsoring brokers require that licensees pay all or part of the expenses of advertising listed properties; this may be subtracted from commissions
- [13.9 SPONSORING BROKER COMPENSATION – COMMISSION](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-9-sponsoring-broker-compensation-commission/) - The sponsoring broker's compensation is specified in the contract with the client. The amount of a broker's commission is negotiable in every case. Even subtle attempts to impose uniform commission rates are clearly a violation of antitrust laws. A sponsoring broker, however, may set the minimum commission rate acceptable for his own company. Commissions Only
- [13.8 TEAMS OF BROKERS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-8-teams-of-brokers/) - Illinois real estate laws do not currently define the concept of a team, although the laws that define activities that require a real estate license in Illinois apply to them. A licensed team member must have a written employment contract/independent contractor agreement with the sponsoring broker. Teams Team - now defined team as any two
- [13.7 TERMINATION OF SPONSORSHIP](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-7-termination-of-sponsorship/) - If a broker or a residential leasing agent terminates employment with the sponsoring broker for any reason, the licensee must obtain his license from the sponsoring broker, or designated managing broker, if so designated by the sponsoring broker. The licensee can terminate their license on their own. Once a licensee terminates their sponsorship with their
- [13.6 SPONSORED LICENSEES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-6-sponsored-licensees/) - Article 5, Section 5-26 of the Real Estate License Act of 2000, states that "no new salesperson licenses shall be issued after April 30, 2011, and all existing salesperson licenses shall terminate on May 1, 2012." After April 30, 2012, only two types of licenses will be issued: broker and managing broker. Both brokers and
- [13.5 ERRORS AND OMISSIONS INSURANCE](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-5-errors-and-omissions-insurance/) - Sponsoring broker or designated managing brokers have an array of issues and options to consider when deciding to obtain an errors and omissions insurance (E & O) policy. In general, they need to determine what level of protection to seek in the policy and how to tailor the coverage to their sponsoring/managing practice. Because insurance policies
- [13.4 PLANNING](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-4-planning/) - Planning is the most fundamental management activity. Almost every business decision is guided by a business plan. Planning takes time and money; however, the resources devoted to planning are relatively small in comparison to the benefits of a sound plan that is followed and reviewed often. It is useful for building credibility with others outside
- [13.3 THE DESIGNATED MANAGING BROKER](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-3-the-designated-managing-broker/) - A designated managing broker has taken additional courses and received a managing broker license. A sponsoring broker may also be the designated managing broker of an office or may appoint a managing broker to serve as the designated managing broker of several offices, or different designated managing brokers may be responsible for an individual office
- [13.2 THE SPONSORING BROKER](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-2-the-sponsoring-broker/) - By Section 1450.100 definition, the sponsoring broker is the entity holding the company real estate license, whether the entity is an individual who operates as a sole proprietorship, partnership, limited liability company, corporation, or registered limited liability partnership. A sponsoring broker may be self-sponsored. There may be only one sponsoring broker for any one real estate company. A sponsoring broker may authorize a designated managing broker to issue a license
- [13.1 REAL ESTATE BROKERAGE OPERATIONS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-4/topic/13-1-real-estate-brokerage-operations-4/) - A brokerage business may take many forms. It may be a sole proprietorship (a single-owner company), a corporation, or a partnership. The office may be independent or part of a regional or national franchise. The business may consist of a single office or multiple branches. The brokerage office may be located in a downtown high rise,
- [12.7 ADDITIONAL PROVISIONS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-12-contract-law-4/topic/12-7-additional-provisions-4/) - Many sales contracts provide for the following: Any personal property to be left with the premises for the purchaser (such as major appliances or lawn and garden equipment) Any real property to be removed by the seller before the closing (such as a storage shed) The transfer of any applicable warranties on items such as
- [12.6 CONTRACTS USED IN THE REAL ESTATE BUSINESS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-12-contract-law-4/topic/12-6-contracts-used-in-the-real-estate-business-4/) - Background For many years, all real estate contracts were in paper form, and various laws and customs dictated that most Real Estate Contracts had to be written (hard copies or paper copies) to be valid or enforceable in court (See Agency). However, our technology advancements have progressed to the point that we can transmit documents
- [12.5 DISCHARGE OF CONTRACTS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-12-contract-law-4/topic/12-5-discharge-of-contracts-4/) - Performance of a Contract Many contracts call for a specific time by which the agreed-on acts must be completely performed. In addition, many contracts provide that time is of the essence. This means that the contract must be performed within the time limit specified. A party who fails to perform on time is liable for
- [12.4 VALIDITY OF CONTRACTS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-12-contract-law-4/topic/12-4-validity-of-contracts-4/) - A contract can be described as valid, void, voidable, or unenforceable, depending on the circumstances. A contract is valid when it meets all the essential elements that make it legally sufficient or enforceable. A contract is void when it has no legal force or effect because it lacks some or all of the essential elements
- [12.3 ESSENTIAL ELEMENTS OF A VALID CONTRACT](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-12-contract-law-4/topic/12-3-essential-elements-of-a-valid-contract-4/) - A contract must meet certain minimum requirements to be considered legally valid. The following are the basic essential elements of a contract: Offer and acceptance (mutual assent) There must be an offer by one party that is accepted by the other party. The person who makes the offer is the offeror. The person who accepts the
- [12.2 ENFORCEABLE CONTRACTS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-12-contract-law-4/topic/12-2-enforceable-contracts-4/) - A contract may be enforceable in two ways: Enforceable between the parties - This is our everyday contract which we make with family, friends, co-workers. It depends on the good will of the parties for the contract to be carried out. If one party does not abide by the contract, the injured party cannot enforce
- [12.1 CONTRACT DEFINITION](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-12-contract-law-4/topic/12-1-contract-definition-4/) - A contract is a voluntary agreement or promise between legally competent parties, supported by legal consideration, to perform (or refrain from performing) some legal act. That definition may be easier to understand if its various parts are examined separately. A contract must be voluntary - no one may be forced into a contract, an agreement or
- [11.9 CUSTOMER-LEVEL SERVICES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-11-real-estate-agency-4/topic/11-9-customer-level-services/) - An agent's primary responsibility is to the principal, and Illinois courts have long held that the contractual principal-agent relationship as defined in a listing agreement or buyer agency agreement gives the seller or buyer a cause of action against the licensee who breaches her fiduciary duties to the client. The courts have not demanded fiduciary
- [11.8 TYPES OF AGENCY RELATIONSHIPS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-11-real-estate-agency-4/topic/11-8-types-of-agency-relationships/) - Limitations on an Agent's Authority A universal agent is a person empowered to do anything the principal could do personally. The universal agent's authority to act on behalf of the principal is virtually unlimited. In Illinois, a written power of attorney is required to create a universal agency. A general agent may represent the principal in a
- [11.7 TERMINATION OF AGENCY](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-11-real-estate-agency-4/topic/11-7-termination-of-agency/) - An agency may be terminated for any of the following reasons: Death or incapacity of either party Destruction or condemnation of the property Expiration of the terms of the agency Mutual agreement by all parties to the contract Breach by one of the parties, in which case the breaching party might be liable for damages,
- [11.6 CREATION OF AGENCY](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-11-real-estate-agency-4/topic/11-6-creation-of-agency-4/) - An agency relationship may be based on a formal agreement between the parties, an express agency, or it may result from the parties' behavior, an implied agency. Express agency The principal and agent may enter into a contract, or an express agreement, in which the parties formally express their intention to establish an agency and
- [11.5 STIGMATIZED PROPERTIES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-11-real-estate-agency-4/topic/11-5-stigmatized-properties-4/) - Stigmatized properties are those properties that society has branded undesirable because of events that occurred there. Stigma is the continuing negative association with or feeling about the property. Article 15 of the Real Estate License Act of 2000 states that in dealing with specific situations related to disclosure, "no cause of action shall arise against
- [11.4 LATENT DEFECTS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-11-real-estate-agency-4/topic/11-4-latent-defects-4/) - The seller has a duty to disclose any known latent defects that threaten structural soundness or personal safety. A structural defect that would not normally be uncovered over the course of an ordinary inspection (due to the placement or type of defect, for instance) is referred to as a latent defect. Buyers have been able
- [11.3 OPINION VERSUS FACT](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-11-real-estate-agency-4/topic/11-3-opinion-versus-fact-4/) - Real estate licensees and other staff members must always be careful about the statements they make. They must be sure that the customer understands whether the statement is an opinion or a fact. Statements of opinion are permissible only as long as they are offered as opinions and without any intention to deceive. Statements of
- [11.2 FIDUCIARY/STATUTORY RESPONSIBILITIES](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-11-real-estate-agency-4/topic/11-2-fiduciary-statutory-responsibilities-2/) - Fiduciary/Statutory Responsibilities The agency agreement usually authorizes the real estate licensee to act for the principal. The agent's fiduciary relationship of trust and confidence means that the real estate licensee owes the principal certain duties. These duties were not simply moral or ethical; they formed the common law of agency and now are the basis for
- [2.2 FORMS OF REAL ESTATE OWNERSHIP PART 2](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-2-ownership-interests-and-encumbrances-4/topic/2-2-forms-of-real-estate-ownership-part-2/) - Tenancy by the Entirety – Special Joint Tenancy for Married Couples Illinois allows husbands and wives to use a special form of co-ownership called tenancy by the entirety for their personal residence. Tenancy by the entirety is recognized in Illinois In this form of ownership, each spouse has an equal, undivided interest in the property. A
- [2.1 FORMS OF REAL ESTATE OWNERSHIP PART 1](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-2-ownership-interests-and-encumbrances-4/topic/2-1-forms-of-real-estate-ownership-part-1/) - Although the forms of ownership available are controlled by state laws, a fee simple estate may be held in three basic ways: In severalty, where title is held by one individual In co-ownership, where title is held by two or more individuals In trust, where a third individual holds title for the benefit of another
- [1.11 FEDERAL FLOOD INSURANCE PROGRAM](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-1-introduction-to-real-estate-property/topic/1-11-federal-flood-insurance-program/) - Homeowners' insurance policies always exclude floods, so flood coverage must always be purchased as a totally separate policy. The National Flood Insurance Act of 1968 was enacted by Congress to help owners of property in flood-prone areas by subsidizing flood insurance and by taking land-use and land-control measures to improve future management for floodplain areas.
- [1.9 HOME OWNERSHIP](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-1-introduction-to-real-estate-property/topic/1-9-home-ownership/) - HOME OWNERSHIP Ownership Expenses and Ability to Pay Homeownership involves many expenses, including utilities (such as electricity, natural gas, and water), trash removal, sewer charges, and maintenance and repairs. Owners also must pay real estate taxes and buy private mortgage insurance, and they must repay the mortgage loan with interest. This is what lenders refer
- [1.8 LAWS AFFECTING REAL ESTATE](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-1-introduction-to-real-estate-property/topic/1-8-laws-affecting-real-estate-3/) - LAWS AFFECTING REAL ESTATE Seven Sources of Law 1. United States Constitution 2. Laws passed by Congress 3. Rules of the regulatory agencies 4. State constitutions 5. State statutes 6. Local ordinances 7. Common law The unique nature of real estate has given rise to an equally unique set of laws and rights. Even the
- [1.7 CHARACTERISTICS OF REAL ESTATE](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-1-introduction-to-real-estate-property/topic/1-7-characteristics-of-real-estate-3/) - ECONOMIC CHARACTERISTICS Scarcity We usually do not consider land a rare commodity, but only a quarter of the earth's surface is dry land; the rest is water. The total available supply of land is not limitless. While a considerable amount of land remains unused or uninhabited, the supply in a given location is generally considered
- [1.6 OWNERSHIP OF REAL PROPERTY](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-1-introduction-to-real-estate-property/topic/1-6-ownership-of-real-property-4/) - Traditionally, ownership of real property is described as a BUNDLE OF LEGAL RIGHTS. In other words, a purchaser of real estate actually buys the rights of ownership held by the seller. These rights include the rights of: POSSESSION CONTROL ENJOYMENT EXCLUSION DISPOSITION The concept of a bundle of rights comes from old English law. In
- [1.5 LAND, REAL ESTATE, AND REAL PROPERTY](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-1-introduction-to-real-estate-property/topic/1-5-land-real-estate-and-real-property-4/) - LAND Land is defined as THE EARTH'S SURFACE EXTENDING DOWNWARD TO THE CENTER OF THE EARTH AND UPWARD TO INFINITY. Land includes not only the surface of the earth but also the underlying soil. Land also refers to objects that are naturally attached to the earth's surface, such as boulders and plants. Land includes the
- [1.4 THE REAL ESTATE MARKET](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-1-introduction-to-real-estate-property/topic/1-4-the-real-estate-market-4/) - Supply and Demand The forces of supply and demand in the market determine how prices for goods and services are set. Greater supply means producers need to attract more buyers, so they lower prices. Greater demand means producers can raise their prices because buyers compete for the product. Supply and demand in the real estate market Two
- [1.3 TYPES OF REAL PROPERTY](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-1-introduction-to-real-estate-property/topic/1-3-types-of-real-property-4/) - Just as there are areas of specialization within the real estate industry, there are different types of property in which to specialize. Real estate can be classified as: RESIDENTIAL - single-family or multifamily housing, in urban, suburban, or rural areas, COMMERCIAL - office space, shopping centers, stores, theaters, hotels, and parking facilities, INDUSTRIAL- warehouses, factories,
- [1.2 PROFESSIONAL ORGANIZATIONS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-1-introduction-to-real-estate-property/topic/1-2-professional-organizations-4/) - National Association of REALTORS® (NAR) is the largest real estate organization. Its website is www.realtor.org. The NAR sponsors various affiliated organizations that offer professional designations to brokers, managing brokers, and other professionals who complete required courses in areas of special interest. Members subscribe to a Code of Ethics and are entitled to be known as REALTORS®
- [1.1 THE REAL ESTATE BUSINESS](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-1-introduction-to-real-estate-property/topic/1-1-the-real-estate-business-4/) - Brokerage Brokerage is the business of bringing people together in a real estate transaction. A real estate licensee acts as a point of contact between two or more people in negotiating the sale, purchase, or rental of property. Appraisal Appraisal is the process of estimating a property's market value based on established methods and the
- [GENERAL STRUCTURE OF THE QUESTIONS](https://realestateschoolchicago.com/courses/online9thedition/modules/introduction-4/topic/general-structure-of-the-questions/) - Multiple Choice Questions The questions on the exam for the Illinois Real Estate Broker License are multiple-choice. This is an advantage for the person taking the exam because the answer is provided for each question. As a result, reasonably intense study will provide enough familiarity with this material to answer a large number of questions
- [EFFECTIVE LEARNING METHODS](https://realestateschoolchicago.com/courses/online9thedition/modules/introduction-4/topic/effective-learning-methods/) - Bold Type — Take Notes Key information is highlighted in bold type. As a key learning tool, write these items down in your personal learning notebook. Underlined Bold Type — Highlight Notes Underlined and bold items are likely to be subjects of questions in the State Exam. Highlight these items in your personal learning notebook.
- [NUMBER OF QUESTIONS FOR THE STATE BROKER PORTION](https://realestateschoolchicago.com/courses/online9thedition/modules/introduction-4/topic/number-of-questions-for-the-state-broker-portion/) - Online Course INTRODUCTION NUMBER OF QUESTIONS FOR THE STATE BROKER PORTION Licensing Requirements10Laws and Rules Regulating Real Estate Practice20Disclosures10 Types Of Questions In The State Broker ExamIn addition, all items will be classified according to the cognitive level that is expected to be required for the entry-level candidate to appropriately respond to the item. The cognitive
- [2024 ILLINOIS STATE EXAMINATION OUTLINE](https://realestateschoolchicago.com/courses/online9thedition/modules/introduction-4/topic/2020-illinois-state-examination-outline/) - Online Course INTRODUCTION 2024 ILLINOIS STATE EXAMINATION OUTLINE The content outline for the state portions of the examinations has been approved by the Illinois Department of Financial and Professional Regulation. This portion tests knowledge areas that are required specifically for the Illinois real estate professional. 1. License RequirementsA. License ExemptionsB. Activities requiring a licenseC. Types of
- [2024 NATIONAL REAL ESTATE BROKER EXAMINATION DETAILED CONTENT OUTLINE](https://realestateschoolchicago.com/courses/online9thedition/modules/introduction-4/topic/2020-national-real-estate-broker-examination-detailed-content-outline/) - Online Course INTRODUCTION 2024 NATIONAL REAL ESTATE BROKER EXAMINATION DETAILED CONTENT OUTLINE Property Ownership (10%) A. Real versus personal property; conveyances Land characteristics and legal descriptions Metes and bounds method of legal property descriptionLot and block (recorded plat) method of legal property descriptionGovernment survey (rectangular survey) method of legal property descriptionMeasuring structuresLand MeasurementEncumbrances and effects on property
- [INFORMATION ABOUT THE STATE REAL ESTATE BROKER EXAM](https://realestateschoolchicago.com/courses/online9thedition/modules/introduction-4/topic/information-about-the-state-real-estate-broker-exam/) - Online Course INTRODUCTION INFORMATION ABOUT THE STATE REAL ESTATE BROKER EXAM PSI provides a candidate’s handbook that contains your exam application. It is available at https://realestateschoolchicago.com/wp-content/uploads/2024/06/PSI-Candidate-Handbook.pdf and provides you with specific information regarding your state exam. Please read it carefully. This guide was written to be a streamlined review of the material presented in the classroom.
- [PSI Testing](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/information-about-the-state-real-estate-residential-leasing-agent-exam/topic/psi-testing/) - PSI provides a candidate's handbook that contains information about your exam application. It is available at https://realestateschoolchicago.com/wp-content/uploads/2024/06/PSI-Candidate-Handbook.pdf and provides you with specific information regarding your state exam. Please read it carefully. This guide was written to be a streamlined review of the material presented in the classroom. More in-depth information about each subject is contained in
- [16.8 EXPIRATION AND RENEWAL](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-16-illinois-real-estate-licensing-law-5/topic/16-8-expiration-and-renewal-2/) - License expiration and renewal dates are established by rule, consistent with the Act; Licenses may be renewed – by paying required fees and meeting CE requirements—up to 90 days prior to expiration of the license. Brokers, managing brokers, and residential leasing agents may renew their expired licenses (provided they pay the necessary fees and meet the continuing education and other requirements) for up
- [16.18 CHAPTER 16 REVIEW VIDEO](https://realestateschoolchicago.com/courses/state-exam-study-course/modules/chapter-16-illinois-real-estate-licensing-law-6/topic/16-21-chapter-16-review-video/)
- [16.17 THE REAL ESTATE RECOVERY FUND](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/topic/16-20-the-real-estate-recovery-fund-3/) - The Real Estate Recovery Fund provides a means of compensation for actual monetary losses (as opposed to losses in market value) suffered by any person as a result of actions by a licensee or a licensee’s unlicensed employee: a violation of the Real Estate License Act of 2000, its rules and regulations, act of embezzlement of money or property, obtaining money or property by:
- [16.16 DISCIPLINARY PROVISIONS AND LOSS OF LICENSE PART 3](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/topic/16-19-disciplinary-provisions-and-loss-of-license-part-3-3/) - Any person providing or offering to provide real estate services, or who is licensed or claims to be licensed under the Act, may be investigated by the Department. At least 30 days before the date of a hearing set for examination of such an issue, and prior to taking any disciplinary action (including but not limited to
- [16.15 DISCIPLINARY PROVISIONS AND LOSS OF LICENSE PART 2](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/topic/16-16-disciplinary-provisions-and-loss-of-license-part-2/) - Discrimination Licensee guilty of discrimination (Section 20-50) If there has been a civil or criminal trial in which a licensee has been found to have engaged in illegal discrimination in the course of a licensed activity, the Department must suspend or revoke the licensee’s license unless the adjudication is in appeal. Similarly, if an administrative agency finds that
- [16.14 DISCIPLINARY PROVISIONS AND LOSS OF LICENSE PART 1](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/topic/16-15-disciplinary-provisions-and-loss-of-license-part-1/) - The Real Estate License Act of 2000 lists specific violations for which licensees may be subject to discipline. The Department is authorized to impose the following disciplinary penalties: Refuse to issue or renew any license Suspend or revoke any license Censure or reprimand a licensee Place a licensee on probation Impose a civil penalty of
- [16.13 COMPENSATION AND BUSINESS PRACTICE](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/topic/16-14-compensation-and-business-practice/) - Section 10-5: A licensee may not receive compensation from anyone other than her sponsoring broker. In turn, sponsoring brokers may compensate only licensees whom they personally sponsor (including licensed brokers working as personal assistants). The one exception is a former licensee now working for another sponsoring broker but who is due a commission from work completed while
- [16.7 LICENSE FEES & CONTINUING EDUCATION](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-16-illinois-real-estate-licensing-law-3/topic/16-7-license-fees-3/) - Applicants for real estate licenses are subject to appropriate fees in addition to the testing fee paid to AMP when applying for the examination. The Illinois Real Estate License Act of 2000 provides for predetermined licensing fees. Initial Fees the leasing license initial fee is $100. broker initial license fee is $150. Managing broker initial
- [16.12 YOUR REAL ESTATE BUSINESS AND THE ACT PART 4](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-16-illinois-real-estate-licensing-law-3/topic/16-12-your-real-estate-business-and-the-act-part-4-3/) - Advertising Regulations (Section 10-30) Advertising is expanded to include social media and digital forums. A sponsoring broker must include her business name and franchise affiliation in all advertisements. The Sponsoring Broker’s name shall be at least equal in size or larger than the team names or that of the individual licensee Blind ads are prohibited.
- [16.6 THE REAL ESTATE LICENSE](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-16-illinois-real-estate-licensing-law-5/topic/16-6-the-real-estate-license-5/) - After passing the state exam, the applicant is sent an email with their score and a formal application for licensure needs to be made to the state. An email will be sent immediately after application, allowing the individual to practice real estate immediately. A sponsoring broker is required to approve the application before a license will
- [16.2 ADMINISTRATION OF THE ILLINOIS REAL ESTATE LICENSE ACT](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-16-illinois-real-estate-licensing-law-5/topic/16-2-administration-of-the-illinois-real-estate-license-act-5/) - Division of Professional Regulation The Department, through the Division of Professional Regulation (DPR) has primary authority to administer the Illinois Real Estate License Act of 2000. It is also empowered to issue rules and regulations that implement and interpret the Act. The rules accompanying the Act are important to a full understanding of the Act’s implications and applications. The
- [16.11 YOUR REAL ESTATE BUSINESS AND THE ACT PART 3](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-16-illinois-real-estate-licensing-law-3/topic/16-11-your-real-estate-business-and-the-act-part-3-3/) - Handling Client Funds (Section 20-20) Licensees should immediately provide any earnest money checks to their sponsoring broker for proper deposit in a special account. The Act states that the sponsoring broker's escrow account is to be noninterest-bearing, "unless the character of the deposit is such that payment of interest thereon is otherwise required by law
- [16.10 YOUR REAL ESTATE BUSINESS AND THE ACT PART 2](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-16-illinois-real-estate-licensing-law-3/topic/16-10-your-real-estate-business-and-the-act-part-2-3/) - Section 15-25 deals with a licensee's treatment of customers. A licensee shall "treat all customers honestly and shall not negligently or knowingly give them false information." Ministerial acts are permitted. Section 15-40 clearly states that compensation does not determine agency. Dual Agency Disclosure Informed written consent is required of both buyer and seller for dual
- [2024 ILLINOIS STATE EXAMINATION OUTLINE](https://realestateschoolchicago.com/courses/online-modules/modules/introduction-6/topic/2020-illinois-state-examination-outline-2/) - The content outline for the state portions of the examinations has been approved by the Illinois Department of Financial and Professional Regulation. This portion tests knowledge areas that are required specifically for the Illinois real estate professional. 1. License Requirements A. License exemptions B. Activities requiring a license C. Types of licenses 1. Broker 2.
- [INFORMATION ABOUT THE STATE REAL ESTATE BROKER EXAM](https://realestateschoolchicago.com/courses/online-modules/modules/introduction-6/topic/information-about-the-state-real-estate-broker-exam-2/) - PSI provides a candidate’s handbook that contains your exam application. It is available at https://realestateschoolchicago.com/wp-content/uploads/2024/06/PSI-Candidate-Handbook.pdf and provides you with specific information regarding your state exam. Please read it carefully. This guide was written to be a streamlined review of the material presented in the classroom. More in-depth information about each subject is contained in the textbook.
- [Test Prep Video](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-17-general-math-problem-categories-2/topic/math-test-prep-video-2/)
- [Chapter 16 Review Video](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-16-illinois-real-estate-licensing-law-5/topic/chapter-16-review-video-2/)
- [Chapter 15 Review Video](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-15-property-management-leasing-5/topic/chapter-15-review-video-2/)
- [Chapter 14 Review Video](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-14-fair-housing-5/topic/chapter-14-review-video-2/)
- [Chapter 13 Review Video](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/chapter-13-review-video-2/)
- [Chapter 12 Review Video](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-12-contract-law-5/topic/chapter-12-review-video-2/)
- [Chapter 11 Review Video](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-11-real-estate-agency-5/topic/chapter-11-review-video-2/)
- [Chapter 10 Review Video](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-10-real-estate-closings-5/topic/chapter-10-review-video-2/)
- [Chapter 9 Review Video](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-9-title-transfer-and-records-5/topic/chapter-9-review-video-2/)
- [Chapter 8 Review Video](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-8-environmental-issues-5/topic/chapter-8-review-video-2/)
- [Chapter 6 Review Video](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-6-real-estate-financing-5/topic/chapter-6-review-video-2/)
- [Chapter 7 Review Video](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-7-real-estate-appraisal-5/topic/chapter-7-review-video-2/)
- [Chapter 5 Review Video](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-5-liens-5/topic/chapter-5-review-video-2/)
- [Chapter 4 Review Video](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-4-legal-description-of-land-5/topic/chapter-4-review-video-2/)
- [Chapter 3 Review Video](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-3-land-use-controls-5/topic/chapter-3-review-video-2/)
- [Chapter 2 Review Video](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-2-ownership-interests-and-encumbrances-5/topic/chapter-2-review-video-2/)
- [Chapter 1 Review Video](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-1-introduction-to-real-estate-property-2/topic/chapter-1-review-video-2/)
- [16.12 YOUR REAL ESTATE BUSINESS AND THE ACT PART 2](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-16-illinois-real-estate-licensing-law-5/topic/16-12-your-real-estate-business-and-the-act-part-2-2/) - Section 15-25 deals with a licensee’s treatment of customers. A licensee shall “treat all customers honestly and shall not negligently or knowingly give them false information.” Ministerial acts are permitted. Section 15-40 clearly states that compensation does not determine agency. Dual Agency Disclosure Informed written consent is required of both buyer and seller for dual agency under Section 15-45 of the Act.
- [16.10 CONTINUING EDUCATION](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-16-illinois-real-estate-licensing-law-5/topic/16-10-continuing-education-2/) - Continuing Education Hours — Requirements Residential Leasing Agent — 8 hours of continuing education in the core curriculum for each 2-year renewal period Broker — 12 hours each 2-year renewal. 4-Hour CORE and 8 Hours of Elective – one hour of elective must include Sexual Harassment Prevention Training Managing Broker — 6-Hour CORE and 8
- [16.9 LICENSE FEES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-16-illinois-real-estate-licensing-law-5/topic/16-9-license-fees-2/) - Applicants for real estate licenses are subject to appropriate fees in addition to the testing fee paid to AMP when applying for the examination. The Illinois Real Estate License Act of 2000 provides for predetermined licensing fees. Initial Fees leasing license initial fee is $100. broker initial license fee is $150. managing broker initial fee
- [15.10 LEASES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-15-property-management-leasing-5/topic/15-10-leases-2/) - Leasing Real Estate A lease is a contract between an owner of real estate (the lessor) and a tenant (the lessee). it is a contract to transfer the lessor’s rights to exclusive possession and use of the property to the tenant for a specified period of time. The landlord receives payment for use of the premises and retains a reversionary right to possession after the lease term expires. The lessor’s
- [13.22 BUYER AGENCY AGREEMENTS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-22-buyer-agency-agreements-2/) - Like a listing agreement, a buyer agency agreement is an employment contract. In this case, the broker is employed as the buyer’s agent. The buyer, rather than the seller, is the principal. The purpose of the agreement is to find a suitable property. A buyer agency agreement gives the buyer a degree of representation possible only in a fiduciary relationship. A buyer’s broker must protect the
- [13.6 SPONSORED LICENSEES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-6-sponsored-licensees-2/) - Article 5, Section 5-26 of the Real Estate License Act of 2000, states that “no new salesperson licenses shall be issued after April 30, 2011, and all existing salesperson licenses shall terminate on May 1, 2012.” After April 30, 2012, only two types of licenses will be issued: broker and managing broker. Both brokers and managing brokers can
- [12.2 ENFORCEABLE CONTRACTS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-12-contract-law-5/topic/12-2-enforceable-contracts-5/) - A contract may be enforceable in two ways: Enforceable between the parties – This is our everyday contract which we make with family, friends, co-workers. It depends on the good will of the parties for the contract to be carried out. If one party does not abide by the contract, the injured party cannot enforce the contract in
- [11.6 CREATION OF AGENCY](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-11-real-estate-agency-5/topic/11-6-creation-of-agency-5/) - An agency relationship may be based on a formal agreement between the parties, an express agency, or it may result from the parties’ behavior, an implied agency. Express agency The principal and agent may enter into a contract, or an express agreement, in which the parties formally express their intention to establish an agency and state its
- [9.6 TRANSFER OF PROPERTY THROUGH A WILL](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-9-title-transfer-and-records-5/topic/9-6-transfer-of-property-through-a-will-5/) - Transfer of Property Through a Will A person who dies testate (with a will) has prepared a will indicating how his/her property should be handled. Transfer of Property After Death — No Will — Have Heirs In contrast, when a person dies intestate (without a will), real estate and personal property pass to the decedent's
- [7.4 THE THREE APPROACHES TO VALUE part 2](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-7-real-estate-appraisal-5/topic/7-4-the-three-approaches-to-value-part-2-2/) - The Cost Approach The cost approach to value also is based on the principle of substitution. The cost approach consists of five steps: Estimate the value of the land as if it were vacant and available to be put to its highest and best use. Estimate the current cost of constructing the buildings and improvements. Estimate the amount of accrued depreciation resulting from
- [2.10 CONDOMINIUMS, COOPERATIVES, TOWN HOUSES, AND TIME-SHARES PART 1](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-2-ownership-interests-and-encumbrances-5/topic/2-10-condominiums-cooperatives-town-houses-and-time-shares-part-1-2/) - Two Types of Ownership in a Condominium The owner of each unit holds a fee simple title to the air space described by the 3D survey. The individual unit owners also own a specified share of the undivided interest in the remainder of the building and land, known as the common elements, as Tenant in Common. Common Elements include: land, courtyards, lobbies, the exterior structure, hallways, elevators, stairways, roof, recreational facilities. As such, each
- [13.22 BUYER AGENCY AGREEMENTS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-22-buyer-agency-agreements-3/) - Like a listing agreement, a buyer agency agreement is an employment contract. In this case, the broker is employed as the buyer’s agent. The buyer, rather than the seller, is the principal. The purpose of the agreement is to find a suitable property. A buyer agency agreement gives the buyer a degree of representation possible only in a fiduciary relationship. A buyer’s broker must protect the
- [16.14 DISCIPLINARY PROVISIONS AND LOSS OF LICENSE PART 2](https://realestateschoolchicago.com/topic/16-14-disciplinary-provisions-and-loss-of-license-part-2/) - Disciplinary Procedures Any person providing or offering to provide real estate services, or who is licensed or claims to be licensed under the Act, may be investigated by the Department. At least 30 days before the date of a hearing set for examination of such an issue, and prior to taking any disciplinary action (including
- [16.13 DISCIPLINARY PROVISIONS AND LOSS OF LICENSE PART 1](https://realestateschoolchicago.com/topic/16-13-disciplinary-provisions-and-loss-of-license-part-1/) - The Real Estate License Act of 2000 lists specific violations for which licensees may be subject to discipline. The Department is authorized to impose the following disciplinary penalties: Refuse to issue or renew any license Suspend or revoke any license Censure or reprimand a licensee Place a licensee on probation Impose a civil penalty of
- [16.12 YOUR REAL ESTATE BUSINESS AND THE ACT PART 4](https://realestateschoolchicago.com/topic/16-12-your-real-estate-business-and-the-act-part-4/) - Advertising Regulations (Section 10-30) A sponsoring broker must include her business name and franchise affiliation in all advertisements. Blind ads are prohibited. Blind ads are defined as advertisements relating to the sale or lease of any real estate, other real estate activities, or the hiring of other licensees that : Do not indicate the brokerage
- [16.12 YOUR REAL ESTATE BUSINESS AND THE ACT PART 3](https://realestateschoolchicago.com/topic/16-12-your-real-estate-business-and-the-act-part-3/) - Handling Client Funds (Section 20-20) Licensees should immediately provide any earnest money checks to their sponsoring broker for proper deposit in a special account. The Act states that the sponsoring broker's escrow account is to be noninterest bearing, "unless the character of the deposit is such that payment of interest thereon is otherwise required by
- [Topic](https://realestateschoolchicago.com/topic/topic-11/)
- [2024 NATIONAL REAL ESTATE BROKER EXAMINATION DETAILED CONTENT OUTLINE](https://realestateschoolchicago.com/courses/online-modules/modules/introduction-6/topic/2020-national-real-estate-broker-examination-detailed-content-outline-2/) - I. Property Ownership (10%) A. Real and Personal Property; Conveyances B. Land characteristics and legal descriptions 1. Metes and bounds method of legal property description 2. Lot and block (recorded plat) method of legal property description 3. Government survey (rectangular survey) method of legal property description 4. Measuring structures
- [16.9 LICENSE FEES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/topic/16-9-license-fees-3/) - Applicants for real estate licenses are subject to appropriate fees in addition to the testing fee paid to AMP when applying for the examination. The Illinois Real Estate License Act of 2000 provides for predetermined licensing fees. Initial Fees leasing license initial fee is $100. broker initial license fee is $150. managing broker initial fee
- [16.8 EXPIRATION AND RENEWAL](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/topic/16-8-expiration-and-renewal-3/) - License expiration and renewal dates are established by rule, consistent with the Act; Licenses may be renewed – by paying required fees and meeting CE requirements—up to 90 days prior to expiration of the license. Brokers, managing brokers, and residential leasing agents may renew their expired licenses (provided they pay the necessary fees and meet the continuing education and other requirements) for up
- [INFORMATION ABOUT THE STATE REAL ESTATE BROKER EXAM](https://realestateschoolchicago.com/courses/online-course-2022/modules/introduction-7/topic/information-about-the-state-real-estate-broker-exam-3/) - PSI provides a candidate’s handbook that contains your exam application. It is available at https://home.psiexams.com/api/tests/BMY5NNLK/bulletins and provides you with specific information regarding your state exam. Please read it carefully. This guide was written to be a streamlined review of the material presented in the classroom. More in-depth information about each subject is contained in the
- [EFFECTIVE LEARNING METHODS](https://realestateschoolchicago.com/courses/online-course-2022/modules/introduction-7/topic/effective-learning-methods-3/) - Bold Type — Take Notes Key information is highlighted in bold type. As a key learning tool, write these items down in your personal learning notebook. Underlined Bold Type — Highlight Notes Underlined and bold items are likely to be subjects of questions in the State Exam. Highlight these items in your personal learning notebook.
- [2023 NATIONAL REAL ESTATE BROKER EXAMINATION DETAILED CONTENT OUTLINE](https://realestateschoolchicago.com/courses/online-course-2022/modules/introduction-7/topic/2023-national-real-estate-broker-examination-detailed-content-outline/) - [et_pb_section fb_built="1" admin_label="section" _builder_version="4.16" global_colors_info="{}"][et_pb_row admin_label="row" _builder_version="4.16" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="4.16" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_text admin_label="Text" _builder_version="4.24.0" background_size="initial" background_position="top_left" background_repeat="repeat" hover_enabled="0" global_colors_info="{}" sticky_enabled="0"] Property Ownership (10%) A. Real versus personal property; conveyances Land characteristics and legal descriptions Metes and bounds method of legal property description Lot and block (recorded plat) method of legal property description
- [EFFECTIVE LEARNING METHODS](https://realestateschoolchicago.com/courses/online-modules/modules/introduction-6/topic/effective-learning-methods-2/) - Bold Type — Take Notes Key information is highlighted in bold type. As a key learning tool, write these items down in your personal learning notebook. Underlined Bold Type — Highlight Notes Underlined and bold items are likely to be subjects of questions in the State Exam. Highlight these items in your personal learning notebook.
- [Testing Knowledge Through Questions](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/information-about-the-state-real-estate-residential-leasing-agent-exam/topic/testing-knowledge-through-questions/) - Taking in the information, understanding it, and remembering it is only part of what you have to do to prepare for the State Exam. You also have to have some experience of how the state will test this knowledge. They will test your knowledge through QUESTIONS. The material you learn will be re-worked by a
- [Topic](https://realestateschoolchicago.com/topic/topic-9/)
- [Topic](https://realestateschoolchicago.com/topic/topic-10/)
- [NUMBER OF QUESTIONS FOR THE STATE BROKER PORTION](https://realestateschoolchicago.com/courses/online-course-2022/modules/introduction-7/topic/number-of-questions-for-the-state-broker-portion-3/) - Licensing Requirements 10 Laws and Rules Regulating Real Estate Practice 20 Disclosures 10 Types Of Questions In The State Broker Exam In addition, all items will be classified according to the cognitive level that is expected to be required for the entry-level candidate to appropriately respond to the item. The cognitive level classifications are
- [2023 ILLINOIS STATE EXAMINATION OUTLINE](https://realestateschoolchicago.com/courses/online-course-2022/modules/introduction-7/topic/2023-illinois-state-examination-outline/) - The content outline for the state portions of the examinations has been approved by the Illinois Department of Financial and Professional Regulation. This portion tests knowledge areas that are required specifically for the Illinois real estate professional. 1. License Requirements A. License Exemptions B. Activities requiring a license C. Types of licenses 1. Broker
- [Illinois Real Estate Law](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/chapter-7-real-estate-licensing-law/topic/illinois-real-estate-law/) - The state of Illinois has enacted real estate laws since 1921. The purpose of Illinois Real Estate Licensing Laws is to regulate persons and entities engaged in real estate business for the protection of the public. Major changes were made in real estate license law with the Real Estate License Act of 2000. We will
- [CHAPTER 7](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/audiobook-2/topic/chapter-7-2/)
- [CHAPTER 6](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/audiobook-2/topic/chapter-6-2/)
- [CHAPTER 5](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/audiobook-2/topic/chapter-5-2/)
- [CHAPTER 4](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/audiobook-2/topic/chapter-4-2/)
- [CHAPTER 3](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/audiobook-2/topic/chapter-3-2/)
- [CHAPTER 2](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/audiobook-2/topic/chapter-2-2/)
- [CHAPTER 1](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/audiobook-2/topic/chapter-1-2/)
- [In Practice](https://realestateschoolchicago.com/topic/in-practice/) - When HUD investigates a licensee for discriminatory practices, it may consider failure to prominently display the equal housing opportunity poster in the licensee's place of business as evidence of discrimination. HUD Fair Housing Definitions HUD's regulations provide specific definitions that clarify the scope of the Fair Housing Act. Housing The regulations define housing as a
- [Chapter 7](https://realestateschoolchicago.com/topic/chapter-7/) - Part 1 Part 2
- [Chapter 6](https://realestateschoolchicago.com/topic/chapter-6/)
- [Chapter 5](https://realestateschoolchicago.com/topic/chapter-5/)
- [Chapter 4](https://realestateschoolchicago.com/topic/chapter-4/) - Part 1 Part 2
- [Chapter 3](https://realestateschoolchicago.com/topic/chapter-3/)
- [Chapter 2](https://realestateschoolchicago.com/topic/chapter-2/)
- [Chapter 1](https://realestateschoolchicago.com/topic/chapter-1/)
- [The Real Estate Recovery Fund](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/chapter-7-real-estate-licensing-law/topic/the-real-estate-recovery-fund/) - The Real Estate Recovery Fund provides a means of compensation for actual monetary losses (as opposed to losses in market value) suffered by any person as a result of actions by a licensee or a licensee's unlicensed employee: A violation of the Real Estate License Act of 2000, its rules and regulations Act of embezzlement
- [Nonpayment Issues when Obtaining or Renewing a License](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/chapter-7-real-estate-licensing-law/topic/nonpayment-issues-when-obtaining-or-renewing-a-license/) - Nonpayment of Child Support Specifically highlighted in the Illinois Real Estate License Act of 2000, the Department will refuse to issue or renew (or may revoke or suspend) the licenses of individuals who are more than 30 days delinquent in child support payments. Nonpayment of State Income Tax Anyone who fails to file a tax
- [Disciplinary Provisions and Loss of License](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/chapter-7-real-estate-licensing-law/topic/disciplinary-provisions-and-loss-of-license/) - The Real Estate License Act of 2000 lists specific violations for which licensees may be subject to discipline. The Department is authorized to impose the following disciplinary penalties: Refuse to issue or renew any license Suspend or revoke any license Censure or reprimand a licensee Place a licensee on probation Impose a civil penalty of
- [Advertising Regulations](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/chapter-7-real-estate-licensing-law/topic/advertising-regulations/) - Advertising is expanded to include social media and digital forums. A sponsoring broker must include his/her business name and franchise affiliation in all advertisements. The Sponsoring Broker’s name shall be at least equal in size or larger than the team names or that of the individual licensee Blind ads are prohibited. Blind ads are defined
- [The License Act and Assistants](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/chapter-7-real-estate-licensing-law/topic/the-license-act-and-assistants/) - Unlicensed Assistants These employees can legally perform only limited tasks (typing, filing, answering phones). Licensed Broker As Assistants The actual employment agreement for a licensed broker working as an assistant is made with the sponsoring broker of the firm and can only be compensated by the sponsoring broker.
- [Disclosure](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/chapter-7-real-estate-licensing-law/topic/disclosure/) - What Must Be Disclosed: Material facts of a property Known latent physical defects Agency relationships Designated agency Dual agency Lack of agency (to a purchasing customer) — No Agency Disclosure Form Compensation sources Real estate disclosure means an acknowledgment, stated clearly and usually in writing, of certain key facts that the law holds might, if
- [Your Real Estate License and the Act](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/chapter-7-real-estate-licensing-law/topic/your-real-estate-license-and-the-act/) - Place of Business (Section 5-45) Any sponsoring broker actively engaged in the real estate business must maintain a definite office or place of business within Illinois. The sponsoring broker must display a visible, conspicuous identification sign outside the office. Inside, the sponsoring broker must conspicuously display the branch office license she sponsors. The sponsoring broker's
- [Continuing Education](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/chapter-7-real-estate-licensing-law/topic/continuing-education/) - Continuing Education Hours — Requirements Residential Leasing Agent — 8 hours of continuing education in the core curriculum for each 2-year renewal period Broker — 12 hours each 2-year renewal. 4-Hour CORE and 8 Hours of Elective – one hour of elective must include Sexual Harassment Prevention Training Managing Broker — 4-Hour CORE and 8
- [License Fees](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/chapter-7-real-estate-licensing-law/topic/license-fees/) - Applicants for real estate licenses are subject to appropriate fees in addition to the testing fee paid to AMP when applying for the examination. The Illinois Real Estate License Act of 2000 provides for predetermined licensing fees. Initial Fees leasing license initial fee is $75. broker initial license fee is $125. managing broker initial fee
- [The Real Estate License](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/chapter-7-real-estate-licensing-law/topic/the-real-estate-license/) - After passing the state exam, applicants will receive a score report sheet. Instructions to apply for the license are on the score report. IDFPR requires this score report sheet and course completion transcript be uploaded to the Online Services Portal during application. A sponsoring broker is required to approve the application before a license will
- [The Licensing Examination](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/chapter-7-real-estate-licensing-law/topic/the-licensing-examination/) - Requirements to take the State Exam Applicants are eligible to take the Residential Leasing Agent, Broker or Managing Broker examination only after they have met the education and age requirements: they must also be able to demonstrate that they have met the other requirements set out by the Illinois Real Estate License Act of 2000
- [Obtaining and Keeping a Real Estate License](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/chapter-7-real-estate-licensing-law/topic/obtaining-and-keeping-a-real-estate-license/) - Who Needs to Be Licensed? (Section 1-10) It is illegal for anyone to act as a broker, managing broker, sponsoring broker or residential leasing agent without a real estate license issued by the Department. Any broker who performs any of the following services, either directly or indirectly, whether in or through any media or technology,
- [Administration of the Illinois Real Estate License Act](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/chapter-7-real-estate-licensing-law/topic/administration-of-the-illinois-real-estate-license-act/) - Division of Professional Regulation The Department, through the Division of Professional Regulation (DPR) has primary authority to administer the Illinois Real Estate License Act of 2000. It is also empowered to issue rules and regulations that implement and interpret the Act. The rules accompanying the Act are important to a full understanding of the Act's
- [Managing Subsidized Housing](https://realestateschoolchicago.com/topic/managing-subsidized-housing/) - Actual construction and operation of public housing projects for low-income families has traditionally been the responsibility of local governments. In 1965, Congress authorized the U.S. Department of Housing and Urban Development (HUD) to provide financial assistance to local housing authorities for the acquisition and operation of existing buildings or privately constructed new housing for low-income
- [Implications for Real Estate Licensees](https://realestateschoolchicago.com/topic/implication-for-real-estate-licensees/) - The real estate industry is largely responsible for creating and maintaining an open housing market. Licensees are a community's real estate experts. Along with the privilege of profiting from real estate transactions comes the social and legal responsibilities to ensure that everyone's civil rights are protected. Fair housing is the law. The consequences for anyone
- [US Equal Housing Opportunity Poster](https://realestateschoolchicago.com/topic/us-equal-housing-opportunity-poster/)
- [Illinois Equal Housing Poster](https://realestateschoolchicago.com/topic/illinois-human-rights-poster/)
- [Sexual Harassment](https://realestateschoolchicago.com/topic/sexual-harassment/) - Illinois Sexual Harassment Law 775ILCS5/2-101(E) "Sexual harassment" means any unwelcome sexual advances or request for sexual favors or any conduct of a sexual nature when (1) submission to such conduct is made either explicitly or implicitly a term or condition of an individual's employment (2) submission to or rejection of such conduct by an individual
- [Enforcement of the Fair Housing Act](https://realestateschoolchicago.com/topic/enforcement-of-the-fair-housing-act/) - The federal Fair Housing Act is administered by the Office of Fair Housing and Equal Opportunity (OFHEO) under the direction of the secretary of HUD. Any aggrieved person who believes illegal discrimination has occurred may file a complaint with HUD within one year of the alleged act. HUD may also initiate its own complaint. Complaints
- [Fair Housing Practices](https://realestateschoolchicago.com/topic/fair-housing-practices/) - Blockbusting Blockbusting is the act of encouraging people to sell or rent their homes by claiming that the entry of a protected class of people into the neighborhood will have some sort of negative impact on property values. Any message, however subtle or accidental, that property should be sold or rented because the neighborhood is
- [Americans with Disabilities Act](https://realestateschoolchicago.com/topic/americans-with-disabilities-act/) - Although the Americans with Disabilities Act (ADA) is not a housing or credit law, it still has a significant effect on the real estate industry. The ADA is important to licensees because it addresses the rights of individuals with disabilities in employment and public accommodations. Real estate licensees are often employers, and real estate brokerage
- [Federal Laws](https://realestateschoolchicago.com/topic/federal-laws/) - The federal government's effort to guarantee equal housing opportunities to all U.S. citizens began with the passage of the Civil Rights Act of 1866. This law prohibits any type of discrimination based on race. The U.S. Supreme Court's 1896 decision in Plessy v. Ferguson established the "separate but equal" doctrine of "legalized" racial segregation. A
- [Equal Opportunity in Housing](https://realestateschoolchicago.com/topic/equal-opportunity-in-housing/) - The civil rights laws that affect the real estate industry ensure that everyone has the opportunity to live where they choose. Federal, state, and local fair housing or equal opportunity laws affect every phase of a real estate transaction, from listing to closing. However, while the passage of laws may establish a code for public
- [Civil Rights Laws](https://realestateschoolchicago.com/topic/civil-rights-laws/) - The fair housing and civil rights laws affect Landlords and Tenant just as they do seller and purchasers. All persons must have access to housing of their choice without any differentiation in the terms and conditions because of their race, color, religion, familial status (the presence of children under the age of 18), disability, or
- [The Illinois Human Rights Act](https://realestateschoolchicago.com/topic/the-illinois-human-rights-act/)
- [Discharge of Leases](https://realestateschoolchicago.com/topic/discharge-of-leases/) - As with any contract, a lease is discharged when the contract terminates. Termination can occur when all parties have fully performed their obligations under the agreement. In addition, the parties may agree to cancel the lease. If the Tenant, for instance, offers to surrender the leasehold interest and the Landlord accepts the Tenant’s offer, the
- [Types of Leases](https://realestateschoolchicago.com/topic/types-of-leases/) - The manner in which rent is determined indicates the type of lease that exists. There are three basic types of leases: Gross lease Net lease Percentage lease Gross Lease In a gross lease, the Tenant pays a fixed rent, and the Landlord pays all taxes, insurance, repairs, utilities, etc., connected with the property (usually called
- [Lease Agreements](https://realestateschoolchicago.com/topic/lease-agreements/) - Requirements of a Valid Lease A lease is a form of contract. To be valid, a lease must meet essentially the same requirements as any other contract: Capacity to contract – The parties must have the legal capacity to contract. Legal objectives – The objectives of the lease must be legal. Offer and acceptance –
- [Qualifying Tenants](https://realestateschoolchicago.com/topic/qualifying-tenants/) - Lease Application All interested prospects, whether residential, industrial, or commercial, should be required to complete a written lease application. The manager should retain these completed applications for the term of the tenancy. The forms should be saved even if the Tenant does not lease as they can provide written evidence that the Manager has accepted
- [Leasehold Estates](https://realestateschoolchicago.com/topic/leasehold-estates/) - A Tenant’s right to possess Real Estate for the term of the lease is called a leasehold (less-than-freehold) estate. A leasehold is generally considered personal property. Just as there are several types of freehold (Ownership) estates, there are different kinds of leasehold estates. Estate for Years An estate (tenancy) for years is a leasehold estate
- [Leasing Real Estate](https://realestateschoolchicago.com/topic/leasing-real-estate/) - A lease is a contract between an Owner of Real Estate (the lessor) and a Tenant (the lessee). It is a contract to transfer the lessor’s rights to exclusive possession and use of the property to the Tenant for a specified period. The lease establishes the length of time the contract is to run and
- [Leasing Agents](https://realestateschoolchicago.com/topic/leasing-agents/) - The Illinois Real Estate License Act of 2000, Section 5-5 through Section 5-10, provides for a limited-scope license for individuals who wish to engage solely in activities related to the leasing of residential real property. For instance, the following activities would appropriately fall under this limited license, if the licensee did not engage in any
- [Terminating the Tenancy in Court](https://realestateschoolchicago.com/topic/terminating-the-tenancy-in-court/) - Unfortunately, from time to time, Tenants violate the building rules or do not pay their rents. Sometimes they are involved with criminal activities on the property. In these cases, the Manager must take legal action on behalf of the Owner. Allowing nonpaying Tenants to Tenants involved in illegal activities to remain will only prolong the
- [Terminating the Tenancy](https://realestateschoolchicago.com/topic/terminating-the-tenancy/) - Required Notice Notice of intent to vacate must be given within a certain period, which should be specified in the terms of most lease agreements. A letter from the Manager outlining the procedures Tenants should follow when terminating the tenancy should follow when terminating their tenancy can avoid many misunderstandings. Sometimes Tenants are poorly informed
- [Lease Renewals](https://realestateschoolchicago.com/topic/lease-renewals/) - Bargaining Factors Market conditions at the time of expiration will exert a strong influence over the concessions or terms granted under the new lease. In general, bargaining will center on The length of the new lease term The extent of repairs, alterations, or redecorating to be done The amount of rent to be paid Concessions
- [Owner's Remedies for Noncompliance](https://realestateschoolchicago.com/topic/owners-remedies-for-noncompliance/) - Tenants can lose their lease if they do not comply with the rental agreement, such as not paying their rent on time or not at all, seriously damaging the property, annoying other Tenants by excessive sound, etc. Noncompliance with Rental Agreement The Landlord is provided with certain remedies in case the Tenant fails to meet
- [Tenant's Remedies for Noncompliance](https://realestateschoolchicago.com/topic/tenants-remedies-for-noncompliance/) - Tenants have rights when the Landlord/Agent cannot fulfill the lease obligations. Noncompliance with rental agreement If the Owner or Property Manager fails to perform the required duties, the Tenant may sue for damages or terminate the lease, by giving the Owner the specified notice for breach of contract. Many leases require the termination proceedings to
- [Property Owner's Obligations](https://realestateschoolchicago.com/topic/property-owners-obligations/) - The Landlord/Manager also has certain obligations. Unless a net lease is involved, the Owner generally is responsible for maintaining the property and to provide certain services, such as snowplowing, groundskeeping, and cleaning certain public areas. Disclosure and Billing On or before the beginning of a tenancy, the Owner should disclose in writing the name and
- [Tenant's Obligations](https://realestateschoolchicago.com/topic/tenants-obligations/) - The Tenant is required to take good care of the rented space, repair any damage they directly or indirectly cause, and comply with all applicable rules and laws. The terms of the lease should demand that Tenants use all plumbing fixtures, elevators, and other facilities in a reasonable manner. Tenants should be prohibited from willfully
- [Occupancy Standards & Regulations](https://realestateschoolchicago.com/topic/occupancy-standards-regulations/) - The lease should set forth the rights and responsibilities of the Landlord and the Tenant. Briefly, the Landlord is obligated to provide the property and usually reserves the right to re-enter and to collect rents. Tenants can expect quiet enjoyment of the rental unit and are obligated to pay rent, not damage the property, and
- [Establishing a Sound Landlord-Tenant Relationship](https://realestateschoolchicago.com/topic/establishing-a-sound-landlord-tenant-relationship/) - Landlords’ and Tenants’ interests are not mutually exclusive and the two do not need to be in constant conflict. The foundation for good Landlord-Tenant relations begins with a clear understanding of the rules and regulations and the move-in inspection. Effective servicing of the lease throughout the term of the lease further contributes to sound Landlord-Tenant
- [Risk Management](https://realestateschoolchicago.com/topic/risk-management/) - Enormous monetary losses can result from certain unexpected or catastrophic events. As a result, one of the most critical areas of responsibility for a Property Manager is risk management. Risk management involves answering the question, “What happens if something goes wrong?” The perils of any risk must be evaluated in terms of options. In considering
- [Rental-Finding Services](https://realestateschoolchicago.com/topic/rental-finding-services/) - Because of the nationwide demand for rental housing, caused in part by the increased mobility of the U.S. population, there has been a rapid growth in the rental-finding service industry. In Illinois, a rental-finding service is any business that finds, attempts to find, or offers to find for any person for consideration, a unit of
- [Renting the Property](https://realestateschoolchicago.com/topic/renting-the-property/) - Effective rental of the property is essential to ensure the long-term financial health of the property. The Property Manager sometimes makes use of a Leasing Agent as one part of property management. Setting Rental Rates Rental rates are influenced primarily by supply and demand. The Property Manager should conduce a detailed survey of the competitive
- [The Property Manager's Responsibilities](https://realestateschoolchicago.com/topic/the-property-managers-responsibilities/) - Financial Reports One of the primary responsibilities of a Property Manager is maintaining financial reports, including an operating budget, cash flow report, profit and loss statement, and budget comparison statement. Operating Budget An operating budget is the projection of income and expense for the operation of a property over a one-year period. This budget, developed
- [The Management Agreement](https://realestateschoolchicago.com/topic/the-management-agreement/) - The first step in taking over the management of any property is to enter into a Management Agreement with the Owner. This agreement creates a general agency relationship between the Owner and the Property Manager. It defines the duties and responsibilities of each party. It is also a guide used in operating the property as
- [The Property Manager](https://realestateschoolchicago.com/topic/the-property-manager/) - In addition to leasing, managing, marketing, and overall maintenance of Real Estate owned by others, it is also expected that a Property Manager function as a market analyst, residential leasing Agent, accountant, advertising specialist, and maintenance person all in the same day. In addition, the Property Manager frequently interacts with people in various professions, including
- [The Management Profession](https://realestateschoolchicago.com/topic/the-management-profession/) - Most metropolitan areas have local associations of building and property Owners and Managers that are affiliates of regional and national associations. All these professional organizations provide information and contacts for all aspects of property management. Here is a list of some well-known associations: Building Owners and Managers Association International (BOMA): commercial Real Estate Building Owners
- [Rent Increases](https://realestateschoolchicago.com/topic/rent-increases/)
- [Options](https://realestateschoolchicago.com/topic/options/) - An option is a contract by which an optionor (generally an Owner gives an optionee (a prospective purchaser or lessee) the right to buy or lease the Owner’s property at a fixed price within a certain period of time. The optionee pays a fee (agreed-on consideration) for this option right. The optionee has no other
- [Property Managements (Listing) & Renter/Tenant (Buyer) Agency Agreements](https://realestateschoolchicago.com/topic/property-managements-listing-renter-tenant-buyer-agency-agreements/) - Property Management (Listing) and Renter/Tenant (Buyer) Agency Agreements are employment contracts. A Property Management Agreement (Listing) establishes the rights and obligations of the Sponsoring Broker as Agent and the Landlord as principal.
- [Real Estate Contracts & Licensees](https://realestateschoolchicago.com/topic/real-estate-contracts-licensees/) - The 1966 Illinois Supreme Court decision in the case of Chicago Bar Association, et al v. Quinlan and Tyson, Inc. placed certain limitations on Real Estate Licensees in drafting a contract. The court ruled that Licensees are authorized to fill in the blanks on printed form contracts that are customarily used in the Real Estate
- [Contracts Used in the Real Estate Business](https://realestateschoolchicago.com/topic/contracts-used-in-the-real-estate-business/) - The written agreements most commonly used by Brokers and Managing Brokers are: Listing agreements and buyer agency agreements Real Estate sales contracts Options agreements Escrow agreements Land contracts or contracts for deed Leases
- [Other Reasons for Termination](https://realestateschoolchicago.com/topic/other-reasons-for-termination/) - Contracts may also be discharged or terminated when any of the following occurs: Partial performance of the terms, along with a written acceptance by the other party Substantial performance in which one party has substantially performed on the contract but does not complete all the details exactly as the contract requires. Such performance may be
- [Breach of Contract](https://realestateschoolchicago.com/topic/breach-of-contract/) - A contract may be terminated if it is breached by one of the parties. A breach of contract is a violation of any of the terms or conditions of a contract without legal excuse. For instance, a seller who fails to deliver title to the buyer breaches a sales contract. The breaching or defaulting party
- [Assignment & Novation](https://realestateschoolchicago.com/topic/assignment/) - Assignment is a transfer of rights or duties under a contract. Rights may be assigned to a third party (called the assignee) unless the contract forbids it. Obligations also may be assigned (or delegated), but the original party remains primarily liable unless specifically released. An assignment may be made without the consent of the other
- [Performance of a Contract](https://realestateschoolchicago.com/topic/performance-of-a-contract/) - Each party has a certain rights and duties to fulfill. The question of when a contract must be performed is an important factor. Many contracts call for a specific time by which the agreed-on acts must be completely performed. In addition, many contracts provide that time is of the essence. This means that the contract
- [Discharge of a Contract](https://realestateschoolchicago.com/topic/discharge-of-a-contract/) - A contract is discharged when the agreement is terminated. The most desirable case is when a contract terminates because it has been completely performed, with all its terms carried out. However, a contract may be terminated for other reasons, such as a party’s breach or default.
- [Essential Elements of a Valid Contract](https://realestateschoolchicago.com/topic/essential-elements-of-a-valid-contract/) - A contract must meet certain minimum requirements to be considered legally valid. The follow are the basic essential elements of a contract. Offer and acceptance (mutual assent) There must be an offer by one part that is accepted by the other. The person who makes the offer is the offeror. The person who accepts the
- [Executed and Executory Contracts](https://realestateschoolchicago.com/topic/executed-and-executory-contracts/) - A contract may be classified as either executed or executory, depending on whether the agreement is performed. An executed contract is one in which all parties have fulfilled their promises: the contract has been performed. This sometimes can be confused with the word execute, which refers to the act of signing a contract. An executory
- [Bilateral and Unilateral Contracts](https://realestateschoolchicago.com/topic/bilateral-and-unilateral-contracts/) - Contracts may be classified as either bilateral or unilateral. In a bilateral contract, both parties promise to do something; one promise is given in exchange for another. A Real Estate lease is a bilateral contract because the Landlord provides temporary shelter to a Renter in exchange for rent. A unilateral contract, on the other hand,
- [Express and Implied Contracts](https://realestateschoolchicago.com/topic/express-and-implied-contracts/) - Depending on how a contract is created. It is either express or implied. An express contract exists when the parties state the terms and show their intentions in words. An express contract may be oral or written. Under the statute of frauds, certain types of contracts (including those for the rental of real property) must
- [Novation](https://realestateschoolchicago.com/topic/novation/)
- [Customer-Level Services](https://realestateschoolchicago.com/topic/customer-level-services/) - Even through an Agent’s primary responsibility is to the principal, the Leasing Agent also has duties to third parties. Any time a Licensee works with a third party or a customer, the Licensee is responsible for adhering to state and federal consumer protection laws as well as to the ethical requirements imposed by professional associations
- ["No Agency" Disclosure Form](https://realestateschoolchicago.com/topic/no-agency-disclosure-form/) - Article 15, Section 15-35 discusses agency relationship disclosure. It requires that a Renter be advised in writing that no agency relationship exists between the Leasing Agent and the Renter, unless there is a written agreement between the Sponsoring Broker and the Renter, providing for a different brokerage relationship. This must occur no later than when
- [Undisclosed Dual Agency](https://realestateschoolchicago.com/topic/undisclosed-dual-agency/) - A Licensee may not intend to create a dual agency – it may occur unintentionally or inadvertently. Some Leasing Agents lose sight of legal obligations when they focus intensely on bringing Renters and Landlords together. For example, a Licensee representing the Landlord might tell a buyer that the Landlord will accept less than the stated
- [Dual Agency](https://realestateschoolchicago.com/topic/dual-agency/) - In dual agency, the Agent represents two principals in the same transaction. Dual agency requires equal loyalty to two separate principals at the same time, which in impossible. As a result, the Dual Agency Disclosure Form informs both parties to the transaction that the Licensee is acting as a FACILITATOR NOT AS A LEGAL AGENT.
- [Property Management Agency](https://realestateschoolchicago.com/topic/property-management-agency/) - An Owner may employ a Sponsoring Broker to market, lease, maintain, or manage the Owner’s property. Such an arrangement is known as property management. The Sponsoring Broker is made the Agent of the property Owner through a Property Management Agreement. As in any other agency relationship, the Sponsoring Broker has a fiduciary responsibility to the
- [Buyer/Renter Agency](https://realestateschoolchicago.com/topic/buyer-renter-agency/) - Many Licensees involved with residential property are discovering opportunities for Buyer/Renter Agency. Some Licensees have become specialists in the emerging field of Buyer/Renter Agency, even representing Buyers/Renters exclusively. This practice has been utilized in the commercial Real Estate field for many years. With the introduction of Statutory Buyer/Renter Agency in Illinois, this type of relationship
- [Types of Agency Relationships](https://realestateschoolchicago.com/topic/types-of-agency-relationships/) - What an Agent may do as the principal’s representative depends solely on what the principal authorizes the Agent to do. A universal Agent is a person empowered to do anything the principal could do personally. The universal Agent’s authority to act on behalf of the principal is virtually unlimited. In Illinois, a written power of
- [Termination of Agency](https://realestateschoolchicago.com/topic/termination-of-agency/) - An agency may be terminated for any of the following reasons: Death or incapacity of either party Destruction or condemnation of the property Expiration of the terms of the agency Mutual agreement by all parties to the contract Breach by one of the parties, in which case the breaching party might be liable for damages
- [Creation of Agency](https://realestateschoolchicago.com/topic/creation-of-agency/) - An agency relationship may be based on a formal agreement between the parties, an express agency, or it may result from the parties’ behavior, an implied agency. Express Agency - The principal (Landlord) and Agent (Sponsoring Broker) may enter into a contract, or an express agreement, in which the parties formally express their intention to
- [Megan's Law](https://realestateschoolchicago.com/topic/megans-law/) - At the state level, Megan’s Law is a general name for laws requiring law enforcement authorities to make information available to the public regarding registered sex offenders. As noted, Article 15, Section 15-20 of the Act states, “No cause of action shall arise against a Licensee for the failure to disclose … fact situations on
- [Pricing - Leasing Agent](https://realestateschoolchicago.com/topic/pricing-leasing-agent/) - The Renter’s Agent is the one to suggest the highest range of prices the Renter should consider, based on comparable values and current market. The Agent’s aim is to help the Renter get the lowest price possible, given all other Renter/Tenant concerns and needs. The Renter’s Agent discloses information about vacancy rates, etc. about a
- [Stigmatized Properties](https://realestateschoolchicago.com/topic/stigmatized-properties/) - Stigmatized properties are those properties that society has branded undesirable because of events that occurred there. Stigma is the continuing negative association with or feeling about the property. Typically, the stigma is a criminal event such as homicide, gang-related activity, or a tragedy such as suicide. Properties have even been stigmatized by rumors that they
- [Latent Defects](https://realestateschoolchicago.com/topic/latent-defects/) - The Landlord has a duty to discloses any known latent defects that threaten structural soundness or personal safety, such as the existence of lead paint in the building. A structural defect that would not normally be uncovered over the course of an ordinary inspection (due to placement or type of defect, for instance) is referred
- [Opinion vs Fact](https://realestateschoolchicago.com/topic/opinion-vs-fact/) - Real Estate Licensees and other staff members must always be careful about the statements they make. They must be sure that the customer understands whether the statement is an opinion or fact. Statements of opinion are permissible only as long as they are offered as opinions and without any intention to deceive. Statements of fact
- [Duties](https://realestateschoolchicago.com/topic/duties/) - CLIENT/PRINCIPAL DUTIES TO LICENSEE Just as the Agent owes certain duties to the principal, the principal has responsibilities toward the Agent. The principal’s primary duties are to comply with the brokerage agreement and cooperate with the Agent. The principal must not hinder the Agent and must deal with the Agent in good faith. The principal
- [Relationships](https://realestateschoolchicago.com/topic/relationships/) - LICENSEE/CLIENT RELATIONSHIP The client is the principal to whom her Agent gives advice and counsel. The Agent is entrusted with certain confidential information and has fiduciary responsibilities (sometimes called statutory responsibilities) to the principal. LICENSEE/CUSTOMER RELATIONSHIP In contrast, the customer is entitled to factual information and honest dealings as a consumer but never receives advice
- [Definitions](https://realestateschoolchicago.com/topic/definitions/) - Legally, agency refers to a strict, defined legal relationship. In the case of Real Estate, agency is a relationship that a broker, Managing Broker, or residential Leasing Agent (representing the Sponsoring Broker) may have with buyers, sellers, Landlords, or Tenants. Those who hire are clients, and those who are hired are Agents. A Real Estate
- [Law of Agency](https://realestateschoolchicago.com/topic/law-of-agency/) - In Illinois, the law of agency defines the rights and duties of the principal and the Agent. It applies to a variety of business transactions. Both contract law and Real Estate licensing laws — in addition to the law of agency— interpret the relationship between Real Estate Licensees and their clients. In Illinois, the Real
- [Disclosure of Agency](https://realestateschoolchicago.com/topic/disclosure-of-agency/)
- [Topic](https://realestateschoolchicago.com/topic/topic-8/)
- [Introduction to Real Estate Agency](https://realestateschoolchicago.com/topic/introduction-to-real-estate-agency/)
- [Factors Affecting Demand](https://realestateschoolchicago.com/topic/factors-affecting-demand/) - Population Shelter is a basic human need, so the demand for housing grows with the population. Although the total population of the country continues to rise, the demand for Real Estate increases at a faster rate in some areas than in others. In some locations, growth has ceased altogether as the population has declined. This
- [Factors Affecting Supply](https://realestateschoolchicago.com/topic/factors-affecting-supply/) - Labor force and construction costs A shortage of skilled labor or building materials or an increase in the cost of materials can decrease the amount of new construction. Construction permit fees and high property transfer costs can also discourage development. An attempt may be made to pass increased construction costs along to buyers and Tenants
- [Supply and Demand](https://realestateschoolchicago.com/topic/supply-and-demand/) - The forces of supply and demand in the market determine how prices for goods and services are set. Greater supply means producers need to attract more buyers, so they lower prices. Greater demand means producers can raise their prices because buyers compete for the product. Supply and demand in the Real Estate market Two characteristics
- [Types of Real Property](https://realestateschoolchicago.com/topic/types-of-real-property/) - There are different types of property in which to specialize. Real Estate can be classified as: Residential – property used for single-family or multifamily housing (1 – 4 units, Owner occupied) Commercial – any multifamily building over 4 units, as well as business property, including office space, shopping centers, stores, hotels, and theaters. Industrial –
- [Classifications of Fixtures](https://realestateschoolchicago.com/topic/classifications-of-fixtures/) - In considering the differences between real and personal property, it is necessary to distinguish between a fixture and personal property. Fixtures Almost any item that has been added as a permanent part of a building is considered a fixture. During the course of time, the same materials may be both real and personal property, depending
- [Bundle of Legal Rights](https://realestateschoolchicago.com/topic/bundle-of-legal-rights/) - Traditionally, Ownership of real property is described as a bundle of legal rights. In other words, a purchaser of Real Estate actually buys the rights of Ownership held by the seller. These rights include: possession control enjoyment exclusion disposition An important decision between Real Estate and personal property is that personal property is movable. Items
- [Land, Real Estate and Real Property](https://realestateschoolchicago.com/topic/land-real-estate-and-real-property/) - Land is defined as the earth's surface extending downward to the center of the earth and upward to infinity. Land includes not only the surface of the earth but also the underlying soil. Land also refers to objects that are naturally attached to the earth's surface, such as boulders and plants. Land includes the minerals
- [Topic](https://realestateschoolchicago.com/topic/topic-7/)
- [General Structure of the Questions](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/information-about-the-state-real-estate-residential-leasing-agent-exam/topic/general-structure-of-the-questions-3/) - Multiple Choice Questions The questions on the exam for the Illinois Real Estate Broker License are multiple-choice. This is an advantage for the person taking the exam because the answer is provided for each question. As a result, reasonably intense study will provide enough familiarity with this material to answer a large number of questions
- [Effective Learning Methods](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/information-about-the-state-real-estate-residential-leasing-agent-exam/topic/effective-learning-methods-4/) - Bold Type — Take Notes Key information is highlighted in bold type. As a key learning tool, write these items down in your personal learning notebook. Underlined Bold Type — Highlight Notes Underlined and bold items are likely to be subjects of questions in the State Exam. Highlight these items in your personal learning notebook.
- [Other Study Tips](https://realestateschoolchicago.com/courses/residential-leasing-agent/modules/information-about-the-state-real-estate-residential-leasing-agent-exam/topic/other-study-tips/) - Ask friends and family to allow you some space and privacy to study this material. It will take a commitment from you and them to find time and privacy to study. Make a commitment and stick with it. Too many distractions will take you away from the work you need to put in to obtain
- [Chapter 16 Audio](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-16-illinois-real-estate-licensing-law-5/topic/chapter-16-audio-2/) - 16.1 16.2
- [Chapter 15 Audio](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-15-property-management-leasing-5/topic/chapter-15-audio-2/) - 15.1 15.2
- [Chapter 14 Audio](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-14-fair-housing-5/topic/chapter-14-audio-2/)
- [Chapter 13 Audio](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/chapter-13-audio-2/) - 13.1 13.2 13.3 13.4 13.5 13.6 13.7 13.8 13.9 13.10 13.11
- [Chapter 12 Audio](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-12-contract-law-5/topic/chapter-12-audio-2/)
- [Chapter 11 Audio](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-11-real-estate-agency-5/topic/chapter-11-audio-2/)
- [Chapter 10 Audio](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-10-real-estate-closings-5/topic/chapter-10-audio-2/)
- [Chapter 9 Audio](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-9-title-transfer-and-records-5/topic/chapter-9-audio-2/)
- [Chapter 8 Audio](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-8-environmental-issues-5/topic/chapter-8-audio-2/)
- [Chapter 7 Audio](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-7-real-estate-appraisal-5/topic/chapter-7-audio-2/)
- [Chapter 6 Audio](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-6-real-estate-financing-5/topic/chapter-6-audio-2/) - 6.1 6.2 6.3 6.4 6.5 6.6 6.7 6.8 6.9
- [Chapter 5 Audio](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-5-liens-5/topic/chapter-5-audio-2/)
- [Chapter 4 Audio](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-4-legal-description-of-land-5/topic/chapter-4-audio-2/)
- [Chapter 3 Audio](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-3-land-use-controls-5/topic/chapter-3-audio-2/)
- [Chapter 2 Audio](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-2-ownership-interests-and-encumbrances-5/topic/chapter-2-audio-2/)
- [Chapter 1 Audio](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-1-introduction-to-real-estate-property-2/topic/chapter-1-audio-2/)
- [Intro Audio](https://realestateschoolchicago.com/courses/online-modules/modules/introduction-6/topic/intro-audio/)
- [Topic](https://realestateschoolchicago.com/topic/topic-6/)
- [Math & Test Prep Video](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-17-general-math-problem-categories-3/topic/math-test-prep-video/)
- [Chapter 16 Review Video](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/topic/chapter-16-review-video/)
- [Chapter 16 Audio](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/topic/chapter-16-audio/) - 16.1 16.2
- [Chapter 15 Review Video](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-15-property-management-leasing-6/topic/chapter-15-review-video/)
- [Chapter 15 Audio](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-15-property-management-leasing-6/topic/chapter-15-audio/) - 15.1 15.2
- [Chapter 14 Review Video](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-14-fair-housing-6/topic/chapter-14-review-video/)
- [Chapter 14 Audio](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-14-fair-housing-6/topic/chapter-14-audio/)
- [Chapter 13 Review Video](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/chapter-13-review-video/)
- [Chapter 13 Audio](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/chapter-13-audio/) - 13.1 13.2 13.3 13.4 13.5 13.6 13.7 13.8 13.9 13.10 13.11
- [Chapter 12 Review Video](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-12-contract-law-6/topic/chapter-12-review-video/)
- [Chapter 12 Audio](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-12-contract-law-6/topic/chapter-12-audio/)
- [Chapter 11 Review Video](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-11-real-estate-agency-6/topic/chapter-11-review-video/)
- [Chapter 11 Audio](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-11-real-estate-agency-6/topic/chapter-11-audio/)
- [Chapter 10 Review Video](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-10-real-estate-closings-6/topic/chapter-10-review-video/)
- [Chapter 10 Audio](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-10-real-estate-closings-6/topic/chapter-10-audio/)
- [Chapter 9 Review Video](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-9-title-transfer-and-records-6/topic/chapter-9-review-video/)
- [Chapter 9 Audio](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-9-title-transfer-and-records-6/topic/chapter-9-audio/)
- [Chapter 8 Review Video](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-8-environmental-issues-6/topic/chapter-8-review-video/)
- [Chapter 8 Audio](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-8-environmental-issues-6/topic/chapter-8-audio/)
- [Chapter 7 Review Video](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-7-real-estate-appraisal-6/topic/chapter-7-review-video/)
- [Chapter 7 Audio](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-7-real-estate-appraisal-6/topic/chapter-7-audio/)
- [Chapter 6 Review Video](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-6-real-estate-financing-6/topic/chapter-6-review-video/)
- [Chapter 6 Audio](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-6-real-estate-financing-6/topic/chapter-6-audio/) - 6.1 6.2 6.3 6.4 6.5 6.6 6.7 6.8 6.9
- [Chapter 5 Review Video](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-5-liens-6/topic/chapter-5-review-video/)
- [Chapter 5 Audio](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-5-liens-6/topic/chapter-5-audio/)
- [Chapter 4 Review Video](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-4-legal-description-of-land-6/topic/chapter-4-review-video/)
- [Chapter 4 Audio](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-4-legal-description-of-land-6/topic/chapter-4-audio/)
- [Chapter 3 Review Video](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-3-land-use-controls-6/topic/chapter-3-review-video/)
- [Chapter 3 Audio](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-3-land-use-controls-6/topic/chapter-3-audio/)
- [Chapter 2 Review Video](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-2-ownership-interests-and-encumbrances-6/topic/chapter-2-review-video/)
- [Chapter 2 Audio](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-2-ownership-interests-and-encumbrances-6/topic/chapter-2-audio/)
- [Chapter 1 Review Video](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-1-introduction-to-real-estate-property-3/topic/chapter-1-review-video/)
- [Chapter 1 Audio](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-1-introduction-to-real-estate-property-3/topic/chapter-1-audio/)
- [Introduction Audio](https://realestateschoolchicago.com/courses/online-course-2022/modules/introduction-7/topic/introduction-audio/)
- [12.6 CONTRACTS USED IN THE REAL ESTATE BUSINESS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-12-contract-law-6/topic/12-6-contracts-used-in-the-real-estate-business-6/) - Background For many years, all real estate contracts were in paper form, and various laws and customs dictated that most Real Estate Contracts had to be written (hard copies or paper copies) to be valid or enforceable in court (See Agency). However, our technology advancements have progressed to the point that we can transmit documents over the
- [17.19 BASIS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-17-general-math-problem-categories-3/topic/17-19-basis-3/) - Mr. and Mrs. Swift purchased their home 15 years ago for $32,500. During their ownership, they made capital improvements totaling $19,400. They sold the home for $72,900. What amount of gain did they make on the sale? Solution step 1: Purchase Price Plus Improvements = Basis Calculation: $32,500 + $19,400 = $51,900 Basis Solution Step 2: Selling
- [17.18 APPRAISAL CALCULATIONS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-17-general-math-problem-categories-3/topic/17-18-appraisal-calculations-3/) - Capitalization, income approach, Cap Rate Approach Under the income approach, the estimate of value is arrived at by capitalizing the annual net income. The solution to these problems is based on the following formula: Value X Capitalization rate = Net Operating Income An apartment building produces a net income of $4,320 per annum. The investor paid $36,000 for the
- [17.17 QUALIFYING FOR A LOAN](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-17-general-math-problem-categories-3/topic/17-17-qualifying-for-a-loan-3/) - The typical housing debt-to-income ratio for conventional loans is 25-28%. The typical total debt-to-income ratio for conventional loans is 33-36%. The 25-28% means that for the borrower to qualify, PITI (principal, interest, taxes, insurance) must not be more than 25-28% of the borrower’s monthly gross income. The 33-36% means that for the borrower to qualify, the total monthly
- [17.16 YIELDS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-17-general-math-problem-categories-3/topic/17-16-yields-3/) - The percentage of profit is called the yield of the loan. Yields on loans are increased by points paid at closing. Each point charged has the effect of raising the interest rate ⅛%. The First Bank lends $100,000 to the borrower and charges 3 points at closing. The interest rate on the loan is 12% for 25
- [17.15 FEES AND POINTS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-17-general-math-problem-categories-3/topic/17-15-fees-and-points-3/) - The formula for calculating the dollar amount owed in points on a loan is: loan X number of points (percentage) = dollars in points A house sells for $60,000. The buyer obtains an 80% loan. If the bank charges 3 points at closing, how much in points must the buyer pay? Solution Step 1: Determine
- [17.14 DEBT SERVICE](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-17-general-math-problem-categories-3/topic/17-14-debt-service-3/) - A mortgage loan of $50,000 at 11% interest requires monthly payments of principal and interest of $516.10 to fully amortize the loan for a term of 20 years. If the loan is paid over the 20-year term, how much interest does the borrower pay? Solution Step 1: Monthly Principal & Interest Payments x 12 = Annual Principal & Interest
- [17.13 FINANCIAL CALCULATIONS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-17-general-math-problem-categories-3/topic/17-13-financial-calculations-3/) - Simple Interest Interest calculations use the formula: loan balance X rate of interest = annual interest A loan of $15,000 is repaid in full, one year after the loan is made. If the interest rate on the loan is 12.5%, what amount of interest is owed? Solution Step 1: Principle x interest rate = interest
- [17.12 PRORATIONS AT CLOSING](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-17-general-math-problem-categories-3/topic/17-12-prorations-at-closing-3/) - Proration Rules 30-day Standard Month 360-day standard Year Seller is in possession of the property on the day of closing In preparing a statement for a closing to be held August 14, a real estate broker determines that the annual real property taxes in the amount of $360 have not been paid. What will the broker put in the
- [17.11 TRANSFER TAX CALCULATIONS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-17-general-math-problem-categories-3/topic/17-11-transfer-tax-calculations-3/) - The conveyance in Illinois is taxed as a result of the Illinois Real Estate Transfer Tax Act. The amount subject to taxation is the sales price minus any assumed mortgage or mortgage taken “subject to.” State tax: $0.50 per $500 or fraction thereof County tax: $0.25 per $500 or fraction thereof If the total amount of consideration is less than $100 no tax is required.
- [17.10 TAX CALCULATIONS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-17-general-math-problem-categories-3/topic/17-10-tax-calculations-3/) - If the assessed value of the property is $80,000 and the tax value is 100% of the assessed value, what is the annual tax if the tax rate is $1.50 per $100 and the equalization factor is 1.5? Solution Step 1: Assessed Value X Equalization Factor = Equalized Assessed Value Calculation: $80,000 x 1.5 = $120,000 = Equalized Assessed Value
- [17.9 COST/SIZE](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-17-general-math-problem-categories-3/topic/17-9-cost-size-3/) - A triangular lot measures 200 feet along the street and 500 feet in depth on the side perpendicular to the front lot line. If the lot sells for 10 cents per square foot, what is the selling price? Solution Step 1: Length X Width divided by 2 = Area of a Triangle Calculation: (200 feet x
- [17.8 SQUARE FOOTAGE](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-17-general-math-problem-categories-3/topic/17-8-square-footage-3/) - A rectangular lot measures 185 feet by 90 feet. How many square feet does this lot contain? Solution: Length x width = Area Calculation: 185 x 90 = 16,650 square feet Answer: 16,650 sq ft area A room measures 15 feet by 21 feet. We want to install wall-to-wall carpeting and need to calculate the exact amount
- [17.7 AREA CALCULATIONS: ACREAGE](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-17-general-math-problem-categories-3/topic/17-7-area-calculations-acreage-3/) - An acre of land has a width of 330 feet. If this acre of land is rectangular in shape, what is its length? (Each acre contains 43,560 square feet). Solution Step 1: An Acre has 43,560 square feet Solution Step 2: If Length x Width = Area, then Length = Area/Width Calculation: Length = 43,560/330 = 132 feet
- [17.6 PROFIT/LOSS ON SALE OF REAL ESTATE](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-17-general-math-problem-categories-3/topic/17-6-profit-loss-on-sale-of-real-estate-3/) - The formula for profit: investment X percent of profit = dollars in profit The formula for loss: investment X percent of loss = dollars lost Mr. Wong buys a house for investment purposes for $48,000. He sells it six months later for $54,000 with no expenditures for fix-up or repair. What is Mr. Wong’s percentage
- [17.5 ESTIMATING PARTIAL SALES OF LAND](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-17-general-math-problem-categories-3/topic/17-5-estimating-partial-sales-of-land-3/) - A subdivision contains 400 lots. If a broker has sold 25% of the lots and his sales staff has sold 50% of the remaining lots, how many lots are still unsold? Solution Step 1: Original Number of Lots x Percentage Sold by Broker = Number of Lots Remaining Calculation: 400 x 25% = 100 lots. 400 Lots minus
- [17.4 RENTALS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-17-general-math-problem-categories-3/topic/17-4-rentals-3/) - A real estate salesperson is the property manager for the owner of a local shopping center. The center has five units, each renting for $24,000 per year. The center has an annual vacancy factor of 4.5%. The commission for rental of the units is 9% of the gross rental income. What is the commission for
- [17.3 COMMISSION SPLITS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-17-general-math-problem-categories-3/topic/17-3-commission-splits-3/) - A real estate broker sells a property for $65,000. The commission on this sale to the real estate firm with whom the broker is associated is 7%. The broker receives 60% of the total commission paid to the real estate firm. What is the firm’s share of the commission in dollars? Solution Step 1: Selling Price
- [17.2 COMMISSION AND SALES PROBLEMS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-17-general-math-problem-categories-3/topic/17-2-commission-and-sales-problems-3/) - Problems involving commissions are readily solved by the Formula: sales price X rate of commission = total commission A real estate broker sells a property for $90,000. Her rate of commission is 7%. What is the amount of commission in dollars? Product Missing = multiply Solution: sales price x rate = commission Calculation: $90,000 x 0.07
- [17.1 MEASUREMENT STANDARDS WHICH MUST BE MEMORIZED](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-17-general-math-problem-categories-3/topic/17-1-measurement-standards-which-must-be-memorized-3/) - Linear Measure Square Measure Cubic Measure 12 inches = 1 foot 144 square inches = 1 square foot 27 cubic feet = 1 cubic yard 3 feet = 1 yard 9 square feet = 1 square yard 5,280 feet = 1 mile 43,560 square feet = 1 acre 640 acres = 1
- [16.14 YOUR REAL ESTATE BUSINESS AND THE ACT PART 4](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/topic/16-14-your-real-estate-business-and-the-act-part-4-3/) - Advertising is expanded to include social media and digital forums. A sponsoring broker must include his/her business name and franchise affiliation in all advertisements. The Sponsoring Broker’s name shall be at least equal in size or larger than the team names or that of the individual licensee Blind ads are prohibited. Blind ads are defined as
- [16.13 YOUR REAL ESTATE BUSINESS AND THE ACT PART 3](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/topic/16-13-your-real-estate-business-and-the-act-part-3-3/) - Handling Client Funds (Section 20-20) Licensees should immediately provide any earnest money checks to their sponsoring. The sponsoring broker must “maintain and deposit in a special account, separate and apart from personal and other business accounts, all escrow monies belonging to others entrusted to a licensee while acting as a real estate agent, escrow agent, or temporary custodian of the
- [16.12 YOUR REAL ESTATE BUSINESS AND THE ACT PART 2](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/topic/16-12-your-real-estate-business-and-the-act-part-2-3/) - Section 15-25 deals with a licensee’s treatment of customers. A licensee shall “treat all customers honestly and shall not negligently or knowingly give them false information.” Ministerial acts are permitted. Section 15-40 clearly states that compensation does not determine agency. Dual Agency Disclosure Informed written consent is required of both buyer and seller for dual agency under Section 15-45 of the Act.
- [16.11 YOUR REAL ESTATE BUSINESS AND THE ACT PART 1](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/topic/16-11-your-real-estate-business-and-the-act-part-1-3/) - Place of Business (Section 5-45) Any sponsoring broker actively engaged in the real estate business must maintain a definite office or place of business within Illinois. The sponsoring broker must display a visible, conspicuous identification sign outside the office. Inside, the sponsoring broker must conspicuously display the branch office license she sponsors. The sponsoring broker’s office or place
- [16.10 CONTINUING EDUCATION](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/topic/16-10-continuing-education-3/) - Continuing Education Hours — Requirements Residential Leasing Agent — 8 hours of continuing education in the core curriculum for each 2-year renewal period Broker — 12 hours each 2-year renewal. 4-Hour CORE and 8 Hours of Elective – one hour of elective must include Sexual Harassment Prevention Training Managing Broker — 4-Hour CORE and 8
- [16.7 CHANGING OR LEAVING FIRMS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/topic/16-7-changing-or-leaving-firms-3/) - Old Broker When a licensee quits or the sponsoring broker or a designated managing broker terminates the licensee’s employment with the sponsoring broker for any reason, the licensee must obtain her license from the employing broker at whose firm it has been kept. The licensee can terminate their license on their own. Once a licensee
- [16.6 THE REAL ESTATE LICENSE](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/topic/16-6-the-real-estate-license-6/) - After passing the state exam, the applicant is sent an email with their score and a formal application for licensure needs to be made to the state. An email will be sent immediately after application, allowing the individual to practice real estate immediately. A sponsoring broker is required to approve the application before a license will
- [16.5 THE LICENSING EXAMINATION](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/topic/16-5-the-licensing-examination-6/) - Requirements to take the State Exam Applicants are eligible to take the Residential Leasing Agent, Broker or Managing Broker examination only after they have met the education and age requirements: they must also be able to demonstrate that they have met the other requirements set out by the Illinois Real Estate License Act of 2000
- [16.4 OBTAINING AND KEEPING A REAL ESTATE LICENSE PART 2](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/topic/16-4-obtaining-and-keeping-a-real-estate-license-part-2-6/) - Broker’s License (Article 5) A broker is defined as any individual, partnership, limited liability company (LLC), corporation, or registered limited liability partnership other than a residential leasing agent who, for another and for compensation, whether in person or through any media or technology, or with the intention or expectation of receiving compensation, either directly or indirectly, performs
- [16.3 OBTAINING AND KEEPING A REAL ESTATE LICENSE PART 1](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/topic/16-3-obtaining-and-keeping-a-real-estate-license-part-1-6/) - Who Needs to Be Licensed? (Section 1-10) It is illegal for anyone to act as a broker, managing broker, sponsoring broker or residential leasing agent without a real estate license issued by the Department. Any broker who performs any of the following services, either directly or indirectly, whether in or through any media or technology, for another
- [16.2 ADMINISTRATION OF THE ILLINOIS REAL ESTATE LICENSE ACT](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/topic/16-2-administration-of-the-illinois-real-estate-license-act-6/) - Division of Professional Regulation The Department, through the Division of Professional Regulation (DPR) has primary authority to administer the Illinois Real Estate License Act of 2000. It is also empowered to issue rules and regulations that implement and interpret the Act. The rules accompanying the Act are important to a full understanding of the Act’s implications and applications. The
- [16.1 ILLINOIS REAL ESTATE LAW](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/topic/16-1-illinois-real-estate-law-6/) - The state of Illinois has enacted real estate laws since 1921. The purpose of Illinois Real Estate Licensing Laws is to regulate persons and entities engaged in real estate business for the protection of the public. Major changes were made in real estate license law with the Real Estate License Act of 2000. We will focus on the review
- [15.14 REGULATION OF THE RENTAL FINDING INDUSTRY](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-15-property-management-leasing-6/topic/15-14-regulation-of-the-rental-finding-industry-3/) - Rental-Finding Services A rental-finding service is any business that finds, attempts to find, or offers to find for any person for consideration a unit of rental real estate for a lessee, for a unit of rental real estate not owned or leased by the business. Any person or business entity that operates a rental-finding service must obtain a real
- [15.13 DISCHARGE OF LEASES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-15-property-management-leasing-6/topic/15-13-discharge-of-leases-3/) - A lease is discharged when the contract terminates. Termination can occur: when all parties have fully performed their obligations under the agreement. the parties may agree to cancel the lease. A tenant who simply abandons leased property remains liable for the terms of the lease including the rent. The terms of the lease will usually indicate whether the landlord is obligated to try
- [15.12 LEASE AGREEMENTS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-15-property-management-leasing-6/topic/15-12-lease-agreements-3/) - Requirements of a Valid Lease A lease is a form of contract. To be valid, a lease must meet essentially the same requirements as any other contract: Capacity to contract – The parties must have the legal capacity to contract. Legal objectives – The objectives of the lease must be legal. Offer and acceptance – The parties must reach a mutual agreement on
- [15.11 TYPES OF LEASES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-15-property-management-leasing-6/topic/15-11-types-of-leases-3/) - Gross Lease In a gross lease, the tenant pays a fixed rent, and the landlord pays all taxes, insurance, repairs, utilities, and the like connected with the property (usually called property charges or operating expenses). This is typically the type of rent structure involved in apartment rentals. Letter of Intent for Commercial Purchase A letter of intent is a document outlining the
- [15.10 LEASES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-15-property-management-leasing-6/topic/15-10-leases-3/) - Leasing Real Estate A lease is a contract between an owner of real estate (the lessor) and a tenant (the lessee). it is a contract to transfer the lessor’s rights to exclusive possession and use of the property to the tenant for a specified period of time. The landlord receives payment for use of the premises and retains a reversionary right to possession after the lease term expires. The lessor’s
- [15.9 RISK MANAGEMENT](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-15-property-management-leasing-6/topic/15-9-risk-management-3/) - The perils of any risk must be evaluated in terms of options. In considering the possibility of a loss, the property manager must decide whether it is better to: avoid risk, by removing the source of risk (for instance, a swimming pool may pose an unacceptable risk if a daycare center is located in the building),
- [15.8 THE AMERICANS WITH DISABILITIES ACT](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-15-property-management-leasing-6/topic/15-8-the-americans-with-disabilities-act-3/) - Title I of the ADA provides for the employment of qualified job applicants regardless of their disability. Any employer with 15 or more employees must adopt nondiscriminatory employment procedures. In addition, employers must make reasonable accommodations to enable individuals with disabilities to perform essential job functions. Title III of the ADA prohibits discrimination in commercial properties and public accommodations.
- [15.7 MAINTAINING THE PROPERTY](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-15-property-management-leasing-6/topic/15-7-maintaining-the-property-3/) - One of the most important functions of a property manager is the supervision of property maintenance. A manager must learn to balance services provided with their costs that is, to satisfy tenants’ needs while minimizing operating expenses. To maintain the property efficiently, the manager must be able to assess the building’s needs and how best to meet
- [15.6 RENTING THE PROPERTY](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-15-property-management-leasing-6/topic/15-6-renting-the-property-3/) - Setting Rental Rates Rental rates are influenced primarily by supply and demand. The property manager should conduct a detailed survey of the competitive space available in the neighborhood, emphasizing similar properties. In establishing rental rates, the property manager has four long-term considerations: The rental income must be sufficient to cover the property’s fixed charges and operating expenses. The rental income must
- [15.5 THE MANAGEMENT PLAN AND AGREEMENT](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-15-property-management-leasing-6/topic/15-5-the-management-plan-and-agreement-3/) - The Management Plan Property management begins with a management plan prepared by the property manager. A management plan outlines the details of the owner’s objectives with the property, as well as what the property manager expects to accomplish and how, including all financial objectives. In preparing a management plan, a property manager analyzes three factors: the owner’s objectives,
- [15.4 NEW OPPORTUNITIES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-15-property-management-leasing-6/topic/15-4-new-opportunities-3/) - Community Association Management The prevalence of homeowners’ and condominium associations, combined with complex planning and development codes, have placed new demands on property managers. Working as part of a team, property managers assist in providing a comprehensive array of services to volunteer boards. The Illinois Community Association Manager Licensing and Disciplinary Act was created: to provide for
- [15.3 PROPERTY MANAGER’S RESPONSIBILITIES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-15-property-management-leasing-6/topic/15-3-property-managers-responsibilities-5/) - Financial Reports One of the primary responsibilities of a property manager is maintaining financial reports, including an operating budget, cash flow report, profit and loss statement, and budget comparison statement. Operating budget An operating budget is the projection of income and expense for the operation of a property over a one-year period. This budget, developed before attempting to rent property, is
- [15.2 THE PROPERTY MANAGER](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-15-property-management-leasing-6/topic/15-2-the-property-manager-3/) - In addition to leasing, managing, marketing, and overall maintenance of real estate owned by others, it is also expected that a property manager function as a market analyst, residential leasing agent, accountant, advertising specialist, and maintenance person all in the same day. In addition, the property manager frequently interacts with people in various professions, including
- [15.1 THE MANAGEMENT PROFESSION](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-15-property-management-leasing-6/topic/15-1-the-management-profession-3/) - Most metropolitan areas have local associations of building and property owners and managers that are affiliates of regional and national associations. All of these professional organizations provide information and contacts for all aspects of property management. Here is a list of some well-known associations: Building Owners and Managers Association International (BOMA): commercial real estate Building
- [14.11 PROFESSIONAL ETHICS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-14-fair-housing-6/topic/14-11-professional-ethics-3/) - Ethics refers to a high moral system of principles, rules, and standards based on conduct and values. The ethical system of a profession establishes guidelines that reach to the higher principles of what is “right.” Those principles may form the law, but they exist apart from the law. Professional ethics in business usually focus on two main aspects
- [14.10 IMPLICATIONS FOR REAL ESTATE LICENSEES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-14-fair-housing-6/topic/14-10-implications-for-real-estate-licensees-3/) - The real estate industry is largely responsible for creating and maintaining an open housing market. Licensees are a community’s real estate experts. Along with the privilege of profiting from real estate transactions comes the social and legal responsibilities to ensure that everyone’s civil rights are protected. Fair housing is the law. The consequences for anyone who violates the law are serious.
- [14.9 ILLINOIS SEXUAL HARASSMENT LAW 775ILCS5/2-101(E)](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-14-fair-housing-6/topic/14-9-illinois-sexual-harassment-law-775ilcs5-2-101e-3/) - “Sexual harassment” means any unwelcome sexual advances or request for sexual favors or any conduct of a sexual nature when (1) submission to such conduct is made either explicitly or implicitly a term or condition of an individual’s employment (2) submission to or rejection of such conduct by an individual is used as a basis
- [14.8 THE ILLINOIS HUMAN RIGHTS ACT](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-14-fair-housing-6/topic/14-8-the-illinois-human-rights-act-6/) - The Illinois Real Estate License Act of 2000 prohibits any action that constitutes a violation of the Illinois Human Rights Act. This is true regardless of whether a complaint has been filed with or adjudicated by the Human Rights Commission. The Illinois Human Rights Act includes some prohibitions that also are specifically addressed by the Real Estate License Act
- [14.7 AMERICANS WITH DISABILITIES ACT](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-14-fair-housing-6/topic/14-7-americans-with-disabilities-act-3/) - Although the Americans with Disabilities Act (ADA) is not a housing or credit law, it still has a significant effect on the real estate industry. The ADA is important to licensees because it addresses the rights of individuals with disabilities in employment and public accommodations. Real estate licensees are often employers, and real estate brokerage offices are public spaces. The
- [14.6 EQUAL CREDIT OPPORTUNITY ACT](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-14-fair-housing-6/topic/14-6-equal-credit-opportunity-act-3/) - The federal Equal Credit Opportunity Act (ECOA) prohibits discrimination based on race, color, religion, national origin, sex, marital status, or age in the granting of credit. Note that ECOA protects more classes of persons than the Fair Housing Act. The ECOA bars discrimination on the basis of marital status and age. It also prevents lenders from discriminating against recipients of public assistance programs,
- [14.5 ENFORCEMENT OF THE FAIR HOUSING ACT](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-14-fair-housing-6/topic/14-5-enforcement-of-the-fair-housing-act-3/) - The federal Fair Housing Act is administered by the Office of Fair Housing and Equal Opportunity (OFHEO) under the direction of the secretary of HUD. Any aggrieved person who believes illegal discrimination has occurred may file a complaint with HUD within one year of the alleged act. HUD may also initiate its own complaint. Complaints may be reported to the Office
- [14.4 FAIR HOUSING PRACTICES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-14-fair-housing-6/topic/14-4-fair-housing-practices-3/) - Blockbusting Blockbusting is the act of encouraging people to sell or rent their homes by claiming that the entry of a protected class of people into the neighborhood will have some sort of negative impact on property values. Any message, however subtle or accidental, that property should be sold or rented because the neighborhood is “undergoing changes” is considered blockbusting.
- [14.3 HUD FAIR HOUSING DEFINITIONS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-14-fair-housing-6/topic/14-3-hud-fair-housing-definitions-3/) - When HUD investigates a licensee for discriminatory practices, it may consider failure to prominently display the equal housing opportunity poster in the licensee’s place of business as evidence of discrimination. HUD FAIR HOUSING DEFINITIONS HUD’s regulations provide specific definitions that clarify the scope of the Fair Housing Act. Housing The regulations define housing as a dwelling that includes any building or part of
- [14.2 FAIR HOUSING ACT](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-14-fair-housing-6/topic/14-2-fair-housing-act-6/) - Title VIII of the Civil Rights Act of 1968 prohibits discrimination in housing based on race, color, religion, and national origin. It also threw out the “Separate but Equal” provision. In 1974, the Housing and Community Development Act added sex to the list of protected classes. In 1988, the Fair Housing Amendments Act added disability and familial status (that is, the presence of children). Today, these laws together
- [14.1 EQUAL OPPORTUNITY IN HOUSING](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-14-fair-housing-6/topic/14-1-equal-opportunity-in-housing-6/) - The civil rights laws that affect the real estate industry ensure that everyone has the opportunity to live where they choose. Federal, state, and local fair housing or equal opportunity laws affect every phase of a real estate transaction, from listing to closing. However, while the passage of laws may establish a code for public conduct, damaging attitudes
- [13.24 TERMINATION OF BROKER EMPLOYMENT AGREEMENTS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-24-termination-of-broker-employment-agreements-3/) - A broker employment agreement is a contract between a broker and a seller or buyer. Its success depends on the broker’s personal and professional efforts. Because broker services are unique, a broker cannot turn over the contract to another broker without the principal’s written consent. The client cannot force the broker to perform, but the broker’s failure to work
- [13.23 THE BUYING PROCESS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-23-the-buying-process-3/) - When the buyers have found the right property, the next step is to prepare and negotiate an offer that will lead to a signed sales contract between the seller and the buyer. The buyer’s broker must prepare a CMA to establish a price for the buyer to offer. Factors to take into consideration include: Property condition – Does the property
- [13.21 BROKER’S AUTHORITY AND RESPONSIBILITIES PART 2](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-21-brokers-authority-and-responsibilities-part-2-3/) - Termination of the contract A contract should provide some way for the parties to end it and under what circumstances will the contract terminate. In Illinois, if a listing agreement provides that, in the event of a default by a buyer, the broker’s full commission or fees will be paid out of an earnest money deposit, with the remainder of the earnest money to be paid to
- [13.20 BROKER’S AUTHORITY AND RESPONSIBILITIES PART 1](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-20-brokers-authority-and-responsibilities-part-1-3/) - The contract should specify whether the broker may place a sign on the property and advertise and market the property or utilize social networking through Facebook or other similar sites. Another new major consideration, since the inception of Buyer Broker Representation in Illinois, is whether the broker is permitted to authorize buyers’ broker’s marketing efforts through an
- [13.19 THE LISTING AGREEMENT](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-19-the-listing-agreement-3/) - In Illinois, the listing contracts most commonly in use are prepared by local REALTOR® associations and their attorneys. These forms may vary slightly from area to area. Illinois law requires that the following disclosures be included with listing contracts. Disclosure of material facts – A broker must not withhold material facts concerning a property of which she has
- [13.18 THE LISTING PROCESS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-18-the-listing-process-3/) - Measuring Structure and room count It is important to understand when it comes to measuring a property, there is no one size fits all method employed by appraisers, real estate agents, lender, or government units. To varying degrees, guidelines define Gross Living Area (GLA). Fannie Mae, HUD/FHA guidelines do not include basements/below grade, unfinished areas, and garages
- [13.17 TERMINATION OF LISTING AGREEMENTS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-17-termination-of-listing-agreements-3/) - Because the licensee’s services are unique, a brokerage agreement cannot be assigned to another licensee without the principal’s written consent. The property owner cannot force the licensee to perform, but the licensee’s failure to work diligently toward fulfilling the contract’s terms constitutes a breach of the listing agreement. If the licensee cancels the listing, the seller may be entitled to sue
- [13.16 SPECIAL LISTING PROVISIONS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-16-special-listing-provisions-3/) - Multiple listing A multiple listing clause may be included in an exclusive listing. It is used by licensees who are members of a multiple listing service (MLS). An MLS is an information/ marketing organization whose members make their listings available for showing and sale through all the other member licensees. An MLS offers advantages to licensees, sellers, and
- [13.15 TYPES OF LISTING AGREEMENTS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-15-types-of-listing-agreements-3/) - Exclusive-right-to-sell listing agreements In an exclusive-right-to-sell listing, one broker is appointed as the seller’s sole agent. The listing broker is given the exclusive right or authorization to market the seller’s property. If the property is sold while the listing is in effect, the seller must pay the broker a commission regardless of who sells the property: the listing broker, another broker, or even
- [13.14 BROKERAGE AGREEMENTS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-14-brokerage-agreements-3/) - Brokerage agreements are employment contracts for the personal professional services of the sponsoring broker, not for the transfer of real estate. The various types of brokerage agreements establish the basic relationship between the parties and provide different levels of rights and responsibilities for the sponsoring broker. Perhaps most important, brokerage agreements address the essential questions of exclusivity and compensation. A listing agreement is
- [13.13 STATE LICENSE LAWS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-13-state-license-laws-3/) - All 50 states, the District of Columbia, and all Canadian provinces license and regulate the activities of real estate professionals. While the laws share a common purpose, the details vary from state to state. Real estate license laws have been enacted to protect the public by ensuring a standard of competence and professionalism in the real estate industry. The laws
- [13.12 OTHER CONSUMER PROTECTION MEASURES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-12-other-consumer-protection-measures-3/) - National Do Not Call Registry In 2003, the Federal Communications Commission (FCC) established the National Do Not Call Registry. The registry is a list of phone numbers of consumers who do not want to be contacted by commercial telemarketers. It is managed by the FTC and is enforced by the FTC, the FCC, and state officials. The registry
- [13.11 TECHNOLOGY AND BROKERAGE OF THE FUTURE](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-11-technology-and-brokerage-of-the-future-3/) - Social networking sites such as Facebook, Linkedln, YouTube, and Twitter are becoming increasingly useful in business, and the real estate industry is no different. Recognizing the value and pervasiveness of these sites, sponsoring brokers should set out clear guidelines in policy manuals and brokerage agreements to permit and guide the use of these technologies by licensees. Sponsoring brokers
- [13.10 SALES FORCE COMPENSATION](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-10-sales-force-compensation-3/) - The amount of compensation a licensee receives from a sale is set by mutual agreement between the affiliated licensees and their sponsoring brokers. This compensation agreement is included in the employment agreement. Some sponsoring brokers require that licensees pay all or part of the expenses of advertising listed properties; this may be subtracted from commissions by agreement or be billed separately to the
- [13.9 SPONSORING BROKER COMPENSATION – COMMISSION](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-9-sponsoring-broker-compensation-commission-3/) - The sponsoring broker’s compensation is specified in the contract with the client. The amount of a broker’s commission is negotiable in every case. Even subtle attempts to impose uniform commission rates are clearly a violation of antitrust laws. A sponsoring broker, however, may set the minimum commission rate acceptable for his own company. Commissions Only a licensed designated
- [13.8 TEAMS OF BROKERS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-8-teams-of-brokers-3/) - The sponsoring broker’s compensation is specified in the contract with the client. The amount of a broker’s commission is negotiable in every case. Even subtle attempts to impose uniform commission rates are clearly a violation of antitrust laws. A sponsoring broker, however, may set the minimum commission rate acceptable for his own company. Commissions Only a licensed designated
- [13.7 TERMINATION OF SPONSORSHIP](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-7-termination-of-sponsorship-3/) - If a broker or a residential leasing agent terminates employment with the sponsoring broker for any reason, the licensee must obtain his license from the sponsoring broker, or designated managing broker, if so designated by the sponsoring broker. The licensee can terminate their license on their own. Once a licensee terminates their sponsorship with their sponsoring broker,
- [13.6 SPONSORED LICENSEES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-6-sponsored-licensees-3/) - Article 5, Section 5-26 of the Real Estate License Act of 2000, states that “no new salesperson licenses shall be issued after April 30, 2011, and all existing salesperson licenses shall terminate on May 1, 2012.” After April 30, 2012, only two types of licenses will be issued: broker and managing broker. Both brokers and managing brokers can
- [13.5 ERRORS AND OMISSIONS INSURANCE](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-5-errors-and-omissions-insurance-3/) - Sponsoring broker or designated managing brokers have an array of issues and options to consider when deciding to obtain an errors and omissions insurance (E & O) policy. In general, they need to determine what level of protection to seek in the policy and how to tailor the coverage to their sponsoring/managing practice. Because insurance policies and practices vary from
- [13.4 PLANNING](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-4-planning-3/) - Planning is the most fundamental management activity. Almost every business decision is guided by a business plan. Planning takes time and money; however, the resources devoted to planning are relatively small in comparison to the benefits of a sound plan that is followed and reviewed often. It is useful for building credibility with others outside your company.
- [13.3 THE DESIGNATED MANAGING BROKER](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-3-the-designated-managing-broker-3/) - A designated managing broker has taken additional courses and received a managing broker license. A sponsoring broker may also be the designated managing broker of an office or may appoint a managing broker to serve as the designated managing broker of several offices, or different designated managing brokers may be responsible for an individual office as long as
- [13.2 THE SPONSORING BROKER](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-2-the-sponsoring-broker-3/) - By Section 1450.100 definition, the sponsoring broker is the entity holding the company real estate license, whether the entity is an individual who operates as a sole proprietorship, partnership, limited liability company, corporation, or registered limited liability partnership. A sponsoring broker may be self-sponsored. There may be only one sponsoring broker for any one real estate company. A sponsoring broker may authorize a designated managing broker to issue a license in
- [13.1 REAL ESTATE BROKERAGE OPERATIONS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/topic/13-1-real-estate-brokerage-operations-6/) - A brokerage business may take many forms. It may be a sole proprietorship (a single-owner company), a corporation, or a partnership. The office may be independent or part of a regional or national franchise. The business may consist of a single office or multiple branches. The brokerage office may be located in a downtown high rise, a suburban shopping
- [12.7 ADDITIONAL PROVISIONS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-12-contract-law-6/topic/12-7-additional-provisions-6/) - Many sales contracts provide for the following: Any personal property to be left with the premises for the purchaser (such as major appliances or lawn and garden equipment) Any real property to be removed by the seller before the closing (such as a storage shed) The transfer of any applicable warranties on items such as heating and cooling systems or built-in
- [12.5 DISCHARGE OF CONTRACTS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-12-contract-law-6/topic/12-5-discharge-of-contracts-6/) - Performance of a Contract Many contracts call for a specific time by which the agreed-on acts must be completely performed. In addition, many contracts provide that time is of the essence. This means that the contract must be performed within the time limit specified. A party who fails to perform on time is liable for breach of contract. In Illinois,
- [12.4 VALIDITY OF CONTRACTS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-12-contract-law-6/topic/12-4-validity-of-contracts-6/) - A contract can be described as valid, void, voidable, or unenforceable, depending on the circumstances. A contract is valid when it meets all the essential elements that make it legally sufficient or enforceable. A contract is void when it has no legal force or effect because it lacks some or all of the essential elements of a contract. A contract that is voidable appears on the surface
- [12.3 ESSENTIAL ELEMENTS OF A VALID CONTRACT](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-12-contract-law-6/topic/12-3-essential-elements-of-a-valid-contract-6/) - A contract must meet certain minimum requirements to be considered legally valid. The following are the basic essential elements of a contract: Offer and acceptance (mutual assent) There must be an offer by one party that is accepted by the other party. The person who makes the offer is the offeror. The person who accepts the offer is the offeree. This
- [12.2 ENFORCEABLE CONTRACTS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-12-contract-law-6/topic/12-2-enforceable-contracts-6/) - A contract may be enforceable in two ways: Enforceable between the parties – This is our everyday contract which we make with family, friends, co-workers. It depends on the good will of the parties for the contract to be carried out. If one party does not abide by the contract, the injured party cannot enforce the contract in
- [12.1 CONTRACT DEFINITION](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-12-contract-law-6/topic/12-1-contract-definition-6/) - A contract is a voluntary agreement or promise between legally competent parties, supported by legal consideration, to perform (or refrain from performing) some legal act. That definition may be easier to understand if its various parts are examined separately. A contract must be voluntary – no one may be forced into a contract, an agreement or a promise
- [11.9 CUSTOMER-LEVEL SERVICES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-11-real-estate-agency-6/topic/11-9-customer-level-services-3/) - An agent’s primary responsibility is to the principal, and Illinois courts have long held that the contractual principal-agent relationship as defined in a listing agreement or buyer agency agreement gives the seller or buyer a cause of action against the licensee who breaches her fiduciary duties to the client. The courts have not demanded fiduciary duty to third parties. However, Illinois license law
- [11.8 TYPES OF AGENCY RELATIONSHIPS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-11-real-estate-agency-6/topic/11-8-types-of-agency-relationships-3/) - Limitations on an Agent’s Authority A universal agent is a person empowered to do anything the principal could do personally. The universal agent’s authority to act on behalf of the principal is virtually unlimited. In Illinois, a written power of attorney is required to create a universal agency. A general agent may represent the principal in a broad range of matters related to a particular business or activity.
- [11.7 TERMINATION OF AGENCY](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-11-real-estate-agency-6/topic/11-7-termination-of-agency-3/) - An agency may be terminated for any of the following reasons: Death or incapacity of either party Destruction or condemnation of the property Expiration of the terms of the agency Mutual agreement by all parties to the contract Breach by one of the parties, in which case the breaching party might be liable for damages, By operation of law,
- [11.6 CREATION OF AGENCY](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-11-real-estate-agency-6/topic/11-6-creation-of-agency-6/) - An agency relationship may be based on a formal agreement between the parties, an express agency, or it may result from the parties’ behavior, an implied agency. Express agency The principal and agent may enter into a contract, or an express agreement, in which the parties formally express their intention to establish an agency and state its
- [11.5 STIGMATIZED PROPERTIES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-11-real-estate-agency-6/topic/11-5-stigmatized-properties-6/) - Stigmatized properties are those properties that society has branded undesirable because of events that occurred there. Stigma is the continuing negative association with or feeling about the property. Article 15 of the Real Estate License Act of 2000 states that in dealing with specific situations related to disclosure, “no cause of action shall arise against a licensee for
- [11.4 LATENT DEFECTS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-11-real-estate-agency-6/topic/11-4-latent-defects-6/) - The seller has a duty to disclose any known latent defects that threaten structural soundness or personal safety. A structural defect that would not normally be uncovered over the course of an ordinary inspection (due to the placement or type of defect, for instance) is referred to as a latent defect. Buyers have been able to either rescind the sales contract or receive damages when
- [11.3 OPINION VERSUS FACT](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-11-real-estate-agency-6/topic/11-3-opinion-versus-fact-6/) - Real estate licensees and other staff members must always be careful about the statements they make. They must be sure that the customer understands whether the statement is an opinion or a fact. Statements of opinion are permissible only as long as they are offered as opinions and without any intention to deceive. Statements of fact must be accurate. Exaggeration
- [11.2 FIDUCIARY/STATUTORY RESPONSIBILITIES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-11-real-estate-agency-6/topic/11-2-fiduciary-statutory-responsibilities-4/) - Fiduciary/Statutory Responsibilities The agency agreement usually authorizes the real estate licensee to act for the principal. The agent’s fiduciary relationship of trust and confidence means that the real estate licensee owes the principal certain duties. These duties were not simply moral or ethical; they formed the common law of agency and now are the basis for statutory laws governing real estate transactions. Under the common law of agency, an agent owes the
- [11.1 INTRODUCTION TO REAL ESTATE AGENCY](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-11-real-estate-agency-6/topic/11-1-introduction-to-real-estate-agency-6/) - Illinois no longer recognizes common law agency. Additionally, Illinois no longer allows the use of sub-agency in real estate transactions, where the representative of the buyer was a sub-agent of the seller. Illinois now recognizes both a seller agency agreement and a buyer agency agreement whereby one agent has a fiduciary relationship with the seller and another agent has a
- [10.7 CLOSING STATEMENT](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-10-real-estate-closings-6/topic/10-7-closing-statement-3/) - Computing the prorations and charges The following list illustrates the various prorations and other amounts to be included in a settlement statement, prepared by the Closing Agent at the Title Company or the lawyer for the buyer or seller: Closing date: June 15 Commission: 6% (0.06) x $230,000 sales price = $13,800 Seller’s mortgage interest: 7% (0.07) x $115,400 principal due
- [10.6 PRORATIONS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-10-real-estate-closings-6/topic/10-6-prorations-3/) - Most closings involve the division of financial responsibility between the buyer and seller for such items as loan interest, taxes, rents, fuel, and utility bills. These allowances are called prorations. Prorations are necessary to ensure that expenses are divided fairly between the seller and the buyer. Accrued items such as water bills, Illinois real estate taxes, and interest
- [10.5 PREPARATION OF CLOSING STATEMENTS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-10-real-estate-closings-6/topic/10-5-preparation-of-closing-statements-3/) - A typical real estate transaction requires accounting for the expenses incurred by either party, generally on the HUD-1, a form required for any federally related closing. All expenses must be itemized to arrive at the exact amount of cash required from the buyer and the net proceeds to the seller. These include prorated items those prepaid by the
- [10.4 TILA-RESPA INTEGRATED DISCLOSURE RULE (TRID)](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-10-real-estate-closings-6/topic/10-4-tila-respa-integrated-disclosure-rule-trid-3/) - In 2010, federal legislation known as the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) created the TILA-RESPA Integrated Disclosure rule as a consumer protection ruling that gives more transparency to the loan process. It does not apply to cash transactions. The TRID rule applies to most closed-end consumer credit transactions secured by real property. Credit
- [10.3 REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-10-real-estate-closings-6/topic/10-3-real-estate-settlement-procedures-act-respa-5/) - The Real Estate Settlement Procedures Act (RESPA) is a federal consumer law that requires certain disclosures about the mortgage and settlement process and prohibits certain practices that increase the costs of settlement services, such as kickbacks and referral fees that can increase settlement costs for home buyers. RESPA regulations apply to first lien residential mortgage loans made to finance the purchases of
- [10.2 CLOSING PROCEDURES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-10-real-estate-closings-6/topic/10-2-closing-procedures-6/) - Face-to-Face Closing Face-to-face closings may be held at a number of locations, including the offices of the title company, the lending institution, an attorney for one of the parties, the broker, the county recorder, or the escrow company. Those attending a closing may include: the buyer or the buyer’s duly authorized agent, the seller or the seller’s duly authorized agent,
- [10.1 PRECLOSING PROCEDURES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-10-real-estate-closings-6/topic/10-1-preclosing-procedures-6/) - Buyer’s Requirements to Close Both the buyers and their lenders must be sure that the seller can deliver the title that was promised in the purchase agreement and that the property is now in essentially the same condition it was in when the buyers and the sellers agreed to the sale. This involves inspecting: the title evidence,
- [9.9 PROOF (ASSURANCE) OF OWNERSHIP](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-9-title-transfer-and-records-6/topic/9-9-proof-assurance-of-ownership-6/) - Proof of ownership is evidence that title is marketable. A deed by itself is not considered sufficient evidence of ownership in Illinois. Even though a warranty deed conveys the grantor’s interest, it contains no proof of the condition of the grantor’s title at the time of the conveyance. The grantee needs some assurance that (s)he actually is acquiring ownership and that the title is marketable. Certificate of Title A certificate of title is a statement
- [9.8 REAL ESTATE DOCUMENTS – PUBLIC RECORDS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-9-title-transfer-and-records-6/topic/9-8-real-estate-documents-public-records-6/) - Public records contain detailed information about each parcel of real estate in a city or county. These records are crucial in establishing ownership, giving notice of encumbrances, and establishing priority of liens. They protect the interests of real estate owners, taxing bodies, creditors, and the general public. The real estate recording system includes written documents that affect title, such as deeds and mortgages. Public records are
- [9.7 TRANSFER OF TITLE BY DESCENT](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-9-title-transfer-and-records-6/topic/9-7-transfer-of-title-by-descent-6/) - When a person dies intestate (without leaving a valid will), her state’s law of descent governs how and to whom her property will be distributed. The Illinois Law of Descent and Distribution (in the Illinois Probate Act) provides that real estate located in Illinois owned by a deceased resident or nonresident who did not leave a valid will is distributed as follows:
- [9.6 TRANSFER OF PROPERTY THROUGH A WILL](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-9-title-transfer-and-records-6/topic/9-6-transfer-of-property-through-a-will-6/) - Transfer of Title by Will A will is an instrument made by an owner to convey title to real or personal property after the owner’s death. A will is a testamentary instrument; that is, it takes effect only after death. This differs from a deed, which must be delivered during the lifetime of the grantor and conveys a present interest in property. While the testator (the person who makes a will)
- [9.5 TRANSFER BY ADVERSE POSSESSION](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-9-title-transfer-and-records-6/topic/9-5-transfer-by-adverse-possession-6/) - Adverse possession, sometimes referred to as squatter’s rights, is another means of involuntary transfer. An individual who makes a claim to certain property, takes possession of, and uses it may take title away from an owner who fails to use or inspect the property for a period of years. The law recognizes that the use of land is an important function of
- [9.4 TRANSFER TAX STAMPS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-9-title-transfer-and-records-6/topic/9-4-transfer-tax-stamps-6/) - The Illinois Real Estate Transfer Act imposes: a state tax on conveying title to real estate in the amount of $0.50 per $500, or fraction thereof in all Illinois counties, there is an additional transfer tax of $0.25 per $500, or fraction thereof Total transfer tax to state and county combined is $0.75 per $500 or fraction thereof. The transfer tax must be paid before the recording of
- [9.3 TYPES OF DEEDS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-9-title-transfer-and-records-6/topic/9-3-types-of-deeds-6/) - A deed can take several forms, depending on the extent of the grantor’s pledges to the grantee. Regardless of any guarantees the deed offers, however, the grantee will want additional assurance that the grantor has the right to offer what the deed conveys. To obtain this protection, grantees commonly seek evidence of title. The most common deed forms are: general warranty deed,
- [9.2 REQUIREMENTS FOR A VALID DEED](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-9-title-transfer-and-records-6/topic/9-2-requirements-for-a-valid-deed-6/) - The following are the minimum requirements for a valid deed in Illinois: Grantor, who has the legal capacity to execute (sign) the deed Grantee named with reasonable certainty to be identified Recital of consideration Granting clause (words of conveyance, together with any words of limitation) Accurate legal description of the property conveyed Any relevant exceptions or reservations Signature of the grantor, sometimes with a seal, witness, or acknowledgment Delivery of the
- [9.1 MEANING OF TITLE](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-9-title-transfer-and-records-6/topic/9-1-meaning-of-title-6/) - The term title has three meanings. Title is a way of referring to ownership; it is not an actual printed piece of paper. Title to real estate means the right to ownership or actual ownership of the land; it represents the owner’s bundle of rights. Title also serves as evidence of that ownership of real estate. This is indicated by a deed, or a piece of paper. A person
- [8.8 ENVIRONMENTAL SITE ASSESSMENTS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-8-environmental-issues-6/topic/8-8-environmental-site-assessments-6/) - An environmental site assessment is often performed on a property to show that due care was exercised in determining if any environmental impairments exist. The assessment can help prevent parties from becoming involved in contaminated property and work as a defense to liability. It is often requested by a lending institution, developer, or a potential buyer. The assessment is commonly performed
- [8.7 LIABILITY OF REAL ESTATE LICENSEES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-8-environmental-issues-6/topic/8-7-liability-of-real-estate-licensees-6/) - Environmental law is relatively new. Although federal and state laws have defined many of the liabilities involved, common law is being used for further interpretation. Real estate licensees and all others involved in a real estate transaction must be aware of both actual and potential liability. Sellers often carry the most legal liability exposure. Innocent landowners might be held
- [8.6 ENVIRONMENTAL PROTECTION](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-8-environmental-issues-6/topic/8-6-environmental-protection-6/) - The majority of legislation dealing with environmental problems has been enacted within the past four decades. Although the Environmental Protection Agency (EPA) was created in 1970 at the federal level to oversee such problems, several other federal agencies’ areas of concern generally overlap. The federal laws were created to encourage state and local governments to
- [8.5 WASTE DISPOSAL SITES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-8-environmental-issues-6/topic/8-5-waste-disposal-sites-6/) - Federal, state, and local regulations govern the location, construction, content, and maintenance of landfill sites built to accommodate the vast quantities of garbage produced every day in America. A landfill is an enormous hole, either excavated for the purpose of waste disposal or left over from surface mining operations. The hole is lined with clay or a
- [8.4 HAZARDOUS SUBSTANCES PART 3](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-8-environmental-issues-6/topic/8-4-hazardous-substances-part-3-6/) - Mold Mold can be found almost anywhere and can grow on almost any organic substance, so long as moisture, oxygen, and an organic food source are present. Moisture feeds mold growth. If a moisture problem is not discovered or addressed, mold growth can gradually destroy what it is growing on. There are over 2,000 types of mold.
- [8.3 HAZARDOUS SUBSTANCES PART 2](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-8-environmental-issues-6/topic/8-3-hazardous-substances-part-2-6/) - Radon Radon is a naturally occurring, colorless, odorless, tasteless, radioactive gas produced by the decay of other radioactive substances. Radon is measured in picocuries (a unit of radiation) contained in a liter of air (i.e., pCi/L). Radon is found in every state and territory, with radon levels in the outdoor air averaging 0.4 pCi/L. Fans and thermal “stack
- [8.2 HAZARDOUS SUBSTANCES PART 1](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-8-environmental-issues-6/topic/8-2-hazardous-substances-part-1-5/) - Asbestos Asbestos is a fire-resistant mineral that was once used extensively as insulation and to strengthen other materials. A component of more than 3,000 types of building materials, asbestos was found in most construction, including residential, until 1978 when its use was banned. The EPA estimates that, even today, about 20 percent of the nation’s commercial and public buildings have
- [8.1 ILLINOIS ENVIRONMENTAL CONTROLS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-8-environmental-issues-6/topic/8-1-illinois-environmental-controls-6/) - The Illinois Environmental Protection Agency (IEPA) is charged with maintaining and enhancing the state’s air, land, and water quality through education, inspection, regulation, enforcement, recycling, and prevention activities. The Pollution Control Board and Hazardous Waste Advisory Council are two of the many bodies created to assist the IEPA in specific areas. Most Illinois environmental regulations are required by statute to be “identical in substance” to environmental
- [7.6 THE APPRAISAL PROCESS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-7-real-estate-appraisal-6/topic/7-6-the-appraisal-process-2/) - Although appraising is not an exact or a precise science, the key to an accurate appraisal lies in the methodical collection and analysis of data. The appraisal process is an orderly set of procedures used to collect and analyze data to arrive at an ultimate value conclusion. The data are divided into two basic classes: General data, which covers
- [7.5 THE THREE APPROACHES TO VALUE part 3](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-7-real-estate-appraisal-6/topic/7-5-the-three-approaches-to-value-part-3-3/) - The Income Approach The income approach to value is based on the present value of the rights to future income. It assumes that the income generated by a property will determine the property’s value. The income approach is used for valuation of income-producing properties such as apartment buildings, office buildings, and shopping centers. In estimating value using the income approach, an appraiser must take five steps: Estimate annual gross
- [7.4 THE THREE APPROACHES TO VALUE part 2](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-7-real-estate-appraisal-6/topic/7-4-the-three-approaches-to-value-part-2-3/) - The Cost Approach The cost approach to value also is based on the principle of substitution. The cost approach consists of five steps: Estimate the value of the land as if it were vacant and available to be put to its highest and best use. Estimate the current cost of constructing the buildings and improvements. Estimate the amount of accrued depreciation resulting from
- [7.3 THE THREE APPROACHES TO VALUE](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-7-real-estate-appraisal-6/topic/7-3-the-three-approaches-to-value-6/) - The Sales Comparison Approach In the sales comparison approach (also known as the market data approach), an estimate of value is obtained by comparing the property being appraised (the subject property) with recently sold comparable properties (properties similar to the subject, called comps). Because no two parcels of real estate are exactly alike, each comparable property must be analyzed for differences and
- [7.2 VALUE](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-7-real-estate-appraisal-6/topic/7-2-value-6/) - To have value in the real estate market that is, to have monetary worth based on desirability a property must have the following four characteristics: Demand—The need or desire for possession or ownership backed by the financial means to satisfy that need Utility—The property’s usefulness for its intended purposes Scarcity—A finite supply Transferability—The relative ease with which ownership
- [7.1 REAL ESTATE APPRAISAL PROCESS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-7-real-estate-appraisal-6/topic/7-1-real-estate-appraisal-process-6/) - Appraisal An appraisal is an opinion of value based on supportable evidence and approved methods. A real estate appraisal report is an opinion of market value on a property given to a lender or client with detailed and accurate information. An appraiser is an independent person trained to provide an unbiased opinion of value in an impartial and objective manner, according to the appraisal process.
- [6.13 FINANCING LEGISLATION](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-6-real-estate-financing-6/topic/6-13-financing-legislation-3/) - Truth in Lending Act and Regulation Z Regulation Z, which was enacted pursuant to the Truth in Lending Act, by the Federal Trade Commission (FTC), requires that credit institutions inform borrowers of the true cost of obtaining credit. With proper disclosures, borrowers can compare the costs of various lenders to avoid the uninformed use of credit. Regardless of the
- [6.12 OTHER FINANCING TECHNIQUES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-6-real-estate-financing-6/topic/6-12-other-financing-techniques-3/) - Purchase-Money Mortgages This is a note and mortgage created at the time of purchase when the seller agrees to finance all or part of the purchase price and consists of a first or junior lien depending on whether prior mortgage liens exist. This is based on the fact that the seller gives the buyer title to the property. Often referred to as seller financing or
- [6.11 LOAN PROGRAMS PART 2](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-6-real-estate-financing-6/topic/6-11-loan-programs-part-2-3/) - VA-Guaranteed Loans The Department of Veterans Affairs (VA) is authorized to guarantee loans to purchase or construct homes for eligible veterans and their spouses (including un-remarried spouses of veterans whose deaths were service-related). Eligibility is defined as veterans who: served on active duty have some form of honorable discharge after a minimum of 90 days of service
- [6.10 LOAN PROGRAMS PART 1](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-6-real-estate-financing-6/topic/6-10-loan-programs-part-1-3/) - Conventional Loans Conventional loans are viewed as the most secure loans because their loan-to-value ratios are often lowest. Usually, the ratio is 80 percent of the value of the property or less because the borrower makes a down payment of at least 20 percent. The security for the loan is provided solely by the mortgage; the payment of the debt rests on the ability of the borrower
- [6.9 REVERSE MORTGAGE AND NONRECOURSE LOANS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-6-real-estate-financing-6/topic/6-9-reverse-mortgage-and-nonrecourse-loans-3/) - Reverse Mortgage A reverse mortgage allows people 62 or older to borrow money against the equity they have built in their home. The money may be used for any purpose, and the borrowers decide if they want to receive the money in a lump sum, fixed monthly payments, an open line of credit, or other options. The borrower is charged a fixed rate
- [6.8 INTEREST AND PRINCIPAL CREDITED FROM AMORTIZED PAYMENTS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-6-real-estate-financing-6/topic/6-8-interest-and-principal-credited-from-amortized-payments-6/) - Lenders charge borrowers a certain percentage of the principal as interest for each year a debt is outstanding. The amount of interest due on any one payment is calculated by computing the total yearly interest (based on the unpaid balance) and dividing that figure by the number of payments made each year. For example, assume the current outstanding balance
- [6.7 FINANCING TECHNIQUES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-6-real-estate-financing-6/topic/6-7-financing-techniques-6/) - Straight Loans A straight loan or interest-only loan (also known as a term loan) is a non-amortized loan that essentially divides the loan into two amounts to be paid off separately. The borrower makes periodic payments of interest only, followed by the payment of the principal in full at the end of the term. Amortized Loans Unlike a straight loan payment, the payment in an amortized loan partially
- [6.6 THE REAL ESTATE FINANCING MARKET](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-6-real-estate-financing-6/topic/6-6-the-real-estate-financing-market-6/) - The Federal Reserve System The role of the Federal Reserve System (the Fed) is to maintain sound credit conditions, help counteract inflationary and deflationary trends, and create a favorable economic climate. The Fed divides the country into 12 federal reserve districts, each served by a federal reserve bank. All nationally chartered banks must join the Fed All nationally
- [6.5 FORECLOSURE](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-6-real-estate-financing-6/topic/6-5-foreclosure-6/) - Foreclosure is a legal procedure in which property pledged as security is sold to satisfy the debt. The foreclosure procedure brings the rights of the parties and all junior lienholders to a conclusion. It passes title either to the person holding the mortgage document or deed of trust or to a third party who purchases the realty at a foreclosure sale. The purchaser could be
- [6.4 OWNER FINANCING](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-6-real-estate-financing-6/topic/6-4-owner-financing-6/) - Real estate can be purchased under a land contract, also known as a contract for deed or an installment contract. Real estate is usually sold on contract for specific financial reasons. For instance, mortgage financing may be unavailable to a borrower for some reason. High-interest rates may make borrowing too expensive, or the purchaser may not have sufficient down payment to cover
- [6.3 DEED OF TRUST](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-6-real-estate-financing-6/topic/6-3-deed-of-trust-6/) - As previously stated, a promissory note does need to be tied to either a mortgage or a deed of trust. In Illinois, the note used to obtain money to purchase real property is usually secured by a mortgage. The mortgage document or deed of trust clearly establishes: that the property is security for a debt, identifies the lender and the borrower, includes an accurate legal description of the property.
- [6.2 PROMISSORY NOTES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-6-real-estate-financing-6/topic/6-2-promissory-notes-6/) - The promissory note, referred to as the note or financing instrument, is the borrower’s personal promise to repay a debt according to agreed terms. The note exposes all the borrower’s assets to claims by secured creditors. The mortgagor executes one or more promissory notes to total the amount of the debt. A promissory note executed by a borrower (known as the maker or payor) is
- [6.1 MORTGAGES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-6-real-estate-financing-6/topic/6-1-mortgages-6/) - A mortgage is a voluntary lien on real estate. The person who borrows money to buy a piece of property voluntarily gives the lender the right to take that property if the borrower fails to repay the loan. The borrower, or mortgagor, pledges the land to the lender, or mortgagee, as security for the debt. Exactly what rights the mortgagor gives the mortgagee vary from state
- [5.3 OTHER LIENS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-5-liens-6/topic/5-3-other-liens-6/) - Mortgage Liens (Deed of Trust Liens) A mortgage lien, sometimes called a deed of trust lien, is a voluntary lien on real estate given to a lender by a borrower as security for a real estate loan. It becomes a lien on real property when the lender records the documents in the county where the property is located. Lenders generally require a preferred lien, referred to as a first
- [5.2 REAL ESTATE TAX LIENS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-5-liens-6/topic/5-2-real-estate-tax-liens-6/) - The ownership of real estate is always subject to certain government powers. One of these is the right of state and local governments to impose (levy) taxes to pay for their functions. Because the location of real estate is permanently fixed, the government can levy taxes with a high degree of certainty that the taxes will be collected. The
- [5.1 GENERAL LIEN INFORMATION](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-5-liens-6/topic/5-1-general-lien-information-6/) - A lien is a monetary charge or claim against property that is made to enforce the payment of money. Whenever someone borrows money, the lender generally requires some form of security. Security (also referred to as collateral) is something of value that the borrower promises to give the lender if the borrower fails to repay the debt. When the lender’s security is in the form
- [4.3 LEGAL DESCRIPTION OF LAND](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-4-legal-description-of-land-6/topic/4-3-legal-description-of-land-2/) - Lot-and-Block System The third method of legal description is the lot-and-block (recorded plat) system. This system uses lot-and-block numbers referred to in a plat map filed in the public records of the county where the land is located. The lot-and-block system is often used to describe a property in subdivisions and urban areas. A lot-and-block survey is performed in two steps: First, a large parcel of land
- [4.2 DESCRIBING LAND PART 2](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-4-legal-description-of-land-6/topic/4-2-describing-land-part-2-6/) - Township Tiers Lines running east and west, parallel to the baseline and six miles apart, are referred to as township lines. They form strips of land called township tiers. These township tiers are designated by consecutive numbers north or south of the baseline. For instance, the strip of land between 6 and 12 miles north of a baseline is Township 2 North.
- [4.1 DESCRIBING LAND PART 1](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-4-legal-description-of-land-6/topic/4-1-describing-land-part-1-6/) - Describing Land A legal description is a detailed way of describing a parcel of land for documents such as deeds and mortgages that will be accepted in a court of law. The description is based on information collected through a survey, the process by which boundaries are measured by calculating the dimensions and area to determine the exact location of a piece of land.
- [3.7 REGULATION OF LAND SALES](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-3-land-use-controls-6/topic/3-7-regulation-of-land-sales-6/) - Just as the sale and use of property within a state are controlled by state and local governments, the sale of property in one state to buyers in another is subject to strict federal and state regulations. National Interstate Land Sales Full Disclosure Act The U.S. Congress created the federal Interstate Land Sales Full Disclosure Act to facilitate regulation of interstate
- [3.1 REGULATION](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-3-land-use-controls-6/topic/3-1-regulation-6/) - Land use is regulated by: Public and Private Restrictions Federal, State, and Local Governments. Government Control Most government controls on property occur at the local level. Police Power It is the inherent authority of the states to create regulations needed to protect the public health, safety, and welfare. Through enabling acts, states delegate to counties and local municipalities the authority to
- [3.6 PRIVATE LAND-USE CONTROLS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-3-land-use-controls-6/topic/3-6-private-land-use-controls-6/) - Not all restrictions on the use of land are imposed by government bodies. Certain restrictions to control and to maintain the desirable quality and character of a property or subdivision may be created by private entities, including the property owners themselves. These restrictions are separate from and in addition to the land-use controls exercised by the government. However, no private restriction can violate
- [3.5 SUBDIVISION & LAND DEVELOPMENT](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-3-land-use-controls-6/topic/3-5-subdivision-land-development-6/) - Most communities have adopted subdivision and land development ordinances as part of their comprehensive plans. An ordinance includes provisions for submitting and processing subdivision plats. A major advantage of subdivision ordinances is that they encourage flexibility, economy, and ingenuity in the use of land. A subdivider is a person who buys undeveloped acreage(s) and divides it into smaller lots for sale to individuals or developers or
- [3.4 BUILDING CODES AND CERTIFICATES OF OCCUPANCY](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-3-land-use-controls-6/topic/3-4-building-codes-and-certificates-of-occupancy-6/) - Building Codes Most municipalities have enacted ordinances to specify construction standards that must be met when repairing or erecting buildings. These are called building codes, and they set the requirements for kinds of materials and standards of workmanship, sanitary equipment, electrical wiring, fire prevention, and similar issues. Building Permits In addition to adhering to building codes, a
- [3.3 ZONING](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-3-land-use-controls-6/topic/3-3-zoning-6/) - Zoning is a regulatory tool that helps communities regulate and control how land is used and limits the type of business in a given area. Zoning ordinances are local laws that implement the comprehensive plan and regulate and control the use of land and structures within designated land-use districts. If the comprehensive or master plan is the big picture, zoning makes up the details. No
- [3.2 THE COMPREHENSIVE MUNICIPALITY PLAN](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-3-land-use-controls-6/topic/3-2-the-comprehensive-municipality-plan-6/) - Local governments, municipalities, and counties establish development goals by creating a comprehensive plan. The comprehensive plan, also known as a master plan, is not a regulatory document but rather a guide to planning for change rather than reacting to proposals. The comprehensive plan: usually is long term, perhaps 20 years or longer, a general plan that can be revised and updated
- [2.16 WATER RIGHTS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-2-ownership-interests-and-encumbrances-6/topic/2-16-water-rights-3/) - Riparian and littoral rights are appurtenant (attached) to the land. The right to use the water belongs to whoever owns the bordering land and cannot be retained by a former owner after the land is sold. Riparian Rights are common law rights granted to owners of land along the course of a river, stream, or similar body of flowing water. An owner of land that borders
- [2.15 ENCUMBRANCES PART 3](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-2-ownership-interests-and-encumbrances-6/topic/2-15-encumbrances-part-3-3/) - License A license is a personal privilege (not a right) to enter the land of another for a specific purpose. A license can be terminated or canceled by the licensor (the person who granted the license) at any time: If the use of another’s property is given orally or informally, it generally is considered to be a license rather than a
- [2.14 ENCUMBRANCES PART 2](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-2-ownership-interests-and-encumbrances-6/topic/2-14-encumbrances-part-2-3/) - Easements An easement is the right to use the land of another for a particular purpose. It may exist in any portion of the real estate, including the airspace above or a right-of-way across the land. An appurtenant easement is attached to the ownership of one parcel and allows the owner the use of a neighbor’s land. For an appurtenant easement to exist, two
- [2.13 ENCUMBRANCES PART 1](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-2-ownership-interests-and-encumbrances-6/topic/2-13-encumbrances-part-1-3/) - An encumbrance is a claim, charge, or liability that attaches to real estate. An encumbrance does not have a possessory interest in real property. An encumbrance may decrease the value or obstruct the use of the property. An encumbrance is a right or an interest held by someone other than the property owner that affects title to the real estate but does not necessarily prevent
- [2.12 CONDOMINIUMS, COOPERATIVES, TOWN HOUSES, AND TIME-SHARES PART 3](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-2-ownership-interests-and-encumbrances-6/topic/2-12-condominiums-cooperatives-town-houses-and-time-shares-part-3-3/) - Townhouse Ownership A townhouse is a popular form of housing in urban areas. The term townhouse is often used to describe any type of housing connected by common walls. In fact, the townhouse concept is a cross between single-family houses and apartments. Title to each unit and lot is vested in the individual owner. Each owner also has a fractional interest
- [2.11 CONDOMINIUMS, COOPERATIVES, TOWN HOUSES, AND TIME-SHARES PART 2](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-2-ownership-interests-and-encumbrances-6/topic/2-11-condominiums-cooperatives-town-houses-and-time-shares-part-2-3/) - Cooperative Ownership In a cooperative, a corporation holds title to the land and building. The corporation offers shares of stock to prospective tenants. The price the corporation sets for each apartment becomes the price of the stock. The purchaser becomes a shareholder in the corporation by virtue of this stock ownership and receives a proprietary lease to the apartment for the life of the corporation. Because stock is personal property, the cooperative tenant-owners do not own real
- [2.10 CONDOMINIUMS, COOPERATIVES, TOWN HOUSES, AND TIME-SHARES PART 1](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-2-ownership-interests-and-encumbrances-6/topic/2-10-condominiums-cooperatives-town-houses-and-time-shares-part-1-3/) - Two Types of Ownership in a Condominium The owner of each unit holds a fee simple title to the air space described by the 3D survey. The individual unit owners also own a specified share of the undivided interest in the remainder of the building and land, known as the common elements, as Tenant in Common. Common Elements include: land, courtyards, lobbies, the exterior structure, hallways, elevators, stairways, roof, recreational facilities. As such, each
- [2.9 OWNERSHIP BY BUSINESS ORGANIZATIONS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-2-ownership-interests-and-encumbrances-6/topic/2-9-ownership-by-business-organizations-3/) - Partnerships A Partnership is an association of two or more persons who carry on a business for profit as co-owners. General Partnership All the partners participate in the operation and management of the business. Each General Partner is solely responsible for the entire debt of the Partnership. General partnerships are dissolved and must be reorganized if one partner dies, withdraws, or
- [2.8 FREEHOLD ESTATES PART 2](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-2-ownership-interests-and-encumbrances-6/topic/2-8-freehold-estates-part-2-3/) - Life Estate is a freehold estate limited in duration to the life of the owner or the life of some other designated person or persons. Unlike other freehold estates, a life estate is not inheritable. It passes to future owners according to the prearranged provisions of the life estate. A life tenant is entitled to the rights of ownership and can benefit from both possession and
- [2.7 FREEHOLD ESTATES PART 1](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-2-ownership-interests-and-encumbrances-6/topic/2-7-freehold-estates-part-1-3/) - Fee Simple Estate Because fee simple estates are of unlimited duration, they are said to run “forever.” Upon the death of the owner, a fee simple passes to the owner’s heirs or as provided by a will. A fee simple estate is also referred to as an estate of inheritance (because that is how it passes unless the owner chooses to
- [2.6 ESTATES IN LAND](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-2-ownership-interests-and-encumbrances-6/topic/2-6-estates-in-land-3/) - An estate in land defines the degree, quantity, nature, and extent of an owner’s interest in real property. Many types of estates exist, but not all interests in real estate are estates. To be an estate in land, an interest must allow possession, meaning the holding and enjoyment of the property either now or in the future, and must be measured according to
- [2.5 GOVERNMENTAL POWERS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-2-ownership-interests-and-encumbrances-6/topic/2-5-governmental-powers-3/) - Ownership rights are subject to certain powers or rights held by federal, state, and local governments. These limitations on the ownership of real estate are imposed for the general welfare of the community and, therefore, supersede the rights or interests of the individual. The state and local government powers discussed in this section are all held by the state of Illinois
- [2.4 LIMITATIONS ON THE RIGHTS OF OWNERSHIP](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-2-ownership-interests-and-encumbrances-6/topic/2-4-limitations-on-the-rights-of-ownership-3/) - Even the most complete ownership the law allows is limited by public and private restrictions. These restrictions are intended to ensure that one owner’s use or enjoyment of her property does not interfere with others’ use or enjoyment of their property or with the welfare of the general public.
- [2.3 FORMS OF REAL ESTATE OWNERSHIP PART 3](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-2-ownership-interests-and-encumbrances-6/topic/2-3-forms-of-real-estate-ownership-part-3-3/) - Trusts A trust is a device by which: one person (Trustor) transfers ownership of property to someone else (Trustee) Trustor owns the property Trustee holds or manages the property for the benefit of a third party (Beneficiary) The trustee is a fiduciary, who acts in confidence or trust and has a special legal relationship with the beneficiary. The trustee’s power and authority are limited by the terms of the trust agreement,
- [2.2 FORMS OF REAL ESTATE OWNERSHIP PART 2](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-2-ownership-interests-and-encumbrances-6/topic/2-2-forms-of-real-estate-ownership-part-2-3/) - Tenancy by the Entirety – Special Joint Tenancy for Married Couples Illinois allows husbands and wives to use a special form of co-ownership called tenancy by the entirety for their personal residence. Tenancy by the entirety is recognized in Illinois In this form of ownership, each spouse has an equal, undivided interest in the property. A husband and wife who are tenants by
- [2.1 FORMS OF REAL ESTATE OWNERSHIP PART 1](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-2-ownership-interests-and-encumbrances-6/topic/2-1-forms-of-real-estate-ownership-part-1-3/) - Although the forms of ownership available are controlled by state laws, a fee simple estate may be held in three basic ways: In severalty, where title is held by one individual In co-ownership, where title is held by two or more individuals In trust, where a third individual holds title for the benefit of another Ownership in Severalty Ownership in severalty occurs when property is owned by one individual
- [1.11 FEDERAL FLOOD INSURANCE PROGRAM](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-1-introduction-to-real-estate-property-3/topic/1-11-federal-flood-insurance-program-3/) - Homeowners’ insurance policies always exclude floods, so flood coverage must always be purchased as a totally separate policy. The National Flood Insurance Act of 1968 was enacted by Congress to help owners of property in flood-prone areas by subsidizing flood insurance and by taking land-use and land-control measures to improve future management for floodplain areas. The Army Corps of Engineers has prepared
- [1.10 HOMEOWNERS’ INSURANCE](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-1-introduction-to-real-estate-property-3/topic/1-10-homeowners-insurance-3/) - Co-Insurance Clause Most homeowners’ insurance policies contain a co-insurance clause. This provision usually requires that the owner maintain insurance equal to a specified percentage (usually 80 percent) of the replacement cost of the dwelling (not including the price of the land). An owner who has this type of policy may make a claim for the full cost of the repair or replacement of the
- [1.9 HOME OWNERSHIP](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-1-introduction-to-real-estate-property-3/topic/1-9-home-ownership-3/) - HOME OWNERSHIP Ownership Expenses and Ability to Pay Homeownership involves many expenses, including utilities (such as electricity, natural gas, and water), trash removal, sewer charges, and maintenance and repairs. Owners also must pay real estate taxes and buy private mortgage insurance, and they must repay the mortgage loan with interest. This is what lenders refer to as PITI (principal, interest, taxes,
- [1.8 LAWS AFFECTING REAL ESTATE](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-1-introduction-to-real-estate-property-3/topic/1-8-laws-affecting-real-estate-5/) - LAWS AFFECTING REAL ESTATE Seven Sources of Law 1. United States Constitution 2. Laws passed by Congress 3. Rules of the regulatory agencies 4. State constitutions 5. State statutes 6. Local ordinances 7. Common law The unique nature of real estate has given rise to an equally unique set of laws and rights. Even the simplest
- [1.7 CHARACTERISTICS OF REAL ESTATE](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-1-introduction-to-real-estate-property-3/topic/1-7-characteristics-of-real-estate-5/) - ECONOMIC CHARACTERISTICS Scarcity We usually do not consider land a rare commodity, but only a quarter of the earth’s surface is dry land; the rest is water. The total available supply of land is not limitless. While a considerable amount of land remains unused or uninhabited, the supply in a given location is generally considered to be limited. Improvements Building an improvement on
- [1.6 OWNERSHIP OF REAL PROPERTY](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-1-introduction-to-real-estate-property-3/topic/1-6-ownership-of-real-property-6/) - Traditionally, ownership of real property is described as a BUNDLE OF LEGAL RIGHTS. In other words, a purchaser of real estate actually buys the rights of ownership held by the seller. These rights include the rights of: POSSESSION CONTROL ENJOYMENT EXCLUSION DISPOSITION The concept of a bundle of rights comes from old English law. In the Middle Ages, a seller transferred
- [1.5 LAND, REAL ESTATE, AND REAL PROPERTY](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-1-introduction-to-real-estate-property-3/topic/1-5-land-real-estate-and-real-property-6/) - LAND Land is defined as THE EARTH’S SURFACE EXTENDING DOWNWARD TO THE CENTER OF THE EARTH AND UPWARD TO INFINITY. Land includes not only the surface of the earth but also the underlying soil. Land also refers to objects that are naturally attached to the earth’s surface, such as boulders and plants. Land includes the minerals and substances
- [1.4 THE REAL ESTATE MARKET](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-1-introduction-to-real-estate-property-3/topic/1-4-the-real-estate-market-6/) - Supply and Demand The forces of supply and demand in the market determine how prices for goods and services are set. Greater supply means producers need to attract more buyers, so they lower prices. Greater demand means producers can raise their prices because buyers compete for the product. Supply and demand in the real estate market Two characteristics
- [1.3 TYPES OF REAL PROPERTY](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-1-introduction-to-real-estate-property-3/topic/1-3-types-of-real-property-6/) - Just as there are areas of specialization within the real estate industry, there are different types of property in which to specialize. Real estate can be classified as: RESIDENTIAL – single-family or multifamily housing, in urban, suburban, or rural areas, COMMERCIAL – office space, shopping centers, stores, theaters, hotels, and parking facilities, INDUSTRIAL- warehouses, factories, land in industrial districts, and power
- [1.2 PROFESSIONAL ORGANIZATIONS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-1-introduction-to-real-estate-property-3/topic/1-2-professional-organizations-7/) - National Association of REALTORS® (NAR) is the largest real estate organization. Its website is www.realtor.org. The NAR sponsors various affiliated organizations that offer professional designations to brokers, managing brokers, and other professionals who complete required courses in areas of special interest. Members subscribe to a Code of Ethics and are entitled to be known as REALTORS® or REALTOR-ASSOCIATES. You must
- [1.1 THE REAL ESTATE BUSINESS](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-1-introduction-to-real-estate-property-3/topic/1-1-the-real-estate-business-7/) - BrokerageBrokerage is the business of bringing people together in a real estate transaction. A real estate licensee acts as a point of contact between two or more people in negotiating the sale, purchase, or rental of property. AppraisalAppraisal is the process of estimating a property's market value based on established methods and the appraiser's professional
- [17.1 MEASUREMENT STANDARDS WHICH MUST BE MEMORIZED](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-17-general-math-problem-categories-2/topic/17-1-measurement-standards-which-must-be-memorized-2/) - Linear Measure Square Measure Cubic Measure 12 inches = 1 foot 144 square inches = 1 square foot 27 cubic feet = 1 cubic yard 3 feet = 1 yard 9 square feet = 1 square yard 5,280 feet = 1 mile 43,560 square feet = 1 acre 640 acres = 1
- [17.2 COMMISSION AND SALES PROBLEMS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-17-general-math-problem-categories-2/topic/17-2-commission-and-sales-problems-2/) - Problems involving commissions are readily solved by the Formula: sales price X rate of commission = total commission A real estate broker sells a property for $90,000. Her rate of commission is 7%. What is the amount of commission in dollars? Product Missing = multiply Solution: sales price x rate = commission Calculation: $90,000 x 0.07
- [17.3 COMMISSION SPLITS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-17-general-math-problem-categories-2/topic/17-3-commission-splits-2/) - A real estate broker sells a property for $65,000. The commission on this sale to the real estate firm with whom the broker is associated is 7%. The broker receives 60% of the total commission paid to the real estate firm. What is the firm’s share of the commission in dollars? Solution Step 1: Selling Price
- [17.4 RENTALS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-17-general-math-problem-categories-2/topic/17-4-rentals-2/) - A real estate salesperson is the property manager for the owner of a local shopping center. The center has five units, each renting for $24,000 per year. The center has an annual vacancy factor of 4.5%. The commission for rental of the units is 9% of the gross rental income. What is the commission for
- [17.5 ESTIMATING PARTIAL SALES OF LAND](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-17-general-math-problem-categories-2/topic/17-5-estimating-partial-sales-of-land-2/) - A subdivision contains 400 lots. If a broker has sold 25% of the lots and his sales staff has sold 50% of the remaining lots, how many lots are still unsold? Solution Step 1: Original Number of Lots x Percentage Sold by Broker = Number of Lots Remaining Calculation: 400 x 25% = 100 lots. 400 Lots minus
- [17.6 PROFIT/LOSS ON SALE OF REAL ESTATE](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-17-general-math-problem-categories-2/topic/17-6-profit-loss-on-sale-of-real-estate-2/) - The formula for profit: investment X percent of profit = dollars in profit The formula for loss: investment X percent of loss = dollars lost Mr. Wong buys a house for investment purposes for $48,000. He sells it six months later for $54,000 with no expenditures for fix-up or repair. What is Mr. Wong’s percentage
- [17.7 AREA CALCULATIONS: ACREAGE](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-17-general-math-problem-categories-2/topic/17-7-area-calculations-acreage-2/) - An acre of land has a width of 330 feet. If this acre of land is rectangular in shape, what is its length? (Each acre contains 43,560 square feet). Solution Step 1: An Acre has 43,560 square feet Solution Step 2: If Length x Width = Area, then Length = Area/Width Calculation: Length = 43,560/330 = 132 feet
- [17.8 SQUARE FOOTAGE](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-17-general-math-problem-categories-2/topic/17-8-square-footage-2/) - A rectangular lot measures 185 feet by 90 feet. How many square feet does this lot contain? Solution: Length x width = Area Calculation: 185 x 90 = 16,650 square feet Answer: 16,650 sq ft area A room measures 15 feet by 21 feet. We want to install wall-to-wall carpeting and need to calculate the exact amount
- [17.9 COST/SIZE](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-17-general-math-problem-categories-2/topic/17-9-cost-size-2/) - A triangular lot measures 200 feet along the street and 500 feet in depth on the side perpendicular to the front lot line. If the lot sells for 10 cents per square foot, what is the selling price? Solution Step 1: Length X Width divided by 2 = Area of a Triangle Calculation: (200 feet x
- [17.12 PRORATIONS AT CLOSING](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-17-general-math-problem-categories-2/topic/17-12-prorations-at-closing-2/) - Proration Rules 30-day Standard Month 360-day standard Year Seller is in possession of the property on the day of closing In preparing a statement for a closing to be held August 14, a real estate broker determines that the annual real property taxes in the amount of $360 have not been paid. What will the broker put in the
- [17.11 TRANSFER TAX CALCULATIONS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-17-general-math-problem-categories-2/topic/17-11-transfer-tax-calculations-2/) - The conveyance in Illinois is taxed as a result of the Illinois Real Estate Transfer Tax Act. The amount subject to taxation is the sales price minus any assumed mortgage or mortgage taken “subject to.” State tax: $0.50 per $500 or fraction thereof County tax: $0.25 per $500 or fraction thereof If the total amount of consideration is less than $100 no tax is required.
- [17.10 TAX CALCULATIONS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-17-general-math-problem-categories-2/topic/17-10-tax-calculations-2/) - If the assessed value of the property is $80,000 and the tax value is 100% of the assessed value, what is the annual tax if the tax rate is $1.50 per $100 and the equalization factor is 1.5? Solution Step 1: Assessed Value X Equalization Factor = Equalized Assessed Value Calculation: $80,000 x 1.5 = $120,000 = Equalized Assessed Value
- [17.13 FINANCIAL CALCULATIONS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-17-general-math-problem-categories-2/topic/17-13-financial-calculations-2/) - Simple Interest Interest calculations use the formula: loan balance X rate of interest = annual interest A loan of $15,000 is repaid in full, one year after the loan is made. If the interest rate on the loan is 12.5%, what amount of interest is owed? Solution Step 1: Principle x interest rate = interest
- [17.14 DEBT SERVICE](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-17-general-math-problem-categories-2/topic/17-14-debt-service-2/) - A mortgage loan of $50,000 at 11% interest requires monthly payments of principal and interest of $516.10 to fully amortize the loan for a term of 20 years. If the loan is paid over the 20-year term, how much interest does the borrower pay? Solution Step 1: Monthly Principal & Interest Payments x 12 = Annual Principal & Interest
- [17.15 FEES AND POINTS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-17-general-math-problem-categories-2/topic/17-15-fees-and-points-2/) - The formula for calculating the dollar amount owed in points on a loan is: loan X number of points (percentage) = dollars in points A house sells for $60,000. The buyer obtains an 80% loan. If the bank charges 3 points at closing, how much in points must the buyer pay? Solution Step 1: Determine
- [17.16 YIELDS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-17-general-math-problem-categories-2/topic/17-16-yields-2/) - The percentage of profit is called the yield of the loan. Yields on loans are increased by points paid at closing. Each point charged has the effect of raising the interest rate ⅛%. The First Bank lends $100,000 to the borrower and charges 3 points at closing. The interest rate on the loan is 12% for 25
- [17.17 QUALIFYING FOR A LOAN](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-17-general-math-problem-categories-2/topic/17-17-qualifying-for-a-loan-2/) - The typical housing debt-to-income ratio for conventional loans is 25-28%. The typical total debt-to-income ratio for conventional loans is 33-36%. The 25-28% means that for the borrower to qualify, PITI (principal, interest, taxes, insurance) must not be more than 25-28% of the borrower’s monthly gross income. The 33-36% means that for the borrower to qualify, the total monthly
- [17.18 APPRAISAL CALCULATIONS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-17-general-math-problem-categories-2/topic/17-18-appraisal-calculations-2/) - Capitalization, income approach, Cap Rate Approach Under the income approach, the estimate of value is arrived at by capitalizing the annual net income. The solution to these problems is based on the following formula: Value X Capitalization rate = Net Operating Income An apartment building produces a net income of $4,320 per annum. The investor paid $36,000 for the
- [17.19 BASIS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-17-general-math-problem-categories-2/topic/17-19-basis-2/) - Mr. and Mrs. Swift purchased their home 15 years ago for $32,500. During their ownership, they made capital improvements totaling $19,400. They sold the home for $72,900. What amount of gain did they make on the sale? Solution step 1: Purchase Price Plus Improvements = Basis Calculation: $32,500 + $19,400 = $51,900 Basis Solution Step 2: Selling
- [16.1 ILLINOIS REAL ESTATE LAW](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-16-illinois-real-estate-licensing-law-5/topic/16-1-illinois-real-estate-law-5/) - The state of Illinois has enacted real estate laws since 1921. The purpose of Illinois Real Estate Licensing Laws is to regulate persons and entities engaged in real estate business for the protection of the public. Major changes were made in real estate license law with the Real Estate License Act of 2000. We will focus on the review
- [16.3 OBTAINING AND KEEPING A REAL ESTATE LICENSE PART 1](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-16-illinois-real-estate-licensing-law-5/topic/16-3-obtaining-and-keeping-a-real-estate-license-part-1-5/) - Who Needs to Be Licensed? (Section 1-10) It is illegal for anyone to act as a broker, managing broker, sponsoring broker or residential leasing agent without a real estate license issued by the Department. Any broker who performs any of the following services, either directly or indirectly, whether in or through any media or technology, for another
- [16.4 OBTAINING AND KEEPING A REAL ESTATE LICENSE PART 2](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-16-illinois-real-estate-licensing-law-5/topic/16-4-obtaining-and-keeping-a-real-estate-license-part-2-5/) - Broker’s License (Article 5) A broker is defined as any individual, partnership, limited liability company (LLC), corporation, or registered limited liability partnership other than a residential leasing agent who, for another and for compensation, whether in person or through any media or technology, or with the intention or expectation of receiving compensation, either directly or indirectly, performs
- [16.5 THE LICENSING EXAMINATION](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-16-illinois-real-estate-licensing-law-5/topic/16-5-the-licensing-examination-5/) - Requirements to take the State Exam Applicants are eligible to take the Residential Leasing Agent, Broker or Managing Broker examination only after they have met the education and age requirements: they must also be able to demonstrate that they have met the other requirements set out by the Illinois Real Estate License Act of 2000
- [16.7 CHANGING OR LEAVING FIRMS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-16-illinois-real-estate-licensing-law-5/topic/16-7-changing-or-leaving-firms-2/) - Old Broker When a licensee quits or the sponsoring broker or a designated managing broker terminates the licensee’s employment with the sponsoring broker for any reason, the licensee must obtain her license from the employing broker at whose firm it has been kept. The licensee can terminate their license on their own. Once a licensee
- [16.11 YOUR REAL ESTATE BUSINESS AND THE ACT PART 1](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-16-illinois-real-estate-licensing-law-5/topic/16-11-your-real-estate-business-and-the-act-part-1-2/) - Place of Business (Section 5-45) Any sponsoring broker actively engaged in the real estate business must maintain a definite office or place of business within Illinois. The sponsoring broker must display a visible, conspicuous identification sign outside the office. Inside, the sponsoring broker must conspicuously display the branch office license she sponsors. The sponsoring broker’s office or place
- [16.15 SELLING YOUR OWN PROPERTY](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-16-illinois-real-estate-licensing-law-5/topic/16-15-selling-your-own-property-2/) - Selling or leasing your own property or a property in which you have an interest means you, as a licensee, must use the term “broker-owned” or “agent-owned” in all advertising and on listing sheets. If the real estate firm’s sign is used in the yard, and the firm’s services are being used, then having the “agent-owned” or “broker-owned” notation
- [16.16 COMPENSATION AND BUSINESS PRACTICE](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-16-illinois-real-estate-licensing-law-5/topic/16-16-compensation-and-business-practice-2/) - Section 10-5: A licensee may not receive compensation from anyone other than her sponsoring broker. In turn, sponsoring brokers may compensate only licensees whom they personally sponsor (including licensed brokers working as personal assistants). The one exception is a former licensee now working for another sponsoring broker but who is due a commission from work completed while
- [16.17 DISCIPLINARY PROVISIONS AND LOSS OF LICENSE PART 1](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-16-illinois-real-estate-licensing-law-5/topic/16-17-disciplinary-provisions-and-loss-of-license-part-1-2/) - The Real Estate License Act of 2000 lists specific violations for which licensees may be subject to discipline. The Department is authorized to impose the following disciplinary penalties: Refuse to issue or renew any license Suspend or revoke any license Censure or reprimand a licensee Place a licensee on probation Impose a civil penalty of
- [16.18 DISCIPLINARY PROVISIONS AND LOSS OF LICENSE PART 2](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-16-illinois-real-estate-licensing-law-5/topic/16-18-disciplinary-provisions-and-loss-of-license-part-2-2/) - Discrimination Licensee guilty of discrimination (Section 20-50) If there has been a civil or criminal trial in which a licensee has been found to have engaged in illegal discrimination in the course of a licensed activity, the Department must suspend or revoke the licensee’s license unless the adjudication is in appeal. Similarly, if an administrative agency finds that
- [16.19 DISCIPLINARY PROVISIONS AND LOSS OF LICENSE PART 3](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-16-illinois-real-estate-licensing-law-5/topic/16-19-disciplinary-provisions-and-loss-of-license-part-3-2/) - Any person providing or offering to provide real estate services, or who is licensed or claims to be licensed under the Act, may be investigated by the Department. At least 30 days before the date of a hearing set for examination of such an issue, and prior to taking any disciplinary action (including but not limited to
- [16.20 THE REAL ESTATE RECOVERY FUND](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-16-illinois-real-estate-licensing-law-5/topic/16-20-the-real-estate-recovery-fund-2/) - The Real Estate Recovery Fund provides a means of compensation for actual monetary losses (as opposed to losses in market value) suffered by any person as a result of actions by a licensee or a licensee’s unlicensed employee: a violation of the Real Estate License Act of 2000, its rules and regulations, act of embezzlement of money or property, obtaining money or property by:
- [15.1 THE MANAGEMENT PROFESSION](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-15-property-management-leasing-5/topic/15-1-the-management-profession-2/) - Most metropolitan areas have local associations of building and property owners and managers that are affiliates of regional and national associations. All of these professional organizations provide information and contacts for all aspects of property management. Here is a list of some well-known associations: Building Owners and Managers Association International (BOMA): commercial real estate Building
- [15.2 THE PROPERTY MANAGER](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-15-property-management-leasing-5/topic/15-2-the-property-manager-2/) - In addition to leasing, managing, marketing, and overall maintenance of real estate owned by others, it is also expected that a property manager function as a market analyst, residential leasing agent, accountant, advertising specialist, and maintenance person all in the same day. In addition, the property manager frequently interacts with people in various professions, including
- [15.3 PROPERTY MANAGER’S RESPONSIBILITIES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-15-property-management-leasing-5/topic/15-3-property-managers-responsibilities-4/) - Financial Reports One of the primary responsibilities of a property manager is maintaining financial reports, including an operating budget, cash flow report, profit and loss statement, and budget comparison statement. Operating budget An operating budget is the projection of income and expense for the operation of a property over a one-year period. This budget, developed before attempting to rent property, is
- [15.4 NEW OPPORTUNITIES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-15-property-management-leasing-5/topic/15-4-new-opportunities-2/) - Community Association Management The prevalence of homeowners’ and condominium associations, combined with complex planning and development codes, have placed new demands on property managers. Working as part of a team, property managers assist in providing a comprehensive array of services to volunteer boards. The Illinois Community Association Manager Licensing and Disciplinary Act was created: to provide for
- [15.5 THE MANAGEMENT PLAN AND AGREEMENT](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-15-property-management-leasing-5/topic/15-5-the-management-plan-and-agreement-2/) - The Management Plan Property management begins with a management plan prepared by the property manager. A management plan outlines the details of the owner’s objectives with the property, as well as what the property manager expects to accomplish and how, including all financial objectives. In preparing a management plan, a property manager analyzes three factors: the owner’s objectives,
- [15.6 RENTING THE PROPERTY](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-15-property-management-leasing-5/topic/15-6-renting-the-property-2/) - Setting Rental Rates Rental rates are influenced primarily by supply and demand. The property manager should conduct a detailed survey of the competitive space available in the neighborhood, emphasizing similar properties. In establishing rental rates, the property manager has four long-term considerations: The rental income must be sufficient to cover the property’s fixed charges and operating expenses. The rental income must
- [15.7 MAINTAINING THE PROPERTY](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-15-property-management-leasing-5/topic/15-7-maintaining-the-property-2/) - One of the most important functions of a property manager is the supervision of property maintenance. A manager must learn to balance services provided with their costs that is, to satisfy tenants’ needs while minimizing operating expenses. To maintain the property efficiently, the manager must be able to assess the building’s needs and how best to meet
- [15.8 THE AMERICANS WITH DISABILITIES ACT](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-15-property-management-leasing-5/topic/15-8-the-americans-with-disabilities-act-2/) - Title I of the ADA provides for the employment of qualified job applicants regardless of their disability. Any employer with 15 or more employees must adopt nondiscriminatory employment procedures. In addition, employers must make reasonable accommodations to enable individuals with disabilities to perform essential job functions. Title III of the ADA prohibits discrimination in commercial properties and public accommodations.
- [15.9 RISK MANAGEMENT](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-15-property-management-leasing-5/topic/15-9-risk-management-2/) - The perils of any risk must be evaluated in terms of options. In considering the possibility of a loss, the property manager must decide whether it is better to: avoid risk, by removing the source of risk (for instance, a swimming pool may pose an unacceptable risk if a daycare center is located in the building),
- [15.11 TYPES OF LEASES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-15-property-management-leasing-5/topic/15-11-types-of-leases-2/) - Gross Lease In a gross lease, the tenant pays a fixed rent, and the landlord pays all taxes, insurance, repairs, utilities, and the like connected with the property (usually called property charges or operating expenses). This is typically the type of rent structure involved in apartment rentals. Letter of Intent for Commercial Purchase A letter of intent is a document outlining the
- [15.12 LEASE AGREEMENTS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-15-property-management-leasing-5/topic/15-12-lease-agreements-2/) - Requirements of a Valid Lease A lease is a form of contract. To be valid, a lease must meet essentially the same requirements as any other contract: Capacity to contract – The parties must have the legal capacity to contract. Legal objectives – The objectives of the lease must be legal. Offer and acceptance – The parties must reach a mutual agreement on
- [15.13 DISCHARGE OF LEASES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-15-property-management-leasing-5/topic/15-13-discharge-of-leases-2/) - A lease is discharged when the contract terminates. Termination can occur: when all parties have fully performed their obligations under the agreement. the parties may agree to cancel the lease. A tenant who simply abandons leased property remains liable for the terms of the lease including the rent. The terms of the lease will usually indicate whether the landlord is obligated to try
- [15.14 REGULATION OF THE RENTAL FINDING INDUSTRY](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-15-property-management-leasing-5/topic/15-14-regulation-of-the-rental-finding-industry-2/) - Rental-Finding Services A rental-finding service is any business that finds, attempts to find, or offers to find for any person for consideration a unit of rental real estate for a lessee, for a unit of rental real estate not owned or leased by the business. Any person or business entity that operates a rental-finding service must obtain a real
- [14.1 EQUAL OPPORTUNITY IN HOUSING](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-14-fair-housing-5/topic/14-1-equal-opportunity-in-housing-5/) - The civil rights laws that affect the real estate industry ensure that everyone has the opportunity to live where they choose. Federal, state, and local fair housing or equal opportunity laws affect every phase of a real estate transaction, from listing to closing. However, while the passage of laws may establish a code for public conduct, damaging attitudes
- [14.2 FAIR HOUSING ACT](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-14-fair-housing-5/topic/14-2-fair-housing-act-5/) - Title VIII of the Civil Rights Act of 1968 prohibits discrimination in housing based on race, color, religion, and national origin. It also threw out the “Separate but Equal” provision. In 1974, the Housing and Community Development Act added sex to the list of protected classes. In 1988, the Fair Housing Amendments Act added disability and familial status (that is, the presence of children). Today, these laws together
- [14.3 HUD FAIR HOUSING DEFINITIONS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-14-fair-housing-5/topic/14-3-hud-fair-housing-definitions-2/) - When HUD investigates a licensee for discriminatory practices, it may consider failure to prominently display the equal housing opportunity poster in the licensee’s place of business as evidence of discrimination. HUD FAIR HOUSING DEFINITIONS HUD’s regulations provide specific definitions that clarify the scope of the Fair Housing Act. Housing The regulations define housing as a dwelling that includes any building or part of
- [14.4 FAIR HOUSING PRACTICES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-14-fair-housing-5/topic/14-4-fair-housing-practices-2/) - Blockbusting Blockbusting is the act of encouraging people to sell or rent their homes by claiming that the entry of a protected class of people into the neighborhood will have some sort of negative impact on property values. Any message, however subtle or accidental, that property should be sold or rented because the neighborhood is “undergoing changes” is considered blockbusting.
- [14.5 ENFORCEMENT OF THE FAIR HOUSING ACT](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-14-fair-housing-5/topic/14-5-enforcement-of-the-fair-housing-act-2/) - The federal Fair Housing Act is administered by the Office of Fair Housing and Equal Opportunity (OFHEO) under the direction of the secretary of HUD. Any aggrieved person who believes illegal discrimination has occurred may file a complaint with HUD within one year of the alleged act. HUD may also initiate its own complaint. Complaints may be reported to the Office
- [14.6 EQUAL CREDIT OPPORTUNITY ACT](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-14-fair-housing-5/topic/14-6-equal-credit-opportunity-act-2/) - The federal Equal Credit Opportunity Act (ECOA) prohibits discrimination based on race, color, religion, national origin, sex, marital status, or age in the granting of credit. Note that ECOA protects more classes of persons than the Fair Housing Act. The ECOA bars discrimination on the basis of marital status and age. It also prevents lenders from discriminating against recipients of public assistance programs,
- [14.7 AMERICANS WITH DISABILITIES ACT](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-14-fair-housing-5/topic/14-7-americans-with-disabilities-act-2/) - Although the Americans with Disabilities Act (ADA) is not a housing or credit law, it still has a significant effect on the real estate industry. The ADA is important to licensees because it addresses the rights of individuals with disabilities in employment and public accommodations. Real estate licensees are often employers, and real estate brokerage offices are public spaces. The
- [14.8 THE ILLINOIS HUMAN RIGHTS ACT](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-14-fair-housing-5/topic/14-8-the-illinois-human-rights-act-5/) - The Illinois Real Estate License Act of 2000 prohibits any action that constitutes a violation of the Illinois Human Rights Act. This is true regardless of whether a complaint has been filed with or adjudicated by the Human Rights Commission. The Illinois Human Rights Act includes some prohibitions that also are specifically addressed by the Real Estate License Act
- [14.9 ILLINOIS SEXUAL HARASSMENT LAW 775ILCS5/2-101(E)](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-14-fair-housing-5/topic/14-9-illinois-sexual-harassment-law-775ilcs5-2-101e-2/) - “Sexual harassment” means any unwelcome sexual advances or request for sexual favors or any conduct of a sexual nature when (1) submission to such conduct is made either explicitly or implicitly a term or condition of an individual’s employment (2) submission to or rejection of such conduct by an individual is used as a basis
- [14.10 IMPLICATIONS FOR REAL ESTATE LICENSEES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-14-fair-housing-5/topic/14-10-implications-for-real-estate-licensees-2/) - The real estate industry is largely responsible for creating and maintaining an open housing market. Licensees are a community’s real estate experts. Along with the privilege of profiting from real estate transactions comes the social and legal responsibilities to ensure that everyone’s civil rights are protected. Fair housing is the law. The consequences for anyone who violates the law are serious.
- [14.11 PROFESSIONAL ETHICS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-14-fair-housing-5/topic/14-11-professional-ethics-2/) - Ethics refers to a high moral system of principles, rules, and standards based on conduct and values. The ethical system of a profession establishes guidelines that reach to the higher principles of what is “right.” Those principles may form the law, but they exist apart from the law. Professional ethics in business usually focus on two main aspects
- [13.1 REAL ESTATE BROKERAGE OPERATIONS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-1-real-estate-brokerage-operations-5/) - A brokerage business may take many forms. It may be a sole proprietorship (a single-owner company), a corporation, or a partnership. The office may be independent or part of a regional or national franchise. The business may consist of a single office or multiple branches. The brokerage office may be located in a downtown high rise, a suburban shopping
- [13.2 THE SPONSORING BROKER](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-2-the-sponsoring-broker-2/) - By Section 1450.100 definition, the sponsoring broker is the entity holding the company real estate license, whether the entity is an individual who operates as a sole proprietorship, partnership, limited liability company, corporation, or registered limited liability partnership. A sponsoring broker may be self-sponsored. There may be only one sponsoring broker for any one real estate company. A sponsoring broker may authorize a designated managing broker to issue a license in
- [13.3 THE DESIGNATED MANAGING BROKER](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-3-the-designated-managing-broker-2/) - A designated managing broker has taken additional courses and received a managing broker license. A sponsoring broker may also be the designated managing broker of an office or may appoint a managing broker to serve as the designated managing broker of several offices, or different designated managing brokers may be responsible for an individual office as long as
- [13.4 PLANNING](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-4-planning-2/) - Planning is the most fundamental management activity. Almost every business decision is guided by a business plan. Planning takes time and money; however, the resources devoted to planning are relatively small in comparison to the benefits of a sound plan that is followed and reviewed often. It is useful for building credibility with others outside your company.
- [13.5 ERRORS AND OMISSIONS INSURANCE](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-5-errors-and-omissions-insurance-2/) - Sponsoring broker or designated managing brokers have an array of issues and options to consider when deciding to obtain an errors and omissions insurance (E & O) policy. In general, they need to determine what level of protection to seek in the policy and how to tailor the coverage to their sponsoring/managing practice. Because insurance policies and practices vary from
- [13.7 TERMINATION OF SPONSORSHIP](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-7-termination-of-sponsorship-2/) - If a broker or a residential leasing agent terminates employment with the sponsoring broker for any reason, the licensee must obtain his license from the sponsoring broker, or designated managing broker, if so designated by the sponsoring broker. The licensee can terminate their license on their own. Once a licensee terminates their sponsorship with their sponsoring broker,
- [13.8 TEAMS OF BROKERS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-8-teams-of-brokers-2/) - The sponsoring broker’s compensation is specified in the contract with the client. The amount of a broker’s commission is negotiable in every case. Even subtle attempts to impose uniform commission rates are clearly a violation of antitrust laws. A sponsoring broker, however, may set the minimum commission rate acceptable for his own company. Commissions Only a licensed designated
- [13.9 SPONSORING BROKER COMPENSATION – COMMISSION](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-9-sponsoring-broker-compensation-commission-2/) - The sponsoring broker’s compensation is specified in the contract with the client. The amount of a broker’s commission is negotiable in every case. Even subtle attempts to impose uniform commission rates are clearly a violation of antitrust laws. A sponsoring broker, however, may set the minimum commission rate acceptable for his own company. Commissions Only a licensed designated
- [13.10 SALES FORCE COMPENSATION](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-10-sales-force-compensation-2/) - The amount of compensation a licensee receives from a sale is set by mutual agreement between the affiliated licensees and their sponsoring brokers. This compensation agreement is included in the employment agreement. Some sponsoring brokers require that licensees pay all or part of the expenses of advertising listed properties; this may be subtracted from commissions by agreement or be billed separately to the
- [13.11 TECHNOLOGY AND BROKERAGE OF THE FUTURE](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-11-technology-and-brokerage-of-the-future-2/) - Social networking sites such as Facebook, Linkedln, YouTube, and Twitter are becoming increasingly useful in business, and the real estate industry is no different. Recognizing the value and pervasiveness of these sites, sponsoring brokers should set out clear guidelines in policy manuals and brokerage agreements to permit and guide the use of these technologies by licensees. Sponsoring brokers
- [13.12 OTHER CONSUMER PROTECTION MEASURES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-12-other-consumer-protection-measures-2/) - National Do Not Call Registry In 2003, the Federal Communications Commission (FCC) established the National Do Not Call Registry. The registry is a list of phone numbers of consumers who do not want to be contacted by commercial telemarketers. It is managed by the FTC and is enforced by the FTC, the FCC, and state officials. The registry
- [13.13 STATE LICENSE LAWS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-13-state-license-laws-2/) - All 50 states, the District of Columbia, and all Canadian provinces license and regulate the activities of real estate professionals. While the laws share a common purpose, the details vary from state to state. Real estate license laws have been enacted to protect the public by ensuring a standard of competence and professionalism in the real estate industry. The laws
- [13.14 BROKERAGE AGREEMENTS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-14-brokerage-agreements-2/) - Brokerage agreements are employment contracts for the personal professional services of the sponsoring broker, not for the transfer of real estate. The various types of brokerage agreements establish the basic relationship between the parties and provide different levels of rights and responsibilities for the sponsoring broker. Perhaps most important, brokerage agreements address the essential questions of exclusivity and compensation. A listing agreement is
- [13.15 TYPES OF LISTING AGREEMENTS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-15-types-of-listing-agreements-2/) - Exclusive-right-to-sell listing agreements In an exclusive-right-to-sell listing, one broker is appointed as the seller’s sole agent. The listing broker is given the exclusive right or authorization to market the seller’s property. If the property is sold while the listing is in effect, the seller must pay the broker a commission regardless of who sells the property: the listing broker, another broker, or even
- [13.16 SPECIAL LISTING PROVISIONS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-16-special-listing-provisions-2/) - Multiple listing A multiple listing clause may be included in an exclusive listing. It is used by licensees who are members of a multiple listing service (MLS). An MLS is an information/ marketing organization whose members make their listings available for showing and sale through all the other member licensees. An MLS offers advantages to licensees, sellers, and
- [13.17 TERMINATION OF LISTING AGREEMENTS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-17-termination-of-listing-agreements-2/) - Because the licensee’s services are unique, a brokerage agreement cannot be assigned to another licensee without the principal’s written consent. The property owner cannot force the licensee to perform, but the licensee’s failure to work diligently toward fulfilling the contract’s terms constitutes a breach of the listing agreement. If the licensee cancels the listing, the seller may be entitled to sue
- [13.18 THE LISTING PROCESS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-18-the-listing-process-2/) - Measuring Structure and room count It is important to understand when it comes to measuring a property, there is no one size fits all method employed by appraisers, real estate agents, lender, or government units. To varying degrees, guidelines define Gross Living Area (GLA). Fannie Mae, HUD/FHA guidelines do not include basements/below grade, unfinished areas, and garages
- [13.19 THE LISTING AGREEMENT](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-19-the-listing-agreement-2/) - In Illinois, the listing contracts most commonly in use are prepared by local REALTOR® associations and their attorneys. These forms may vary slightly from area to area. Illinois law requires that the following disclosures be included with listing contracts. Disclosure of material facts – A broker must not withhold material facts concerning a property of which she has
- [13.20 BROKER’S AUTHORITY AND RESPONSIBILITIES PART 1](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-20-brokers-authority-and-responsibilities-part-1-2/) - The contract should specify whether the broker may place a sign on the property and advertise and market the property or utilize social networking through Facebook or other similar sites. Another new major consideration, since the inception of Buyer Broker Representation in Illinois, is whether the broker is permitted to authorize buyers’ broker’s marketing efforts through an
- [13.21 BROKER’S AUTHORITY AND RESPONSIBILITIES PART 2](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-21-brokers-authority-and-responsibilities-part-2-2/) - Termination of the contract A contract should provide some way for the parties to end it and under what circumstances will the contract terminate. In Illinois, if a listing agreement provides that, in the event of a default by a buyer, the broker’s full commission or fees will be paid out of an earnest money deposit, with the remainder of the earnest money to be paid to
- [13.23 THE BUYING PROCESS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-23-the-buying-process-2/) - When the buyers have found the right property, the next step is to prepare and negotiate an offer that will lead to a signed sales contract between the seller and the buyer. The buyer’s broker must prepare a CMA to establish a price for the buyer to offer. Factors to take into consideration include: Property condition – Does the property
- [13.24 TERMINATION OF BROKER EMPLOYMENT AGREEMENTS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/topic/13-24-termination-of-broker-employment-agreements-2/) - A broker employment agreement is a contract between a broker and a seller or buyer. Its success depends on the broker’s personal and professional efforts. Because broker services are unique, a broker cannot turn over the contract to another broker without the principal’s written consent. The client cannot force the broker to perform, but the broker’s failure to work
- [12.1 CONTRACT DEFINITION](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-12-contract-law-5/topic/12-1-contract-definition-5/) - A contract is a voluntary agreement or promise between legally competent parties, supported by legal consideration, to perform (or refrain from performing) some legal act. That definition may be easier to understand if its various parts are examined separately. A contract must be voluntary – no one may be forced into a contract, an agreement or a promise
- [12.3 ESSENTIAL ELEMENTS OF A VALID CONTRACT](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-12-contract-law-5/topic/12-3-essential-elements-of-a-valid-contract-5/) - A contract must meet certain minimum requirements to be considered legally valid. The following are the basic essential elements of a contract: Offer and acceptance (mutual assent) There must be an offer by one party that is accepted by the other party. The person who makes the offer is the offeror. The person who accepts the offer is the offeree. This
- [12.4 VALIDITY OF CONTRACTS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-12-contract-law-5/topic/12-4-validity-of-contracts-5/) - A contract can be described as valid, void, voidable, or unenforceable, depending on the circumstances. A contract is valid when it meets all the essential elements that make it legally sufficient or enforceable. A contract is void when it has no legal force or effect because it lacks some or all of the essential elements of a contract. A contract that is voidable appears on the surface
- [12.5 DISCHARGE OF CONTRACTS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-12-contract-law-5/topic/12-5-discharge-of-contracts-5/) - Performance of a Contract Many contracts call for a specific time by which the agreed-on acts must be completely performed. In addition, many contracts provide that time is of the essence. This means that the contract must be performed within the time limit specified. A party who fails to perform on time is liable for breach of contract. In Illinois,
- [12.6 CONTRACTS USED IN THE REAL ESTATE BUSINESS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-12-contract-law-5/topic/12-6-contracts-used-in-the-real-estate-business-5/) - Background For many years, all real estate contracts were in paper form, and various laws and customs dictated that most Real Estate Contracts had to be written (hard copies or paper copies) to be valid or enforceable in court (See Agency). However, our technology advancements have progressed to the point that we can transmit documents over the
- [12.7 ADDITIONAL PROVISIONS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-12-contract-law-5/topic/12-7-additional-provisions-5/) - Many sales contracts provide for the following: Any personal property to be left with the premises for the purchaser (such as major appliances or lawn and garden equipment) Any real property to be removed by the seller before the closing (such as a storage shed) The transfer of any applicable warranties on items such as heating and cooling systems or built-in
- [11.9 CUSTOMER-LEVEL SERVICES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-11-real-estate-agency-5/topic/11-9-customer-level-services-2/) - An agent’s primary responsibility is to the principal, and Illinois courts have long held that the contractual principal-agent relationship as defined in a listing agreement or buyer agency agreement gives the seller or buyer a cause of action against the licensee who breaches her fiduciary duties to the client. The courts have not demanded fiduciary duty to third parties. However, Illinois license law
- [11.8 TYPES OF AGENCY RELATIONSHIPS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-11-real-estate-agency-5/topic/11-8-types-of-agency-relationships-2/) - Limitations on an Agent’s Authority A universal agent is a person empowered to do anything the principal could do personally. The universal agent’s authority to act on behalf of the principal is virtually unlimited. In Illinois, a written power of attorney is required to create a universal agency. A general agent may represent the principal in a broad range of matters related to a particular business or activity.
- [11.7 TERMINATION OF AGENCY](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-11-real-estate-agency-5/topic/11-7-termination-of-agency-2/) - An agency may be terminated for any of the following reasons: Death or incapacity of either party Destruction or condemnation of the property Expiration of the terms of the agency Mutual agreement by all parties to the contract Breach by one of the parties, in which case the breaching party might be liable for damages, By operation of law,
- [11.5 STIGMATIZED PROPERTIES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-11-real-estate-agency-5/topic/11-5-stigmatized-properties-5/) - Stigmatized properties are those properties that society has branded undesirable because of events that occurred there. Stigma is the continuing negative association with or feeling about the property. Article 15 of the Real Estate License Act of 2000 states that in dealing with specific situations related to disclosure, “no cause of action shall arise against a licensee for
- [11.4 LATENT DEFECTS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-11-real-estate-agency-5/topic/11-4-latent-defects-5/) - The seller has a duty to disclose any known latent defects that threaten structural soundness or personal safety. A structural defect that would not normally be uncovered over the course of an ordinary inspection (due to the placement or type of defect, for instance) is referred to as a latent defect. Buyers have been able to either rescind the sales contract or receive damages when
- [11.3 OPINION VERSUS FACT](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-11-real-estate-agency-5/topic/11-3-opinion-versus-fact-5/) - Real estate licensees and other staff members must always be careful about the statements they make. They must be sure that the customer understands whether the statement is an opinion or a fact. Statements of opinion are permissible only as long as they are offered as opinions and without any intention to deceive. Statements of fact must be accurate. Exaggeration
- [11.2 FIDUCIARY/STATUTORY RESPONSIBILITIES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-11-real-estate-agency-5/topic/11-2-fiduciary-statutory-responsibilities-3/) - Fiduciary/Statutory Responsibilities The agency agreement usually authorizes the real estate licensee to act for the principal. The agent’s fiduciary relationship of trust and confidence means that the real estate licensee owes the principal certain duties. These duties were not simply moral or ethical; they formed the common law of agency and now are the basis for statutory laws governing real estate transactions. Under the common law of agency, an agent owes the
- [11.1 INTRODUCTION TO REAL ESTATE AGENCY](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-11-real-estate-agency-5/topic/11-1-introduction-to-real-estate-agency-5/) - Illinois no longer recognizes common law agency. Additionally, Illinois no longer allows the use of sub-agency in real estate transactions, where the representative of the buyer was a sub-agent of the seller. Illinois now recognizes both a seller agency agreement and a buyer agency agreement whereby one agent has a fiduciary relationship with the seller and another agent has a
- [10.7 CLOSING STATEMENT](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-10-real-estate-closings-5/topic/10-7-closing-statement-2/) - Computing the prorations and charges The following list illustrates the various prorations and other amounts to be included in a settlement statement, prepared by the Closing Agent at the Title Company or the lawyer for the buyer or seller: Closing date: June 15 Commission: 6% (0.06) x $230,000 sales price = $13,800 Seller’s mortgage interest: 7% (0.07) x $115,400 principal due
- [10.6 PRORATIONS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-10-real-estate-closings-5/topic/10-6-prorations-2/) - Most closings involve the division of financial responsibility between the buyer and seller for such items as loan interest, taxes, rents, fuel, and utility bills. These allowances are called prorations. Prorations are necessary to ensure that expenses are divided fairly between the seller and the buyer. Accrued items such as water bills, Illinois real estate taxes, and interest
- [10.5 PREPARATION OF CLOSING STATEMENTS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-10-real-estate-closings-5/topic/10-5-preparation-of-closing-statements-2/) - A typical real estate transaction requires accounting for the expenses incurred by either party, generally on the HUD-1, a form required for any federally related closing. All expenses must be itemized to arrive at the exact amount of cash required from the buyer and the net proceeds to the seller. These include prorated items those prepaid by the
- [10.4 TILA-RESPA INTEGRATED DISCLOSURE RULE (TRID)](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-10-real-estate-closings-5/topic/10-4-tila-respa-integrated-disclosure-rule-trid-2/) - In 2010, federal legislation known as the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) created the TILA-RESPA Integrated Disclosure rule as a consumer protection ruling that gives more transparency to the loan process. It does not apply to cash transactions. The TRID rule applies to most closed-end consumer credit transactions secured by real property. Credit
- [10.3 REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-10-real-estate-closings-5/topic/10-3-real-estate-settlement-procedures-act-respa-4/) - The Real Estate Settlement Procedures Act (RESPA) is a federal consumer law that requires certain disclosures about the mortgage and settlement process and prohibits certain practices that increase the costs of settlement services, such as kickbacks and referral fees that can increase settlement costs for home buyers. RESPA regulations apply to first lien residential mortgage loans made to finance the purchases of
- [10.2 CLOSING PROCEDURES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-10-real-estate-closings-5/topic/10-2-closing-procedures-5/) - Face-to-Face Closing Face-to-face closings may be held at a number of locations, including the offices of the title company, the lending institution, an attorney for one of the parties, the broker, the county recorder, or the escrow company. Those attending a closing may include: the buyer or the buyer’s duly authorized agent, the seller or the seller’s duly authorized agent,
- [10.1 PRECLOSING PROCEDURES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-10-real-estate-closings-5/topic/10-1-preclosing-procedures-5/) - Buyer’s Requirements to Close Both the buyers and their lenders must be sure that the seller can deliver the title that was promised in the purchase agreement and that the property is now in essentially the same condition it was in when the buyers and the sellers agreed to the sale. This involves inspecting: the title evidence,
- [9.9 PROOF (ASSURANCE) OF OWNERSHIP](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-9-title-transfer-and-records-5/topic/9-9-proof-assurance-of-ownership-5/) - Proof of ownership is evidence that title is marketable. A deed by itself is not considered sufficient evidence of ownership in Illinois. Even though a warranty deed conveys the grantor’s interest, it contains no proof of the condition of the grantor’s title at the time of the conveyance. The grantee needs some assurance that (s)he actually is acquiring ownership and that the title is marketable. Certificate of Title A certificate of title is a statement
- [9.8 REAL ESTATE DOCUMENTS – PUBLIC RECORDS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-9-title-transfer-and-records-5/topic/9-8-real-estate-documents-public-records-5/) - Public records contain detailed information about each parcel of real estate in a city or county. These records are crucial in establishing ownership, giving notice of encumbrances, and establishing priority of liens. They protect the interests of real estate owners, taxing bodies, creditors, and the general public. The real estate recording system includes written documents that affect title, such as deeds and mortgages. Public records are
- [9.7 TRANSFER OF TITLE BY DESCENT](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-9-title-transfer-and-records-5/topic/9-7-transfer-of-title-by-descent-5/) - When a person dies intestate (without leaving a valid will), her state’s law of descent governs how and to whom her property will be distributed. The Illinois Law of Descent and Distribution (in the Illinois Probate Act) provides that real estate located in Illinois owned by a deceased resident or nonresident who did not leave a valid will is distributed as follows:
- [9.5 TRANSFER BY ADVERSE POSSESSION](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-9-title-transfer-and-records-5/topic/9-5-transfer-by-adverse-possession-5/) - Adverse possession, sometimes referred to as squatter’s rights, is another means of involuntary transfer. An individual who makes a claim to certain property, takes possession of, and uses it may take title away from an owner who fails to use or inspect the property for a period of years. The law recognizes that the use of land is an important function of
- [9.4 TRANSFER TAX STAMPS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-9-title-transfer-and-records-5/topic/9-4-transfer-tax-stamps-5/) - The Illinois Real Estate Transfer Act imposes: a state tax on conveying title to real estate in the amount of $0.50 per $500, or fraction thereof in all Illinois counties, there is an additional transfer tax of $0.25 per $500, or fraction thereof Total transfer tax to state and county combined is $0.75 per $500 or fraction thereof. The transfer tax must be paid before the recording of
- [9.3 TYPES OF DEEDS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-9-title-transfer-and-records-5/topic/9-3-types-of-deeds-5/) - A deed can take several forms, depending on the extent of the grantor’s pledges to the grantee. Regardless of any guarantees the deed offers, however, the grantee will want additional assurance that the grantor has the right to offer what the deed conveys. To obtain this protection, grantees commonly seek evidence of title. The most common deed forms are: general warranty deed,
- [9.2 REQUIREMENTS FOR A VALID DEED](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-9-title-transfer-and-records-5/topic/9-2-requirements-for-a-valid-deed-5/) - The following are the minimum requirements for a valid deed in Illinois: Grantor, who has the legal capacity to execute (sign) the deed Grantee named with reasonable certainty to be identified Recital of consideration Granting clause (words of conveyance, together with any words of limitation) Accurate legal description of the property conveyed Any relevant exceptions or reservations Signature of the grantor, sometimes with a seal, witness, or acknowledgment Delivery of the
- [9.1 MEANING OF TITLE](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-9-title-transfer-and-records-5/topic/9-1-meaning-of-title-5/) - The term title has three meanings. Title is a way of referring to ownership; it is not an actual printed piece of paper. Title to real estate means the right to ownership or actual ownership of the land; it represents the owner’s bundle of rights. Title also serves as evidence of that ownership of real estate. This is indicated by a deed, or a piece of paper. A person
- [8.8 ENVIRONMENTAL SITE ASSESSMENTS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-8-environmental-issues-5/topic/8-8-environmental-site-assessments-5/) - An environmental site assessment is often performed on a property to show that due care was exercised in determining if any environmental impairments exist. The assessment can help prevent parties from becoming involved in contaminated property and work as a defense to liability. It is often requested by a lending institution, developer, or a potential buyer. The assessment is commonly performed
- [8.7 LIABILITY OF REAL ESTATE LICENSEES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-8-environmental-issues-5/topic/8-7-liability-of-real-estate-licensees-5/) - Environmental law is relatively new. Although federal and state laws have defined many of the liabilities involved, common law is being used for further interpretation. Real estate licensees and all others involved in a real estate transaction must be aware of both actual and potential liability. Sellers often carry the most legal liability exposure. Innocent landowners might be held
- [8.6 ENVIRONMENTAL PROTECTION](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-8-environmental-issues-5/topic/8-6-environmental-protection-5/) - The majority of legislation dealing with environmental problems has been enacted within the past four decades. Although the Environmental Protection Agency (EPA) was created in 1970 at the federal level to oversee such problems, several other federal agencies’ areas of concern generally overlap. The federal laws were created to encourage state and local governments to
- [8.5 WASTE DISPOSAL SITES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-8-environmental-issues-5/topic/8-5-waste-disposal-sites-5/) - Federal, state, and local regulations govern the location, construction, content, and maintenance of landfill sites built to accommodate the vast quantities of garbage produced every day in America. A landfill is an enormous hole, either excavated for the purpose of waste disposal or left over from surface mining operations. The hole is lined with clay or a
- [8.4 HAZARDOUS SUBSTANCES PART 3](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-8-environmental-issues-5/topic/8-4-hazardous-substances-part-3-5/) - Mold Mold can be found almost anywhere and can grow on almost any organic substance, so long as moisture, oxygen, and an organic food source are present. Moisture feeds mold growth. If a moisture problem is not discovered or addressed, mold growth can gradually destroy what it is growing on. There are over 2,000 types of mold.
- [8.3 HAZARDOUS SUBSTANCES PART 2](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-8-environmental-issues-5/topic/8-3-hazardous-substances-part-2-5/) - Radon Radon is a naturally occurring, colorless, odorless, tasteless, radioactive gas produced by the decay of other radioactive substances. Radon is measured in picocuries (a unit of radiation) contained in a liter of air (i.e., pCi/L). Radon is found in every state and territory, with radon levels in the outdoor air averaging 0.4 pCi/L. Fans and thermal “stack
- [8.2 HAZARDOUS SUBSTANCES PART 1](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-8-environmental-issues-5/topic/8-2-hazardous-substances-part-1-4/) - Asbestos Asbestos is a fire-resistant mineral that was once used extensively as insulation and to strengthen other materials. A component of more than 3,000 types of building materials, asbestos was found in most construction, including residential, until 1978 when its use was banned. The EPA estimates that, even today, about 20 percent of the nation’s commercial and public buildings have
- [8.1 ILLINOIS ENVIRONMENTAL CONTROLS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-8-environmental-issues-5/topic/8-1-illinois-environmental-controls-5/) - The Illinois Environmental Protection Agency (IEPA) is charged with maintaining and enhancing the state’s air, land, and water quality through education, inspection, regulation, enforcement, recycling, and prevention activities. The Pollution Control Board and Hazardous Waste Advisory Council are two of the many bodies created to assist the IEPA in specific areas. Most Illinois environmental regulations are required by statute to be “identical in substance” to environmental
- [7.6 THE APPRAISAL PROCESS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-7-real-estate-appraisal-5/topic/7-6-the-appraisal-process/) - Although appraising is not an exact or a precise science, the key to an accurate appraisal lies in the methodical collection and analysis of data. The appraisal process is an orderly set of procedures used to collect and analyze data to arrive at an ultimate value conclusion. The data are divided into two basic classes: General data, which covers
- [7.5 THE THREE APPROACHES TO VALUE part 3](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-7-real-estate-appraisal-5/topic/7-5-the-three-approaches-to-value-part-3-2/) - The Income Approach The income approach to value is based on the present value of the rights to future income. It assumes that the income generated by a property will determine the property’s value. The income approach is used for valuation of income-producing properties such as apartment buildings, office buildings, and shopping centers. In estimating value using the income approach, an appraiser must take five steps: Estimate annual gross
- [7.3 THE THREE APPROACHES TO VALUE](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-7-real-estate-appraisal-5/topic/7-3-the-three-approaches-to-value-5/) - The Sales Comparison Approach In the sales comparison approach (also known as the market data approach), an estimate of value is obtained by comparing the property being appraised (the subject property) with recently sold comparable properties (properties similar to the subject, called comps). Because no two parcels of real estate are exactly alike, each comparable property must be analyzed for differences and
- [7.2 VALUE](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-7-real-estate-appraisal-5/topic/7-2-value-5/) - To have value in the real estate market that is, to have monetary worth based on desirability a property must have the following four characteristics: Demand—The need or desire for possession or ownership backed by the financial means to satisfy that need Utility—The property’s usefulness for its intended purposes Scarcity—A finite supply Transferability—The relative ease with which ownership
- [7.1 REAL ESTATE APPRAISAL PROCESS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-7-real-estate-appraisal-5/topic/7-1-real-estate-appraisal-process-5/) - Appraisal An appraisal is an opinion of value based on supportable evidence and approved methods. A real estate appraisal report is an opinion of market value on a property given to a lender or client with detailed and accurate information. An appraiser is an independent person trained to provide an unbiased opinion of value in an impartial and objective manner, according to the appraisal process.
- [6.13 FINANCING LEGISLATION](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-6-real-estate-financing-5/topic/6-13-financing-legislation-2/) - Truth in Lending Act and Regulation Z Regulation Z, which was enacted pursuant to the Truth in Lending Act, by the Federal Trade Commission (FTC), requires that credit institutions inform borrowers of the true cost of obtaining credit. With proper disclosures, borrowers can compare the costs of various lenders to avoid the uninformed use of credit. Regardless of the
- [6.12 OTHER FINANCING TECHNIQUES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-6-real-estate-financing-5/topic/6-12-other-financing-techniques-2/) - Purchase-Money Mortgages This is a note and mortgage created at the time of purchase when the seller agrees to finance all or part of the purchase price and consists of a first or junior lien depending on whether prior mortgage liens exist. This is based on the fact that the seller gives the buyer title to the property. Often referred to as seller financing or
- [6.11 LOAN PROGRAMS PART 2](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-6-real-estate-financing-5/topic/6-11-loan-programs-part-2-2/) - VA-Guaranteed Loans The Department of Veterans Affairs (VA) is authorized to guarantee loans to purchase or construct homes for eligible veterans and their spouses (including un-remarried spouses of veterans whose deaths were service-related). Eligibility is defined as veterans who: served on active duty have some form of honorable discharge after a minimum of 90 days of service
- [6.10 LOAN PROGRAMS PART 1](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-6-real-estate-financing-5/topic/6-10-loan-programs-part-1-2/) - Conventional Loans Conventional loans are viewed as the most secure loans because their loan-to-value ratios are often lowest. Usually, the ratio is 80 percent of the value of the property or less because the borrower makes a down payment of at least 20 percent. The security for the loan is provided solely by the mortgage; the payment of the debt rests on the ability of the borrower
- [6.9 REVERSE MORTGAGE AND NONRECOURSE LOANS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-6-real-estate-financing-5/topic/6-9-reverse-mortgage-and-nonrecourse-loans-2/) - Reverse Mortgage A reverse mortgage allows people 62 or older to borrow money against the equity they have built in their home. The money may be used for any purpose, and the borrowers decide if they want to receive the money in a lump sum, fixed monthly payments, an open line of credit, or other options. The borrower is charged a fixed rate
- [6.8 INTEREST AND PRINCIPAL CREDITED FROM AMORTIZED PAYMENTS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-6-real-estate-financing-5/topic/6-8-interest-and-principal-credited-from-amortized-payments-5/) - Lenders charge borrowers a certain percentage of the principal as interest for each year a debt is outstanding. The amount of interest due on any one payment is calculated by computing the total yearly interest (based on the unpaid balance) and dividing that figure by the number of payments made each year. For example, assume the current outstanding balance
- [6.7 FINANCING TECHNIQUES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-6-real-estate-financing-5/topic/6-7-financing-techniques-5/) - Straight Loans A straight loan or interest-only loan (also known as a term loan) is a non-amortized loan that essentially divides the loan into two amounts to be paid off separately. The borrower makes periodic payments of interest only, followed by the payment of the principal in full at the end of the term. Amortized Loans Unlike a straight loan payment, the payment in an amortized loan partially
- [6.6 THE REAL ESTATE FINANCING MARKET](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-6-real-estate-financing-5/topic/6-6-the-real-estate-financing-market-5/) - The Federal Reserve System The role of the Federal Reserve System (the Fed) is to maintain sound credit conditions, help counteract inflationary and deflationary trends, and create a favorable economic climate. The Fed divides the country into 12 federal reserve districts, each served by a federal reserve bank. All nationally chartered banks must join the Fed All nationally
- [6.5 FORECLOSURE](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-6-real-estate-financing-5/topic/6-5-foreclosure-5/) - Foreclosure is a legal procedure in which property pledged as security is sold to satisfy the debt. The foreclosure procedure brings the rights of the parties and all junior lienholders to a conclusion. It passes title either to the person holding the mortgage document or deed of trust or to a third party who purchases the realty at a foreclosure sale. The purchaser could be
- [6.4 OWNER FINANCING](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-6-real-estate-financing-5/topic/6-4-owner-financing-5/) - Real estate can be purchased under a land contract, also known as a contract for deed or an installment contract. Real estate is usually sold on contract for specific financial reasons. For instance, mortgage financing may be unavailable to a borrower for some reason. High-interest rates may make borrowing too expensive, or the purchaser may not have sufficient down payment to cover
- [6.3 DEED OF TRUST](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-6-real-estate-financing-5/topic/6-3-deed-of-trust-5/) - As previously stated, a promissory note does need to be tied to either a mortgage or a deed of trust. In Illinois, the note used to obtain money to purchase real property is usually secured by a mortgage. The mortgage document or deed of trust clearly establishes: that the property is security for a debt, identifies the lender and the borrower, includes an accurate legal description of the property.
- [6.2 PROMISSORY NOTES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-6-real-estate-financing-5/topic/6-2-promissory-notes-5/) - The promissory note, referred to as the note or financing instrument, is the borrower’s personal promise to repay a debt according to agreed terms. The note exposes all the borrower’s assets to claims by secured creditors. The mortgagor executes one or more promissory notes to total the amount of the debt. A promissory note executed by a borrower (known as the maker or payor) is
- [6.1 MORTGAGES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-6-real-estate-financing-5/topic/6-1-mortgages-5/) - A mortgage is a voluntary lien on real estate. The person who borrows money to buy a piece of property voluntarily gives the lender the right to take that property if the borrower fails to repay the loan. The borrower, or mortgagor, pledges the land to the lender, or mortgagee, as security for the debt. Exactly what rights the mortgagor gives the mortgagee vary from state
- [5.3 OTHER LIENS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-5-liens-5/topic/5-3-other-liens-5/) - Mortgage Liens (Deed of Trust Liens) A mortgage lien, sometimes called a deed of trust lien, is a voluntary lien on real estate given to a lender by a borrower as security for a real estate loan. It becomes a lien on real property when the lender records the documents in the county where the property is located. Lenders generally require a preferred lien, referred to as a first
- [5.2 REAL ESTATE TAX LIENS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-5-liens-5/topic/5-2-real-estate-tax-liens-5/) - The ownership of real estate is always subject to certain government powers. One of these is the right of state and local governments to impose (levy) taxes to pay for their functions. Because the location of real estate is permanently fixed, the government can levy taxes with a high degree of certainty that the taxes will be collected. The
- [5.1 GENERAL LIEN INFORMATION](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-5-liens-5/topic/5-1-general-lien-information-5/) - A lien is a monetary charge or claim against property that is made to enforce the payment of money. Whenever someone borrows money, the lender generally requires some form of security. Security (also referred to as collateral) is something of value that the borrower promises to give the lender if the borrower fails to repay the debt. When the lender’s security is in the form
- [4.3 LEGAL DESCRIPTION OF LAND](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-4-legal-description-of-land-5/topic/4-3-legal-description-of-land/) - Lot-and-Block System The third method of legal description is the lot-and-block (recorded plat) system. This system uses lot-and-block numbers referred to in a plat map filed in the public records of the county where the land is located. The lot-and-block system is often used to describe a property in subdivisions and urban areas. A lot-and-block survey is performed in two steps: First, a large parcel of land
- [4.2 DESCRIBING LAND PART 2](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-4-legal-description-of-land-5/topic/4-2-describing-land-part-2-5/) - Township Tiers Lines running east and west, parallel to the baseline and six miles apart, are referred to as township lines. They form strips of land called township tiers. These township tiers are designated by consecutive numbers north or south of the baseline. For instance, the strip of land between 6 and 12 miles north of a baseline is Township 2 North.
- [4.1 DESCRIBING LAND PART 1](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-4-legal-description-of-land-5/topic/4-1-describing-land-part-1-5/) - Describing Land A legal description is a detailed way of describing a parcel of land for documents such as deeds and mortgages that will be accepted in a court of law. The description is based on information collected through a survey, the process by which boundaries are measured by calculating the dimensions and area to determine the exact location of a piece of land.
- [Topic](https://realestateschoolchicago.com/topic/topic-5/)
- [3.7 REGULATION OF LAND SALES](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-3-land-use-controls-5/topic/3-7-regulation-of-land-sales-5/) - Just as the sale and use of property within a state are controlled by state and local governments, the sale of property in one state to buyers in another is subject to strict federal and state regulations. National Interstate Land Sales Full Disclosure Act The U.S. Congress created the federal Interstate Land Sales Full Disclosure Act to facilitate regulation of interstate
- [3.6 PRIVATE LAND-USE CONTROLS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-3-land-use-controls-5/topic/3-6-private-land-use-controls-5/) - Not all restrictions on the use of land are imposed by government bodies. Certain restrictions to control and to maintain the desirable quality and character of a property or subdivision may be created by private entities, including the property owners themselves. These restrictions are separate from and in addition to the land-use controls exercised by the government. However, no private restriction can violate
- [3.5 SUBDIVISION & LAND DEVELOPMENT](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-3-land-use-controls-5/topic/3-5-subdivision-land-development-5/) - Most communities have adopted subdivision and land development ordinances as part of their comprehensive plans. An ordinance includes provisions for submitting and processing subdivision plats. A major advantage of subdivision ordinances is that they encourage flexibility, economy, and ingenuity in the use of land. A subdivider is a person who buys undeveloped acreage(s) and divides it into smaller lots for sale to individuals or developers or
- [3.4 BUILDING CODES AND CERTIFICATES OF OCCUPANCY](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-3-land-use-controls-5/topic/3-4-building-codes-and-certificates-of-occupancy-5/) - Building Codes Most municipalities have enacted ordinances to specify construction standards that must be met when repairing or erecting buildings. These are called building codes, and they set the requirements for kinds of materials and standards of workmanship, sanitary equipment, electrical wiring, fire prevention, and similar issues. Building Permits In addition to adhering to building codes, a
- [3.3 ZONING](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-3-land-use-controls-5/topic/3-3-zoning-5/) - Zoning is a regulatory tool that helps communities regulate and control how land is used and limits the type of business in a given area. Zoning ordinances are local laws that implement the comprehensive plan and regulate and control the use of land and structures within designated land-use districts. If the comprehensive or master plan is the big picture, zoning makes up the details. No
- [3.2 THE COMPREHENSIVE MUNICIPALITY PLAN](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-3-land-use-controls-5/topic/3-2-the-comprehensive-municipality-plan-5/) - Local governments, municipalities, and counties establish development goals by creating a comprehensive plan. The comprehensive plan, also known as a master plan, is not a regulatory document but rather a guide to planning for change rather than reacting to proposals. The comprehensive plan: usually is long term, perhaps 20 years or longer, a general plan that can be revised and updated
- [3.1 REGULATION](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-3-land-use-controls-5/topic/3-1-regulation-5/) - Land use is regulated by: Public and Private Restrictions Federal, State, and Local Governments. Government Control Most government controls on property occur at the local level. Police Power It is the inherent authority of the states to create regulations needed to protect the public health, safety, and welfare. Through enabling acts, states delegate to counties and local municipalities the authority to
- [2.16 WATER RIGHTS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-2-ownership-interests-and-encumbrances-5/topic/2-16-water-rights-2/) - Riparian and littoral rights are appurtenant (attached) to the land. The right to use the water belongs to whoever owns the bordering land and cannot be retained by a former owner after the land is sold. Riparian Rights are common law rights granted to owners of land along the course of a river, stream, or similar body of flowing water. An owner of land that borders
- [2.15 ENCUMBRANCES PART 3](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-2-ownership-interests-and-encumbrances-5/topic/2-15-encumbrances-part-3-2/) - License A license is a personal privilege (not a right) to enter the land of another for a specific purpose. A license can be terminated or canceled by the licensor (the person who granted the license) at any time: If the use of another’s property is given orally or informally, it generally is considered to be a license rather than a
- [2.14 ENCUMBRANCES PART 2](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-2-ownership-interests-and-encumbrances-5/topic/2-14-encumbrances-part-2-2/) - Easements An easement is the right to use the land of another for a particular purpose. It may exist in any portion of the real estate, including the airspace above or a right-of-way across the land. An appurtenant easement is attached to the ownership of one parcel and allows the owner the use of a neighbor’s land. For an appurtenant easement to exist, two
- [2.13 ENCUMBRANCES PART 1](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-2-ownership-interests-and-encumbrances-5/topic/2-13-encumbrances-part-1-2/) - An encumbrance is a claim, charge, or liability that attaches to real estate. An encumbrance does not have a possessory interest in real property. An encumbrance may decrease the value or obstruct the use of the property. An encumbrance is a right or an interest held by someone other than the property owner that affects title to the real estate but does not necessarily prevent
- [2.12 CONDOMINIUMS, COOPERATIVES, TOWN HOUSES, AND TIME-SHARES PART 3](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-2-ownership-interests-and-encumbrances-5/topic/2-12-condominiums-cooperatives-town-houses-and-time-shares-part-3-2/) - Townhouse Ownership A townhouse is a popular form of housing in urban areas. The term townhouse is often used to describe any type of housing connected by common walls. In fact, the townhouse concept is a cross between single-family houses and apartments. Title to each unit and lot is vested in the individual owner. Each owner also has a fractional interest
- [2.11 CONDOMINIUMS, COOPERATIVES, TOWN HOUSES, AND TIME-SHARES PART 2](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-2-ownership-interests-and-encumbrances-5/topic/2-11-condominiums-cooperatives-town-houses-and-time-shares-part-2-2/) - Cooperative Ownership In a cooperative, a corporation holds title to the land and building. The corporation offers shares of stock to prospective tenants. The price the corporation sets for each apartment becomes the price of the stock. The purchaser becomes a shareholder in the corporation by virtue of this stock ownership and receives a proprietary lease to the apartment for the life of the corporation. Because stock is personal property, the cooperative tenant-owners do not own real
- [2.9 OWNERSHIP BY BUSINESS ORGANIZATIONS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-2-ownership-interests-and-encumbrances-5/topic/2-9-ownership-by-business-organizations-2/) - Partnerships A Partnership is an association of two or more persons who carry on a business for profit as co-owners. General Partnership All the partners participate in the operation and management of the business. Each General Partner is solely responsible for the entire debt of the Partnership. General partnerships are dissolved and must be reorganized if one partner dies, withdraws, or
- [2.8 FREEHOLD ESTATES PART 2](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-2-ownership-interests-and-encumbrances-5/topic/2-8-freehold-estates-part-2-2/) - Life Estate is a freehold estate limited in duration to the life of the owner or the life of some other designated person or persons. Unlike other freehold estates, a life estate is not inheritable. It passes to future owners according to the prearranged provisions of the life estate. A life tenant is entitled to the rights of ownership and can benefit from both possession and
- [2.7 FREEHOLD ESTATES PART 1](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-2-ownership-interests-and-encumbrances-5/topic/2-7-freehold-estates-part-1-2/) - Fee Simple Estate Because fee simple estates are of unlimited duration, they are said to run “forever.” Upon the death of the owner, a fee simple passes to the owner’s heirs or as provided by a will. A fee simple estate is also referred to as an estate of inheritance (because that is how it passes unless the owner chooses to
- [2.6 ESTATES IN LAND](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-2-ownership-interests-and-encumbrances-5/topic/2-6-estates-in-land-2/) - An estate in land defines the degree, quantity, nature, and extent of an owner’s interest in real property. Many types of estates exist, but not all interests in real estate are estates. To be an estate in land, an interest must allow possession, meaning the holding and enjoyment of the property either now or in the future, and must be measured according to
- [2.5 GOVERNMENTAL POWERS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-2-ownership-interests-and-encumbrances-5/topic/2-5-governmental-powers-2/) - Ownership rights are subject to certain powers or rights held by federal, state, and local governments. These limitations on the ownership of real estate are imposed for the general welfare of the community and, therefore, supersede the rights or interests of the individual. The state and local government powers discussed in this section are all held by the state of Illinois
- [2.4 LIMITATIONS ON THE RIGHTS OF OWNERSHIP](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-2-ownership-interests-and-encumbrances-5/topic/2-4-limitations-on-the-rights-of-ownership-2/) - Even the most complete ownership the law allows is limited by public and private restrictions. These restrictions are intended to ensure that one owner’s use or enjoyment of her property does not interfere with others’ use or enjoyment of their property or with the welfare of the general public.
- [2.3 FORMS OF REAL ESTATE OWNERSHIP PART 3](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-2-ownership-interests-and-encumbrances-5/topic/2-3-forms-of-real-estate-ownership-part-3-2/) - Trusts A trust is a device by which: one person (Trustor) transfers ownership of property to someone else (Trustee) Trustor owns the property Trustee holds or manages the property for the benefit of a third party (Beneficiary) The trustee is a fiduciary, who acts in confidence or trust and has a special legal relationship with the beneficiary. The trustee’s power and authority are limited by the terms of the trust agreement,
- [2.2 FORMS OF REAL ESTATE OWNERSHIP PART 2](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-2-ownership-interests-and-encumbrances-5/topic/2-2-forms-of-real-estate-ownership-part-2-2/) - Tenancy by the Entirety – Special Joint Tenancy for Married Couples Illinois allows husbands and wives to use a special form of co-ownership called tenancy by the entirety for their personal residence. Tenancy by the entirety is recognized in Illinois In this form of ownership, each spouse has an equal, undivided interest in the property. A husband and wife who are tenants by
- [2.1 FORMS OF REAL ESTATE OWNERSHIP PART 1](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-2-ownership-interests-and-encumbrances-5/topic/2-1-forms-of-real-estate-ownership-part-1-2/) - Although the forms of ownership available are controlled by state laws, a fee simple estate may be held in three basic ways: In severalty, where title is held by one individual In co-ownership, where title is held by two or more individuals In trust, where a third individual holds title for the benefit of another Ownership in Severalty Ownership in severalty occurs when property is owned by one individual
- [1.11 FEDERAL FLOOD INSURANCE PROGRAM](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-1-introduction-to-real-estate-property-2/topic/1-11-federal-flood-insurance-program-2/) - Homeowners’ insurance policies always exclude floods, so flood coverage must always be purchased as a totally separate policy. The National Flood Insurance Act of 1968 was enacted by Congress to help owners of property in flood-prone areas by subsidizing flood insurance and by taking land-use and land-control measures to improve future management for floodplain areas. The Army Corps of Engineers has prepared
- [1.10 HOMEOWNERS’ INSURANCE](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-1-introduction-to-real-estate-property-2/topic/1-10-homeowners-insurance-2/) - Co-Insurance Clause Most homeowners’ insurance policies contain a co-insurance clause. This provision usually requires that the owner maintain insurance equal to a specified percentage (usually 80 percent) of the replacement cost of the dwelling (not including the price of the land). An owner who has this type of policy may make a claim for the full cost of the repair or replacement of the
- [1.9 HOME OWNERSHIP](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-1-introduction-to-real-estate-property-2/topic/1-9-home-ownership-2/) - HOME OWNERSHIP Ownership Expenses and Ability to Pay Homeownership involves many expenses, including utilities (such as electricity, natural gas, and water), trash removal, sewer charges, and maintenance and repairs. Owners also must pay real estate taxes and buy private mortgage insurance, and they must repay the mortgage loan with interest. This is what lenders refer to as PITI (principal, interest, taxes,
- [1.8 LAWS AFFECTING REAL ESTATE](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-1-introduction-to-real-estate-property-2/topic/1-8-laws-affecting-real-estate-4/) - LAWS AFFECTING REAL ESTATE Seven Sources of Law 1. United States Constitution 2. Laws passed by Congress 3. Rules of the regulatory agencies 4. State constitutions 5. State statutes 6. Local ordinances 7. Common law The unique nature of real estate has given rise to an equally unique set of laws and rights. Even the simplest
- [1.7 CHARACTERISTICS OF REAL ESTATE](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-1-introduction-to-real-estate-property-2/topic/1-7-characteristics-of-real-estate-4/) - ECONOMIC CHARACTERISTICS Scarcity We usually do not consider land a rare commodity, but only a quarter of the earth’s surface is dry land; the rest is water. The total available supply of land is not limitless. While a considerable amount of land remains unused or uninhabited, the supply in a given location is generally considered to be limited. Improvements Building an improvement on
- [1.6 OWNERSHIP OF REAL PROPERTY](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-1-introduction-to-real-estate-property-2/topic/1-6-ownership-of-real-property-5/) - Traditionally, ownership of real property is described as a BUNDLE OF LEGAL RIGHTS. In other words, a purchaser of real estate actually buys the rights of ownership held by the seller. These rights include the rights of: POSSESSION CONTROL ENJOYMENT EXCLUSION DISPOSITION The concept of a bundle of rights comes from old English law. In the Middle Ages, a seller transferred
- [1.5 LAND, REAL ESTATE, AND REAL PROPERTY](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-1-introduction-to-real-estate-property-2/topic/1-5-land-real-estate-and-real-property-5/) - LAND Land is defined as THE EARTH’S SURFACE EXTENDING DOWNWARD TO THE CENTER OF THE EARTH AND UPWARD TO INFINITY. Land includes not only the surface of the earth but also the underlying soil. Land also refers to objects that are naturally attached to the earth’s surface, such as boulders and plants. Land includes the minerals and substances
- [1.4 THE REAL ESTATE MARKET](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-1-introduction-to-real-estate-property-2/topic/1-4-the-real-estate-market-5/) - Supply and Demand The forces of supply and demand in the market determine how prices for goods and services are set. Greater supply means producers need to attract more buyers, so they lower prices. Greater demand means producers can raise their prices because buyers compete for the product. Supply and demand in the real estate market Two characteristics
- [1.3 TYPES OF REAL PROPERTY](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-1-introduction-to-real-estate-property-2/topic/1-3-types-of-real-property-5/) - Just as there are areas of specialization within the real estate industry, there are different types of property in which to specialize. Real estate can be classified as: RESIDENTIAL – single-family or multifamily housing, in urban, suburban, or rural areas, COMMERCIAL – office space, shopping centers, stores, theaters, hotels, and parking facilities, INDUSTRIAL- warehouses, factories, land in industrial districts, and power
- [1.2 PROFESSIONAL ORGANIZATIONS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-1-introduction-to-real-estate-property-2/topic/1-2-professional-organizations-6/) - National Association of REALTORS® (NAR) is the largest real estate organization. Its website is www.realtor.org. The NAR sponsors various affiliated organizations that offer professional designations to brokers, managing brokers, and other professionals who complete required courses in areas of special interest. Members subscribe to a Code of Ethics and are entitled to be known as REALTORS® or REALTOR-ASSOCIATES. You must
- [1.1 THE REAL ESTATE BUSINESS](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-1-introduction-to-real-estate-property-2/topic/1-1-the-real-estate-business-6/) - BrokerageBrokerage is the business of bringing people together in a real estate transaction. A real estate licensee acts as a point of contact between two or more people in negotiating the sale, purchase, or rental of property. AppraisalAppraisal is the process of estimating a property's market value based on established methods and the appraiser's professional
- [1.1 THE REAL ESTATE BUSINESS](https://realestateschoolchicago.com/topic/1-1-the-real-estate-business-5/) - BrokerageBrokerage is the business of bringing people together in a real estate transaction. A real estate licensee acts as a point of contact between two or more people in negotiating the sale, purchase, or rental of property. AppraisalAppraisal is the process of estimating a property's market value based on established methods and the appraiser's professional
- [1.2 PROFESSIONAL ORGANIZATIONS](https://realestateschoolchicago.com/topic/1-2-professional-organizations-5/)
- [GENERAL STRUCTURE OF THE QUESTIONS](https://realestateschoolchicago.com/topic/general-structure-of-the-questions-2/) - Multiple Choice QuestionsThe questions on the exam for the Illinois Real Estate Broker License are multiple-choice. This is an advantage for the person taking the exam because the answer is provided for each question. As a result, reasonably intense study will provide enough familiarity with this material to answer a large number of questions without
- [NUMBER OF QUESTIONS FOR THE STATE BROKER PORTION](https://realestateschoolchicago.com/courses/online-modules/modules/introduction-6/topic/number-of-questions-for-the-state-broker-portion-2/) - Licensing Requirements 10 Laws and Rules Regulating Real Estate Practice 20 Disclosures 10 Types Of Questions In The State Broker Exam In addition, all items will be classified according to the cognitive level that is expected to be required for the entry-level candidate to appropriately respond to the item. The cognitive level classifications are
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- [AUDIO CHAPTER 1](https://realestateschoolchicago.com/topic/audio-chapter-1/) - [et_pb_section fb_built="1" _builder_version="4.15" global_colors_info="{}"][et_pb_row _builder_version="4.15" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="4.15" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_audio audio="https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-1.1-state.mp3" title="1.1" admin_label="1.1" _builder_version="4.15.1" border_style="solid" global_colors_info="{}"][/et_pb_audio][et_pb_audio audio="https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-11.2.mp3" title="1.2" admin_label="1.2" _builder_version="4.15.1" global_colors_info="{}"][/et_pb_audio][et_pb_audio audio="https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-11.3.mp3" title="1.3" admin_label="1.3" _builder_version="4.15.1" border_style_top="solid" border_style_right="solid" border_style_bottom="solid" border_style_left="solid" border_style="solid" global_colors_info="{}"][/et_pb_audio][et_pb_audio audio="https://realestateschoolchicago.com/wp-content/uploads/2022/03/CHAPTER-11.4.mp3" title="1.4" admin_label="1.4" _builder_version="4.15.1" border_style="solid" global_colors_info="{}"][/et_pb_audio][et_pb_text disabled_on="off|off|off" _builder_version="4.15.1" text_orientation="center" global_module="54301" saved_tabs="all" global_colors_info="{}"]If you would like to download the entire chapter
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- [1.1 INTRODUCTION TO REAL ESTATE AGENCY](https://realestateschoolchicago.com/topic/1-1-introduction-to-real-estate-agency/) - INTRODUCTION TO REAL ESTATE AGENCY Illinois no longer recognizes common law agency. Additionally, Illinois no longer allows the use of sub-agency in real estate transactions, where the representative of the buyer was a sub-agent of the seller. Illinois now recognizes both a seller agency agreement and a buyer agency agreement whereby one agent has a
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- [3.8 CHAPTER 3 REVIEW VIDEO](https://realestateschoolchicago.com/topic/3-8-chapter-3-review-video-3/) - [et_pb_section fb_built="1" _builder_version="3.22" global_colors_info="{}"][et_pb_row _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" global_colors_info="{}" custom_padding__hover="|||"][et_pb_video _builder_version="4.13.1" _module_preset="default" src="https://vimeo.com/651663372" hover_enabled="0" sticky_enabled="0"][/et_pb_video][/et_pb_column][/et_pb_row][/et_pb_section]
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- [17.20 CHAPTER 17 REVIEW VIDEO](https://realestateschoolchicago.com/topic/17-20-chapter-17-review-video/)
- [17.17 LOAN-TO-VALUE RATIOS](https://realestateschoolchicago.com/topic/17-17-loan-to-value-ratios/) - [et_pb_section admin_label="section"] [et_pb_row admin_label="row"] [et_pb_column type="4_4"][/et_pb_column] [/et_pb_row] [/et_pb_section]
- [17.4 SALES](https://realestateschoolchicago.com/topic/17-4-sales/) - The conveyance in Illinois is taxed as a result of the Illinois Real Estate Transfer Tax Act. The amount subject to taxation is the sales price minus any assumed mortgage or mortgage taken "subject to." State tax - $0.50 per $500 or fraction thereof, County tax - $0 .25 per $500 or fraction thereof If
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- [3.2 THE COMPREHENSIVE MUNICIPALITY PLAN](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-3-land-use-controls-4/topic/3-2-the-comprehensive-municipality-plan-4/) - Local governments, municipalities, and counties establish development goals by creating a comprehensive plan. The comprehensive plan, also known as a master plan, is not a regulatory document but rather a guide to planning for change rather than reacting to proposals. The comprehensive plan: usually is long term, perhaps 20 years or longer, a general plan
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- [1.10 HOMEOWNERS’ INSURANCE](https://realestateschoolchicago.com/courses/online9thedition/modules/chapter-1-introduction-to-real-estate-property/topic/1-10-homeowners-insurance/) - Co-Insurance Clause Most homeowners' insurance policies contain a co-insurance clause. This provision usually requires that the owner maintain insurance equal to a specified percentage (usually 80 percent) of the replacement cost of the dwelling (not including the price of the land). An owner who has this type of policy may make a claim for the
- [3.15 THE REAL ESTATE RECOVERY FUND](https://realestateschoolchicago.com/topic/3-15-the-real-estate-recovery-fund/) - The Real Estate Recovery Fund provides a means of compensation for actual monetary losses (as opposed to losses in market value) suffered by any person as a result of actions by a licensee or a licensee's unlicensed employee: a violation of the Real Estate License Act of 2000, its rules and regulations, or act of
- [3.14 DISCIPLINARY PROVISIONS AND LOSS OF LICENSE PART 2](https://realestateschoolchicago.com/topic/3-14-disciplinary-provisions-and-loss-of-license-part-2/) - Disciplinary Procedures Any person providing or offering to provide real estate services, or who is licensed or claims to be licensed under the Act, may be investigated by the Department. At least 30 days before the date of a hearing set for examination of such an issue, and prior to taking any disciplinary action (including
- [3.13 DISCIPLINARY PROVISIONS AND LOSS OF LICENSE PART 1](https://realestateschoolchicago.com/topic/3-13-disciplinary-provisions-and-loss-of-license-part-1/) - The Real Estate License Act of 2000 lists specific violations for which licensees may be subject to discipline. The Department is authorized to impose the following disciplinary penalties: Refuse to issue or renew any license Suspend or revoke any license Censure or reprimand a licensee Place a licensee on probation Impose a civil penalty of
- [3.12 YOUR REAL ESTATE BUSINESS AND THE ACT PART 4](https://realestateschoolchicago.com/topic/3-12-your-real-estate-business-and-the-act-part-4/) - Advertising Regulations (Section 10-30) Advertising is expanded to include social media and digital forums. A sponsoring broker must include her business name and franchise affiliation in all advertisements. The Sponsoring Broker’s name shall be at least equal in size or larger than the team names or that of the individual licensee Blind ads are prohibited.
- [3.11 YOUR REAL ESTATE BUSINESS AND THE ACT PART 3](https://realestateschoolchicago.com/topic/3-11-your-real-estate-business-and-the-act-part-3/) - Handling Client Funds (Section 20-20) Licensees should immediately provide any earnest money checks to their sponsoring broker for proper deposit in a special account. The Act states that the sponsoring broker's escrow account is to be noninterest-bearing, "unless the character of the deposit is such that payment of interest thereon is otherwise required by law
- [3.10 YOUR REAL ESTATE BUSINESS AND THE ACT PART 2](https://realestateschoolchicago.com/topic/3-10-your-real-estate-business-and-the-act-part-2/) - Section 15-25 deals with a licensee's treatment of customers. A licensee shall "treat all customers honestly and shall not negligently or knowingly give them false information." Ministerial acts are permitted. Section 15-40 clearly states that compensation does not determine agency. Dual Agency Disclosure Informed written consent is required of both buyer and seller for dual
- [3.9 YOUR REAL ESTATE BUSINESS AND THE ACT PART 1](https://realestateschoolchicago.com/topic/3-9-your-real-estate-business-and-the-act-part1/) - Place of Business (Section 5-45) Any sponsoring broker actively engaged in the real estate business must maintain a definite office or place of business within Illinois. The sponsoring broker must display a visible, conspicuous identification sign outside the office. Inside, the sponsoring broker must conspicuously display the branch office license she sponsors. The sponsoring broker's
- [3.8 CONTINUING EDUCATION](https://realestateschoolchicago.com/topic/3-8-continuing-education/) - Continuing Education Hours — Requirements Residential Leasing Agent — 8 hours of continuing education in the core curriculum for each 2-year renewal period Broker — 12 hours each 2 year renewal. 4-Hour CORE and 8 Hours of Elective – one hour of elective must include Sexual Harassment Prevention Training Managing Broker — 4-Hour CORE and
- [3.7 LICENSE FEES](https://realestateschoolchicago.com/topic/3-7-license-fees/) - Applicants for real estate licenses are subject to appropriate fees in addition to the testing fee paid to AMP when applying for the examination. The Illinois Real Estate License Act of 2000 provides for predetermined licensing fees. Initial Fees the leasing license initial fee is $75. broker initial license fee is $125. Managing broker initial
- [3.6 THE REAL ESTATE LICENSE](https://realestateschoolchicago.com/topic/3-6-the-real-estate-license/) - THE REAL ESTATE LICENSE After passing the state exam, a formal application for licensure needs to be made to the state. An email will be sent immediately after application, allowing the individual to practice real estate immediately. After passing the state exam, the person is given a blank sponsor card at the testing site with
- [3.5 THE LICENSING EXAMINATION](https://realestateschoolchicago.com/topic/3-5-the-licensing-examination/) - Requirements to take the State Exam Applicants are eligible to take the Residential Leasing Agent, Broker or Managing Broker examination only after they have met the education and age requirements: they must also be able to demonstrate that they have met the other requirements set out by the Illinois Real Estate License Act of 2000
- [3.4 OBTAINING AND KEEPING A REAL ESTATE LICENSE PART 2](https://realestateschoolchicago.com/topic/3-4-obtaining-and-keeping-a-real-estate-license-part-2/) - Broker's License (Article 5) A broker is defined as any individual, partnership, limited liability company (LLC), corporation, or registered limited liability partnership other than a residential leasing agent who, for another and for compensation, whether in person or through any media or technology, or with the intention or expectation of receiving compensation, either directly or
- [3.3 OBTAINING AND KEEPING A REAL ESTATE LICENSE PART 1](https://realestateschoolchicago.com/topic/3-3-obtaining-and-keeping-a-real-estate-license-part-1/) - Who Needs to Be Licensed? (Section 1-10) It is illegal for anyone to act as a broker, managing broker, sponsoring broker or residential leasing agent without a real estate license issued by the Department. Any broker who performs any of the following services, either directly or indirectly, whether in or through any media or technology,
- [3.2 ADMINISTRATION OF THE ILLINOIS REAL ESTATE LICENSE ACT](https://realestateschoolchicago.com/topic/3-2-administration-of-the-illinois-real-estate-license-act/) - There are four major funds administered through the Department: Real Estate License Administration Fund (to which license fees and other funds initially go), Real Estate Research and Education Fund (for research and scholarships), Real Estate Recovery Fund (a consumer-oriented fund for compensating consumers harmed by licensees' actions), Real Estate Audit Fund (for conducting audits of
- [3.1 ILLINOIS REAL ESTATE LAW](https://realestateschoolchicago.com/topic/3-1-illinois-real-estate-law/) - The state of Illinois enacted real estate laws since 1921. The purpose of Illinois Real Estate Licensing Laws is to regulate persons and entities engaged in real estate business for the protection of the public. Major changes were made in real estate license law with The Real Estate License Act of 2000. We will focus
- [2.16 CHAPTER 2 REVIEW VIDEO](https://realestateschoolchicago.com/topic/2-16-chapter-2-review-video/)
- [2.15 TERMINATION OF BROKER EMPLOYMENT AGREEMENTS](https://realestateschoolchicago.com/topic/2-15-termination-of-broker-employment-agreements/) - A broker employment agreement is a contract between a broker and a seller or buyer. Its success depends on the broker's personal and professional efforts. Because broker services are unique, a broker cannot turn over the contract to another broker without the principal's written consent. The client cannot force the broker to perform, but the
- [2.14 THE BUYING PROCESS](https://realestateschoolchicago.com/topic/2-14-the-buying-process/) - When the buyers have found the right property, the next step is to prepare and negotiate an offer that will lead to a signed sales contract between the seller and the buyer. The buyer's broker must prepare a CMA to establish a price for the buyer to offer. Factors to take into consideration include: Property
- [2.13 BUYER AGENCY AGREEMENTS](https://realestateschoolchicago.com/topic/2-13-buyer-agency-agreements/) - Like a listing agreement; a buyer agency agreement is an employment contract. In this case, the broker is employed as the buyer's agent. The buyer, rather than the seller, is the principal. The purpose of the agreement is to find a suitable property. A buyer agency agreement gives the buyer a degree of representation possible
- [2.12 THE LISTING AGREEMENT](https://realestateschoolchicago.com/topic/2-12-the-listing-agreement/) - In Illinois, the listing contracts most commonly in use are prepared by local REALTOR® associations and their attorneys. These forms may vary slightly from area to area. Illinois law requires that the following disclosures be included with listing contracts. Disclosure of material facts A broker must not withhold material facts concerning a property of which
- [2.11 THE LISTING PROCESS](https://realestateschoolchicago.com/topic/2-11-the-listing-process/) - Measuring Structure and room count It is important to understand when it comes to measuring a property, there is no one size fits all method employed by appraisers, real estate agents, lender or government units. To varying degrees, guidelines define Gross Living Area (GLA). Fannie Mae, HUD/FHA guidelines do not include basements/below grade, unfinished areas
- [2.10 TERMINATION OF LISTING AGREEMENTS](https://realestateschoolchicago.com/topic/2-10-termination-of-listing-agreements/) - Because the licensee's services are unique, a brokerage agreement cannot be assigned to another licensee without the principal's written consent. The property owner cannot force the licensee to perform, but the licensee's failure to work diligently toward fulfilling the contract's terms constitutes a breach of the listing agreement. If the licensee cancels the listing, the
- [2.9 TYPES OF LISTING AGREEMENTS](https://realestateschoolchicago.com/topic/2-9-types-of-listing-agreements/) - Exclusive-right-to-sell listing agreements In an exclusive-right-to-sell listing, one broker is appointed as the seller's sole agent. The listing broker is given the exclusive right or authorization to market the seller's property. If the property is sold while the listing is in effect, the seller must pay the broker a commission regardless of who sells the property:
- [2.8 BROKERAGE AGREEMENTS](https://realestateschoolchicago.com/topic/2-8-brokerage-agreements/) - Brokerage agreements are employment contracts for the personal professional services of the sponsoring broker, not for the transfer of real estate. The various types of brokerage agreements establish the basic relationship between the parties and provide different levels of rights and responsibilities for the sponsoring broker. Perhaps most important, brokerage agreements address the essential questions
- [2.7 STATE LICENSE LAWS](https://realestateschoolchicago.com/topic/2-7-state-license-laws/) - All 50 states, the District of Columbia, and all Canadian provinces license and regulate the activities of real estate professionals. While the laws share a common purpose, the details vary from state to state. Real estate license laws have been enacted to protect the public by ensuring a standard of competence and professionalism in the
- [2.6 OTHER CONSUMER PROTECTION MEASURES](https://realestateschoolchicago.com/topic/2-6-other-consumer-protection-measures/) - National Do Not Call Registry In 2003, the Federal Communications Commission (FCC) established the National Do Not Call Registry. The registry is a list of phone numbers of consumers who do not want to be contacted by commercial telemarketers. It is managed by the FTC and is enforced by the FTC, the FCC, and state
- [2.5 LEGAL RIGHTS AND OBLIGATIONS OF THE SELLER AND BUYER](https://realestateschoolchicago.com/topic/2-5-legal-rights-and-obligations-of-the-seller-and-buyer/) - As each contract is prepared for signature during a real estate transaction, the licensee should advise the parties of the desirability of securing legal counsel to protect their interests. Only a lawyer can offer legal advice. Licensees are prohibited from practicing law. Technology and Brokerage of the Future Social networking sites such as Facebook, Linkedln,
- [2.4 SPONSORING BROKER COMPENSATION - COMMISSION](https://realestateschoolchicago.com/topic/2-4-sponsoring-broker-compensation-commission/) - The sponsoring broker's compensation is specified in the contract with the client. The amount of a broker's commission is negotiable in every case. Even subtle attempts to impose uniform commission rates are clearly a violation of antitrust laws. A sponsoring broker, however, may set the minimum commission rate acceptable for his own company. Commissions Only
- [2.3 PLANNING](https://realestateschoolchicago.com/topic/2-3-planning/) - Planning is the most fundamental management activity. Almost every business decision is guided by a business plan. Planning takes time and money; however, the resources devoted to planning are relatively small in comparison to the benefits of a sound plan that is followed and reviewed often. It is useful for building credibility with others outside
- [2.2 TERMINATION OF SPONSORSHIP](https://realestateschoolchicago.com/topic/2-2-termination-of-sponsorship/) - If a broker or a residential leasing agent terminates employment with the sponsoring broker for any reason, the licensee must obtain his license from the sponsoring broker, or designated managing broker, if so designated by the sponsoring broker. The licensee can terminate their license on their own. Once a licensee terminates their sponsorship with their
- [2.1 REAL ESTATE BROKERAGE OPERATIONS](https://realestateschoolchicago.com/topic/2-1-real-estate-brokerage-operations/) - A brokerage business may take many forms. It may be a sole proprietorship (a single-owner company), a corporation, or a partnership. The office may be independent or part of a regional or national franchise. The business may consist of a single office or multiple branches. The brokerage office may be located in a down­town high rise,
- [1.9 CHAPTER 1 REVIEW VIDEO](https://realestateschoolchicago.com/topic/1-9-chapter-1-review-video/)
- [1.8 CUSTOMER-LEVEL SERVICES](https://realestateschoolchicago.com/topic/1-8-customer-level-services/) - An agent's primary responsibility is to the principal, and Illinois courts have long held that the contractual principal-agent relationship as defined in a listing agreement or buyer agency agreement gives the seller or buyer a cause of action against the licensee who breaches her fiduciary duties to the client. The courts have not demanded fiduciary
- [1.7 TYPES OF AGENCY RELATIONSHIPS](https://realestateschoolchicago.com/topic/1-7-types-of-agency-relationships/) - Limitations on an Agent's Authority A universal agent is a person empowered to do anything the principal could do personally. The universal agent's authority to act on behalf of the principal is virtually unlimited. In Illinois, a written power of attorney is required to create a universal agency. A general agent may represent the principal in a
- [1.6 CREATION OF AGENCY](https://realestateschoolchicago.com/topic/1-6-creation-of-agency/) - An agency relationship may be based on a formal agreement between the parties, an express agency, or it may result from the parties' behavior, an implied agency. Express agency The principal and agent may enter into a contract, or an express agreement, in which the parties formally express their intention to establish an agency and
- [1.5 STIGMATIZED PROPERTIES](https://realestateschoolchicago.com/topic/1-5-stigmatized-properties/) - Stigmatized properties are those properties that society has branded undesirable because of events that occurred there. Stigma is the continuing negative association with or feeling about the property. Article 15 of the Real Estate License Act of 2000 states that in dealing with specific situations related to disclosure, "no cause of action shall arise against
- [1.4 LATENT DEFECTS](https://realestateschoolchicago.com/topic/1-4-latent-defects/) - The seller has a duty to disclose any known latent defects that threaten structural soundness or personal safety. A structural defect that would not normally be uncovered over the course of an ordinary inspection (due to the placement or type of defect, for instance) is referred to as a latent defect. Buyers have been able
- [1.3 OPINION VERSUS FACT](https://realestateschoolchicago.com/topic/1-3-opinion-versus-fact/) - Real estate licensees and other staff members must always be careful about the statements they make. They must be sure that the customer understands whether the statement is an opinion or a fact. Statements of opinion are permissible only as long as they are offered as opinions and without any intention to deceive. Statements of
- [1.2 FIDUCIARY/STATUTORY RESPONSIBILITIES](https://realestateschoolchicago.com/topic/1-2-fiduciarystatutory-responsibilities/) - The agency agreement usually authorizes the real estate licensee to act for the principal. The agent's fiduciary relationship of trust and confidence means that the real estate licensee owes the principal certain duties. These duties were not simply moral or ethical; they formed the common law of agency and now are the basis for statutory laws
- [5.2 REAL ESTATE TAX LIENS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-5-liens-3/topic/5-2-real-estate-tax-liens-3/) - The ownership of real estate is always subject to certain government powers. One of these is the right of state and local governments to impose (levy) taxes to pay for their functions. Because the location of real estate is permanently fixed, the government can levy taxes with a high degree of certainty that the taxes
- [2.12 FORMS OF REAL ESTATE OWNERSHIP PART 3](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-2-ownership-interests-and-encumbrances-3/topic/2-12-forms-of-real-estate-ownership-part-3-3/) - TRUSTS A trust is a device by which: one person (Trustor) transfers ownership of property to someone else (Trustee) Trustor owns the property Trustee holds or manages the property for the benefit of a third party (Beneficiary) The trustee is a fiduciary, who acts in confidence or trust and has a special legal relationship with
- [17.7 CHAPTER 17 REVIEW VIDEO](https://realestateschoolchicago.com/topic/17-7-chapter-17-review-video-2/)
- [15.12 CHAPTER 15 REVIEW VIDEO](https://realestateschoolchicago.com/topic/15-12-chapter-15-review-video/)
- [16.16 CHAPTER 16 REVIEW VIDEO](https://realestateschoolchicago.com/topic/16-16-chapter-16-review-video/)
- [14.11 CHAPTER 14 REVIEW VIDEO](https://realestateschoolchicago.com/topic/14-11-chapter-14-review-video/)
- [13.16 CHAPTER 13 REVIEW VIDEO](https://realestateschoolchicago.com/topic/13-16-chapter-13-review-video/)
- [12.8 CHAPTER 12 REVIEW VIDEO](https://realestateschoolchicago.com/topic/12-8-review-video/)
- [11.9 CHAPTER 11 REVIEW VIDEO](https://realestateschoolchicago.com/topic/11-9-chapter-11-review-video/)
- [10.7 CHAPTER 10 REVIEW VIDEO](https://realestateschoolchicago.com/topic/10-7-chapter-10-review-video/)
- [9.10 CHAPTER 9 REVIEW VIDEO](https://realestateschoolchicago.com/topic/9-10-chapter-9-review-video/)
- [8.9 CHAPTER 8 REVIEW VIDEO](https://realestateschoolchicago.com/topic/8-9-chapter-8-review-video/)
- [7.5 CHAPTER 7 REVIEW VIDEO](https://realestateschoolchicago.com/topic/7-5-chapter-7-review-video/)
- [6.12 CHAPTER 6 REVIEW VIDEO](https://realestateschoolchicago.com/topic/6-12-chapter-6-review-video/)
- [5.4 CHAPTER 5 REVIEW VIDEO](https://realestateschoolchicago.com/topic/5-4-chapter-5-review-video/)
- [4.4 CHAPTER 4 REVIEW VIDEO](https://realestateschoolchicago.com/topic/4-4-chapter-4-review-video/)
- [3.8 CHAPTER 3 REVIEW VIDEO](https://realestateschoolchicago.com/topic/3-8-chapter-3-review-video/)
- [2.17 CHAPTER 2 REVIEW VIDEO](https://realestateschoolchicago.com/topic/2-17-chapter-2-review-video/)
- [1.11 CHAPTER 1 REVIEW VIDEO](https://realestateschoolchicago.com/topic/1-12-chapter-1-review-video/)
- [17.7 CHAPTER 17 REVIEW VIDEO](https://realestateschoolchicago.com/topic/17-7-chapter-17-review-video/)
- [16.16 CHAPTER 16 REVIEW VIDEO](https://realestateschoolchicago.com/topic/16-16-chapter-16-review-video-3/)
- [15.12 CHAPTER 15 REVIEW VIDEO](https://realestateschoolchicago.com/topic/15-12-chapter-15-review-video-3/)
- [14.11 CHAPTER 14 REVIEW VIDEO](https://realestateschoolchicago.com/topic/14-11-chapter-14-review-video-3/)
- [13.16 CHAPTER 13 REVIEW VIDEO](https://realestateschoolchicago.com/topic/13-16-chapter-13-review-video-4/)
- [12.8 CHAPTER 12 REVIEW VIDEO](https://realestateschoolchicago.com/topic/12-8-chapter-12-review-video-2/)
- [11.9 CHAPTER 11 REVIEW VIDEO](https://realestateschoolchicago.com/topic/11-9-chapter-11-review-video-3/)
- [10.7 CHAPTER 10 REVIEW VIDEO](https://realestateschoolchicago.com/topic/10-7-chapter-10-review-video-3/)
- [9.10 CHAPTER 9 REVIEW VIDEO](https://realestateschoolchicago.com/topic/9-10-chapter-9-review-video-3/)
- [8.9 CHAPTER 8 REVIEW VIDEO](https://realestateschoolchicago.com/topic/8-9-chapter-8-review-video-3/)
- [7.5 CHAPTER 7 REVIEW VIDEO](https://realestateschoolchicago.com/topic/7-5-chapter-7-review-video-3/)
- [6.12 CHAPTER 6 REVIEW VIDEO](https://realestateschoolchicago.com/topic/6-12-chapter-6-review-video-3/)
- [4.4 CHAPTER 4 REVIEW VIDEO](https://realestateschoolchicago.com/topic/4-4-chapter-4-review-video-3/)
- [5.4 CHAPTER 5 REVIEW VIDEO](https://realestateschoolchicago.com/topic/5-4-chapter-5-review-video-3/)
- [2.17 CHAPTER 2 REVIEW VIDEO](https://realestateschoolchicago.com/topic/2-17-chapter-2-review-video-3/)
- [1.11 CHAPTER 1 REVIEW VIDEO](https://realestateschoolchicago.com/topic/1-11-chapter-1-review-video-2/)
- [13.4 SPONSORING BROKER COMPENSATION – COMMISSION](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-3/topic/13-4-sponsoring-broker-compensation-commission-3/) - The sponsoring broker's compensation is specified in the contract with the client. The amount of a broker's commission is negotiable in every case. Even subtle attempts to impose uniform commission rates are clearly a violation of antitrust laws. A sponsoring broker, however, may set the minimum commission rate acceptable for his own company. Commissions Only
- [13.2 TERMINATION OF SPONSORSHIP](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-3/topic/13-2-termination-of-sponsorship-3/) - If a broker or a residential leasing agent terminates employment with the sponsoring broker for any reason, the licensee must obtain his license from the sponsoring broker, or designated managing broker, if so designated by the sponsoring broker. The licensee can terminate their license on their own. Once a licensee terminates their sponsorship with their
- [13.3 PLANNING](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-3/topic/13-3-planning-3/) - Planning is the most fundamental management activity. Almost every business decision is guided by a business plan. Planning takes time and money; however, the resources devoted to planning are relatively small in comparison to the benefits of a sound plan that is followed and reviewed often. It is useful for building credibility with others outside
- [13.1 REAL ESTATE BROKERAGE OPERATIONS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-3/topic/13-1-real-estate-brokerage-operations-3/) - A brokerage business may take many forms. It may be a sole proprietorship (a single-owner company), a corporation, or a partnership. The office may be independent or part of a regional or national franchise. The business may consist of a single office or multiple branches. The brokerage office may be located in a down­town high rise,
- [12.7 ADDITIONAL PROVISIONS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-12-contract-law-3/topic/12-7-additional-provisions-3/) - Many sales contracts provide for the following: Any personal property to be left with the premises for the purchaser (such as major appliances or lawn and garden equipment) Any real property to be removed by the seller before the closing (such as a storage shed) The transfer of any applicable warranties on items such as
- [12.6 CONTRACTS USED IN THE REAL ESTATE BUSINESS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-12-contract-law-3/topic/12-6-contracts-used-in-the-real-estate-business-3/) - BACKGROUND For many years, all real estate contracts were in paper form, and various laws and customs dictated that most Real Estate Contracts had to be written (hard copies or paper copies) to be valid or enforceable in court (See Agency). However, our technology advancements have progressed to the point that we can transmit documents
- [12.4 VALIDITY OF CONTRACTS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-12-contract-law-3/topic/12-4-validity-of-contracts-3/) - A contract can be described as valid, void, voidable, or unenforceable, depending on the circumstances. A contract is valid when it meets all the essential elements that make it legally sufficient or enforceable. A contract is void when it has no legal force or effect because it lacks some or all of the essential elements
- [12.5 DISCHARGE OF CONTRACTS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-12-contract-law-3/topic/12-5-discharge-of-contracts-3/) - Performance of a Contract Many contracts call for a specific time by which the agreed-on acts must be completely performed. In addition, many contracts provide that time is of the essence. This means that the contract must be performed within the time limit specified. A party who fails to perform on time is liable for
- [12.3 ESSENTIAL ELEMENTS OF A VALID CONTRACT](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-12-contract-law-3/topic/12-3-essential-elements-of-a-valid-contract-3/) - A contract must meet certain minimum requirements to be considered legally valid. The following are the basic essential elements of a contract: Offer and acceptance (mutual assent) There must be an offer by one party that is accepted by the other party. The person who makes the offer is the offeror. The person who accepts the
- [12.1 CONTRACT DEFINITION](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-12-contract-law-3/topic/12-1-contract-definition-3/) - A contract is a voluntary agreement or promise between legally competent parties, supported by legal consideration, to perform (or refrain from performing) some legal act. That definition may be easier to understand if its various parts are examined separately. A contract must be voluntary - no one may be forced into a contract, an agreement or
- [12.2 ENFORCEABLE CONTRACTS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-12-contract-law-3/topic/12-2-enforceable-contracts-3/) - A contract may be enforceable in two ways: Enforceable between the parties - This is our everyday contract which we make with family, friends, co-workers. It depends on the good will of the parties for the contract to be carried out. If one party does not abide by the contract, the injured party cannot enforce
- [11.8 CUSTOMER-LEVEL SERVICES](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-11-real-estate-agency-3/topic/11-8-customer-level-services-3/) - An agent's primary responsibility is to the principal, and Illinois courts have long held that the contractual principal-agent relationship as defined in a listing agreement or buyer agency agreement gives the seller or buyer a cause of action against the licensee who breaches her fiduciary duties to the client. The courts have not demanded fiduciary
- [11.7 TYPES OF AGENCY RELATIONSHIPS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-11-real-estate-agency-3/topic/11-7-types-of-agency-relationships-3/) - Limitations on an Agent's Authority A universal agent is a person empowered to do anything the principal could do personally. The universal agent's authority to act on behalf of the principal is virtually unlimited. In Illinois, a written power of attorney is required to create a universal agency. A general agent may represent the principal in a
- [11.5 STIGMATIZED PROPERTIES](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-11-real-estate-agency-3/topic/11-5-stigmatized-properties-3/) - Stigmatized properties are those properties that society has branded undesirable because of events that occurred there. Stigma is the continuing negative association with or feeling about the property. Article 15 of the Real Estate License Act of 2000 states that in dealing with specific situations related to disclosure, "no cause of action shall arise against
- [11.6 CREATION OF AGENCY](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-11-real-estate-agency-3/topic/11-6-creation-of-agency-3/) - An agency relationship may be based on a formal agreement between the parties, an express agency, or it may result from the parties' behavior, an implied agency. Express agency The principal and agent may enter into a contract, or an express agreement, in which the parties formally express their intention to establish an agency and
- [11.3 OPINION VERSUS FACT](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-11-real-estate-agency-3/topic/11-3-opinion-versus-fact-3/) - Real estate licensees and other staff members must always be careful about the statements they make. They must be sure that the customer understands whether the statement is an opinion or a fact. Statements of opinion are permissible only as long as they are offered as opinions and without any intention to deceive. A structural
- [11.4 LATENT DEFECTS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-11-real-estate-agency-3/topic/11-4-latent-defects-3/) - The seller has a duty to disclose any known latent defects that threaten structural soundness or personal safety. Buyers have been able to either rescind the sales contract or receive damages when a seller fails to reveal known latent defects. The courts also had decided in favor of the buyer when the seller neglected to
- [11.2 FIDUCIARY/STATUTORY RESPONSIBILITIES](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-11-real-estate-agency-3/topic/11-2-fiduciary-statutory-responsibilities/) - The agency agreement usually authorizes the real estate licensee to act for the principal. The agent's fiduciary relationship of trust and confidence means that the real estate licensee owes the principal certain duties. These duties were not simply moral or ethical; they formed the common law of agency and now are the basis for statutory laws
- [11.1 INTRODUCTION TO REAL ESTATE AGENCY](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-11-real-estate-agency-3/topic/11-1-introduction-to-real-estate-agency-3/) - Illinois no longer recognizes common law agency. Additionally, Illinois no longer allows the use of sub­-agency in real estate transactions, where the representative of the buyer was a sub-agent of the seller. Illinois now recognizes both a seller agency agreement and a buyer agency agreement whereby one agent has a fiduciary relationship with the seller and
- [10.6 CLOSING STATEMENT](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-10-real-estate-closings-3/topic/10-6-closing-statement-3/) - Computing the prorations and charges The following list illustrates the various prorations and other amounts to be included in a settlement statement, prepared by the Closing Agent at the Title Company or the lawyer for the buyer or seller: Closing date: June 15 Commission: 6% (0.06) x $230,000 sales price = $13,800 Seller's mortgage interest:
- [10.5 PRORATIONS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-10-real-estate-closings-3/topic/10-5-prorations-3/) - Most closings involve the division of financial responsibility between the buyer and seller for such items as loan interest, taxes, rents, fuel, and utility bills. These allowances are called prorations. Prorations are necessary to ensure that expenses are divided fairly between the seller and the buyer. Accrued items such as water bills, Illinois real estate
- [10.4 PREPARATION OF CLOSING STATEMENTS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-10-real-estate-closings-3/topic/10-4-preparation-of-closing-statements-3/) - A typical real estate transaction requires accounting for the expenses incurred by either party, generally on the HUD-1, a form required for any federally related closing. All expenses must be itemized to arrive at the exact amount of cash required from the buyer and the net proceeds to the seller. These include prorated items those
- [10.3 REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-10-real-estate-closings-3/topic/10-3-real-estate-settlement-procedures-act-respa-2/) - The Real Estate Settlement Procedures Act (RESPA) is a federal consumer law that requires certain disclosures about the mortgage and settlement process and prohibits certain practices that increase the costs of settlement services, such as kickbacks and referral fees that can increase settlement costs for home buyers. RESPA regulations apply to first lien residential mortgage loans
- [10.2 CLOSING PROCEDURES](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-10-real-estate-closings-3/topic/10-2-closing-procedures-3/) - Face-to-Face Closing Face-to-face closings may be held at a number of locations, including the offices of the title company, the lending institution, an attorney for one of the parties, the broker, the county recorder, or the escrow company. Those attending a closing may include: the buyer or the buyer's duly authorized agent, the seller or
- [10.1 PRECLOSING PROCEDURES](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-10-real-estate-closings-3/topic/10-1-preclosing-procedures-3/) - Buyer's Requirements to Close Both the buyers and their lenders must be sure that the seller can deliver the title that was promised in the purchase agreement and that the property is now in essentially the same condition it was in when the buyers and the sellers agreed to the sale. This involves inspecting: the
- [9.9 PROOF (ASSURANCE) OF OWNERSHIP](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-9-title-transfer-and-records-3/topic/9-9-proof-assurance-of-ownership-3/) - Proof of ownership is evidence that title is marketable. A deed by itself is not considered sufficient evidence of ownership in Illinois. Even though a warranty deed conveys the grantor's interest, it contains no proof of the condition of the grantor's title at the time of the conveyance. The grantee needs some assurance that he
- [9.8 REAL ESTATE DOCUMENTS – PUBLIC RECORDS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-9-title-transfer-and-records-3/topic/9-8-real-estate-documents-public-records-3/) - Public records contain detailed information about each parcel of real estate in a city or county. These records are crucial in establishing ownership, giving notice of encumbrances, and establishing priority of liens. They protect the interests of real estate owners, taxing bodies, creditors, and the general public. The real estate recording system includes written documents
- [9.7 TRANSFER OF TITLE BY DESCENT](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-9-title-transfer-and-records-3/topic/9-7-transfer-of-title-by-descent-3/) - When a person dies intestate (without leaving a valid will), her state's law of descent governs how and to whom her property will be distributed. The Illinois Law of Descent and Distribution (in the Illinois Probate Act) provides that real estate located in Illinois owned by a deceased resident or nonresident who did not leave a
- [9.6 TRANSFER OF PROPERTY THROUGH A WILL](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-9-title-transfer-and-records-3/topic/9-6-transfer-of-property-through-a-will-3/) - A person who dies testate (with a will) has prepared a will indicating how her property should be handled. Transfer of Property After Death — No Will In contrast, when a person dies intestate (without a will), real estate and personal property pass to the decedent's heirs according to the state's statute of descent and
- [9.4 TRANSFER TAX STAMPS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-9-title-transfer-and-records-3/topic/9-4-transfer-tax-stamps-3/) - The Illinois Real Estate Transfer Act imposes: a state tax on conveying title to real estate in the amount of $0.50 per $500, or fraction thereof in all Illinois counties, there is an additional transfer tax of $0.25 per $500, or fraction thereof Total transfer tax to state and county combined is $0.75 per $500
- [9.5 TRANSFER BY ADVERSE POSSESSION](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-9-title-transfer-and-records-3/topic/9-5-transfer-by-adverse-possession-3/) - Adverse possession, sometimes referred to as squatter's rights, is another means of involuntary transfer. An individual who makes a claim to certain property, takes possession of it, and uses it may take title away from an owner who fails to use or inspect the property for a period of years. The law recognizes that the
- [9.3 TYPES OF DEEDS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-9-title-transfer-and-records-3/topic/9-3-types-of-deeds-3/) - A deed can take several forms, depending on the extent of the grantor's pledges to the grantee. Regardless of any guarantees the deed offers, however, the grantee will want additional assurance that the grantor has the right to offer what the deed conveys. To obtain this protection, grantees commonly seek evidence of title. The most common
- [9.2 REQUIREMENTS FOR A VALID DEED](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-9-title-transfer-and-records-3/topic/9-2-requirements-for-a-valid-deed-3/) - The following are the minimum requirements for a valid deed in Illinois: Grantor, who has the legal capacity to execute (sign) the deed Grantee named with reasonable certainty to be identified Recital of consideration Granting clause (words of conveyance, together with any words of limitation) Accurate legal description of the property conveyed Any relevant exceptions
- [9.1 MEANING OF TITLE](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-9-title-transfer-and-records-3/topic/9-1-meaning-of-title-3/) - The term title has three meanings. Title is a way of referring to ownership; it is not an actual printed piece of paper. Title to real estate means the right to ownership or actual ownership of the land; it represents the owner's bundle of rights. Title also serves as evidence of that ownership of real
- [8.7 LIABILITY OF REAL ESTATE LICENSEES](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-8-environmental-issues-3/topic/8-7-liability-of-real-estate-licensees-3/) - Environmental law is relatively new. Although federal and state laws have defined many of the liabilities involved, common law is being used for further interpretation. Real estate licensees and all others involved in a real estate transaction must be aware of both actual and potential liability. Sellers often carry the most legal liability exposure. Innocent
- [8.8 ENVIRONMENTAL SITE ASSESSMENTS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-8-environmental-issues-3/topic/8-8-environmental-site-assessments-3/) - An environmental site assessment is often performed on a property to show that due care was exercised in determining if any environmental impairments exist. The assessment can help prevent parties from becoming involved in contaminated property and work as a defense to liability. It is often requested by a lending institution, developer, or a potential
- [8.5 WASTE DISPOSAL SITES](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-8-environmental-issues-3/topic/8-5-waste-disposal-sites-3/) - Federal, state, and local regulations govern the location, construction, content, and maintenance of landfill sites built to accommodate the vast quantities of garbage produced every day in America. A landfill is an enormous hole, either excavated for the purpose of waste disposal or left over from surface mining operations. The hole is lined with clay
- [8.6 ENVIRONMENTAL PROTECTION](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-8-environmental-issues-3/topic/8-6-environmental-protection-3/) - The majority of legislation dealing with environmental problems has been enacted within the past four decades. Although the Environmental Protection Agency (EPA) was created in 1970 at the federal level to oversee such problems, several other federal agencies' areas of concern generally overlap. The federal laws were created to encourage state and local governments to
- [8.4 HAZARDOUS SUBSTANCES PART 3](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-8-environmental-issues-3/topic/8-4-hazardous-substances-part-3-3/) - Mold Mold can be found almost anywhere and can grow on almost any organic substance, so long as moisture, oxygen, and an organic food source are present. Moisture feeds mold growth. If a moisture problem is not discovered or addressed, mold growth can gradually destroy what it is growing on. In addition, some molds can
- [8.3 HAZARDOUS SUBSTANCES PART 2](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-8-environmental-issues-3/topic/8-3-hazardous-substances-part-2-3/) - Radon Radon is a naturally occurring, colorless, odorless, tasteless, radioactive gas produced by the decay of other radioactive substances. Radon is measured in picocuries (a unit of radiation) contained in a liter of air (i.e., pCi/L). Radon is found in every state and territory, with radon levels in the outdoor air averaging 0.4 pCi/L. Fans
- [8.1 ILLINOIS ENVIRONMENTAL CONTROLS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-8-environmental-issues-3/topic/8-1-illinois-environmental-controls-3/) - The Illinois Environmental Protection Agency (IEPA) is charged with maintaining and enhancing the state's air, land, and water quality through education, inspection, regulation, enforcement, recycling, and prevention activities. The Pollution Control Board and Hazardous Waste Advisory Council are two of the many bodies created to assist the IEPA in specific areas. Most Illinois environmental regulations
- [8.2 HAZARDOUS SUBSTANCES PART 1](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-8-environmental-issues-3/topic/8-2-hazardous-substances-part-1-2/) - Asbestos Asbestos is a fire-resistant mineral that was once used extensively as insulation and to strengthen other materials. A component of more than 3,000 types of building materials, asbestos was found in most construction, including residential, until 1978 when its use was banned. The EPA estimates that, even today, about 20 percent of the nation's
- [7.4 THE APPRAISAL PROCESS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-7-real-estate-appraisal-3/topic/7-4-the-appraisal-process-3/) - Although appraising is not an exact or a precise science, the key to an accurate appraisal lies in the methodical collection and analysis of data. The appraisal process is an orderly set of procedures used to collect and analyze data to arrive at an ultimate value conclusion. The data are divided into two basic classes:
- [7.3 THE THREE APPROACHES TO VALUE](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-7-real-estate-appraisal-3/topic/7-3-the-three-approaches-to-value-3/) - The Sales Comparison Approach In the sales comparison approach (also known as the market data approach), an estimate of value is obtained by comparing the property being appraised (the subject property) with recently sold comparable properties (properties similar to the subject, called comps). Because no two parcels of real estate are exactly alike, each comparable property
- [7.2 VALUE](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-7-real-estate-appraisal-3/topic/7-2-value-3/) - To have value in the real estate market that is, to have monetary worth based on desirability a property must have the following four characteristics: Demand—The need or desire for possession or ownership backed by the financial means to satisfy that need Utility—The property's usefulness for its intended purposes Scarcity—A finite supply Transferability—The relative ease
- [7.1 REAL ESTATE APPRAISAL PROCESS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-7-real-estate-appraisal-3/topic/7-1-real-estate-appraisal-process-3/) - Appraisal An Appraisal an opinion of value based on supportable evidence and approved methods. A real estate appraisal report is an opinion of market value on a property given to a lender or client with detailed and accurate information. An appraiser is an independent person trained to provide an unbiased opinion of value in an
- [6.11 FINANCING LEGISLATION](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-6-real-estate-financing-3/topic/6-11-financing-legislation-3/) - Truth in Lending Act and Regulation Z Regulation Z, which was enacted pursuant to the Truth in Lending Act, by the Federal Trade Commission (FTC), requires that credit institutions inform borrowers of the true cost of obtaining credit. With proper disclosures, borrowers can compare the costs of various lenders to avoid the uninformed use of credit.
- [6.10 OTHER FINANCING TECHNIQUES](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-6-real-estate-financing-3/topic/6-10-other-financing-techniques-3/) - Purchase-Money Mortgages This is a note and mortgage created at the time of purchase when the seller agrees to finance all or part of the purchase price and consists of a first or junior lien depending on whether prior mortgage liens exist. This is based on the fact that the seller gives the buyer title
- [6.9 LOAN PROGRAMS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-6-real-estate-financing-3/topic/6-9-loan-programs-3/) - Conventional Loans Conventional loans are viewed as the most secure loans because their loan-to-value ratios are often lowest. Usually, the ratio is 80 percent of the value of the property or less because the borrower makes a down payment of at least 20 percent. The security for the loan is provided solely by the mortgage;
- [6.7 FINANCING TECHNIQUES](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-6-real-estate-financing-3/topic/6-7-financing-techniques-3/) - Straight Loans A straight loan or interest-only loan (also known as a term loan) is a non-amortized loan that essentially divides the loan into two amounts to be paid off separately. The borrower makes periodic payments of interest only, followed by the payment of the principal in full at the end of the term. Amortized
- [6.8 INTEREST AND PRINCIPAL CREDITED FROM AMORTIZED PAYMENTS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-6-real-estate-financing-3/topic/6-8-interest-and-principal-credited-from-amortized-payments-3/) - Lenders charge borrowers a certain percentage of the principal as interest for each year a debt is outstanding. The amount of interest due on any one payment date is calculated by computing the total yearly interest (based on the unpaid balance) and dividing that figure by the number of payments made each year. For example,
- [6.6 THE REAL ESTATE FINANCING MARKET](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-6-real-estate-financing-3/topic/6-6-the-real-estate-financing-market-3/) - The Federal Reserve System The role of the Federal Reserve System (the Fed) is to maintain sound credit conditions, help counteract inflationary and deflationary trends, and create a favorable economic climate. The Fed divides the country into 12 federal reserve districts, each served by a federal reserve bank. All nationally chartered banks must join the
- [6.5 FORECLOSURE](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-6-real-estate-financing-3/topic/6-5-foreclosure-3/) - Foreclosure is a legal procedure in which property pledged as security is sold to satisfy the debt. The foreclosure procedure brings the rights of the parties and all junior lienholders to a conclusion. It passes title either to the person holding the mortgage document or deed of trust or to a third party who purchases the
- [6.4 OWNER FINANCING](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-6-real-estate-financing-3/topic/6-4-owner-financing-3/) - Real estate can be purchased under a land contract, also known as a contract for deed or an installment contract. Real estate is usually sold on contract for specific financial reasons. For instance, mortgage financing may be unavailable to a borrower for some reason. High-interest rates may make borrowing too expensive, or the purchaser may
- [6.3 DEED OF TRUST](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-6-real-estate-financing-3/topic/6-3-deed-of-trust-3/) - As previously stated, a promissory note does need to be tied to either a mortgage or a deed of trust. In Illinois, the note used to obtain money to purchase real property is usually secured by a mortgage. The mortgage document or deed of trust clearly establishes: that the property is security for a debt,
- [6.2 PROMISSORY NOTES](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-6-real-estate-financing-3/topic/6-2-promissory-notes-3/) - The promissory note, referred to as the note or financing instrument, is the borrower's personal promise to repay a debt according to agreed terms. The note exposes all the borrower's assets to claims by secured creditors. The mortgagor executes one or more promissory notes to total the amount of the debt. A promissory note executed
- [6.1 MORTGAGES](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-6-real-estate-financing-3/topic/6-1-mortgages-3/) - Mortgage A mortgage is a voluntary lien on real estate. The person who borrows money to buy a piece of property voluntarily gives the lender the right to take that property if the borrower fails to repay the loan. The borrower, or mortgagor, pledges the land to the lender, or mortgagee, as security for the
- [5.3 OTHER LIENS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-5-liens-3/topic/5-3-other-liens-3/) - Mortgage Liens (Deed of Trust Liens) A mortgage lien, sometimes called a deed of trust lien, is a voluntary lien on real estate given to a lender by a borrower as security for a real estate loan. It becomes a lien on real property when the lender records the documents in the county where the
- [5.1 GENERAL LIEN INFORMATION](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-5-liens-3/topic/5-1-general-lien-information-3/) - A lien is a monetary charge or claim against property that is made to enforce the payment of money. Whenever someone borrows money, the lender generally requires some form of security. Security (also referred to as collateral) is something of value that the borrower promises to give the lender if the borrower fails to repay the
- [4.3 LEGAL DESCRIPTION OF LAND PART 3](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-4-legal-description-of-land-3/topic/4-3-legal-description-of-land-part-3-3/) - Lot-and-Block System The third method of legal description is the lot-and-block (recorded plat) system. This system uses lot-and-block numbers referred to in a plat map filed in the public records of the county where the land is located. The lot-and-block system is often used to describe a property in subdivisions and urban areas. A lot-and-block
- [4.2 DESCRIBING LAND PART 2](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-4-legal-description-of-land-3/topic/4-2-describing-land-part-2-3/) - Township Tiers Lines running east and west, parallel to the baseline and six miles apart, are referred to as township lines. They form strips of land called township tiers. These township tiers are designated by consecutive numbers north or south of the baseline. For instance, the strip of land between 6 and 12 miles north
- [4.1 DESCRIBING LAND PART 1](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-4-legal-description-of-land-3/topic/4-1-describing-land-part-1-3/) - A legal description is a detailed way of describing a parcel of land for documents such as deeds and mortgages that will be accepted in a court of law. The description is based on information collected through a survey, the process by which boundaries are measured by calculating the dimensions and area to determine the
- [3.6 PRIVATE LAND-USE CONTROLS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-3-land-use-controls-3/topic/3-6-private-land-use-controls-3/) - Not all restrictions on the use of land are imposed by government bodies. Certain restrictions to control and to maintain the desirable quality and character of a property or subdivision may be created by private entities, including the property owners themselves. These restrictions are separate from and in addition to the land-use controls exercised by
- [3.7 REGULATION OF LAND SALES](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-3-land-use-controls-3/topic/3-7-regulation-of-land-sales-3/) - Just as the sale and use of property within a state are controlled by state and local governments, the sale of property in one state to buyers in another is subject to strict federal and state regulations. National Interstate Land Sales Full Disclosure Act The U.S. Congress created the federal Interstate Land Sales Full Disclosure
- [3.4 BUILDING CODES AND CERTIFICATES OF OCCUPANCY](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-3-land-use-controls-3/topic/3-4-building-codes-and-certificates-of-occupancy-3/) - Building Codes Most municipalities have enacted ordinances to specify construction standards that must be met when repairing or erecting buildings. These are called building codes, and they set the requirements for kinds of materials and standards of workmanship, sanitary equipment, electrical wiring, fire prevention, and similar issues. Building Permits In addition to adhering to building
- [3.5 SUBDIVISION & LAND DEVELOPMENT](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-3-land-use-controls-3/topic/3-5-subdivision-land-development-3/) - Most communities have adopted subdivision and land development ordinances as part of their comprehensive plans. An ordinance includes provisions for submitting and processing subdivision plats. A major advantage of subdivision ordinances is that they encourage flexibility, economy, and ingenuity in the use of land. A subdivider is a person who buys undeveloped acreage and divides it
- [3.3 ZONING](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-3-land-use-controls-3/topic/3-3-zoning-3/) - Zoning is a regulatory tool that helps communities regulate and control how land is used and limits the type of business in a given area. Zoning ordinances are local laws that implement the comprehensive plan and regulate and control the use of land and structures within designated land-use districts. If the comprehensive or master plan is
- [3.1 REGULATION](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-3-land-use-controls-3/topic/3-1-regulation-3/) - Land use is regulated by: Public and Private Restrictions Federal, State, and Local Governments. Government Control Most government controls on property occur at the local level. Police Power It is the inherent authority of the states to create regulations needed to protect the public health, safety, and welfare. Through enabling acts, states delegate to counties
- [3.2 THE COMPREHENSIVE MUNICIPALITY PLAN](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-3-land-use-controls-3/topic/3-2-the-comprehensive-municipality-plan-3/) - Local governments, municipalities, and counties establish development goals by creating a comprehensive plan. The comprehensive plan, also known as a master plan, is not a regulatory document but rather a guide to planning for change rather than reacting to proposals. The comprehensive plan: usually is long term, perhaps 20 years or longer, a general plan
- [2.15 CONDOMINIUMS, COOPERATIVES, TOWN HOUSES, AND TIME-SHARES PART 2](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-2-ownership-interests-and-encumbrances-3/topic/2-15-condominiums-cooperatives-town-houses-and-time-shares-part-2-3/) - Homeowners Association Regulations About 50 million U.S. homeowners belong to some sort of a homeowners association. The purpose of an HOA, is to protect its members and property values. If a real estate agent has a property listed that has an HOA the agent needs a copy of the rules and regulations from the homeowners,
- [2.16 CONDOMINIUMS, COOPERATIVES, TOWN HOUSES, AND TIME-SHARES PART 3](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-2-ownership-interests-and-encumbrances-3/topic/2-16-condominiums-cooperatives-town-houses-and-time-shares-part-3-3/) - Townhouse Ownership A townhouse is a popular form of housing in urban areas. The term townhouse is often used to describe any type of housing connected by common walls. In fact, the town-house concept is a cross between single-family houses and apartments. Title to each unit and lot is vested in the individual owner. Each
- [2.14 CONDOMINIUMS, COOPERATIVES, TOWN HOUSES, AND TIME-SHARES PART 1](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-2-ownership-interests-and-encumbrances-3/topic/2-14-condominiums-cooperatives-town-houses-and-time-shares-part-1-3/) - Condominium Ownership Two Types of Ownership in a Condominium The owner of each unit holds a fee simple title to the air space described by the 3D survey. The individual unit owners also own a specified share of the undivided interest in the remainder of the building and land, known as the common elements, as
- [2.13 OWNERSHIP BY BUSINESS ORGANIZATIONS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-2-ownership-interests-and-encumbrances-3/topic/2-13-ownership-by-business-organizations-3/) - Partnerships A partnership is an association of two or more persons who carry on a business for profit as co-owners. General Partnership All the partners participate in the operation and management of the business. Each General Partner is solely responsible for the entire debt of the Partnership. General partnerships are dissolved and must be reorganized
- [2.11 FORMS OF REAL ESTATE OWNERSHIP PART 2](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-2-ownership-interests-and-encumbrances-3/topic/2-11-forms-of-real-estate-ownership-part-2-3/) - Tenancy by the Entirety – Special Joint Tenancy for Married Couples Illinois allows husbands and wives to use a special form of co-ownership called tenancy by the entirety for their personal residence. Tenancy by the entirety is recognized in Illinois In this form of ownership, each spouse has an equal, undivided interest in the property. A
- [2.10 FORMS OF REAL ESTATE OWNERSHIP PART 1](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-2-ownership-interests-and-encumbrances-3/topic/2-10-forms-of-real-estate-ownership-part-1-3/) - Although the forms of ownership available are controlled by state laws, a fee simple estate may be held in three basic ways: In severalty, where title is held by one individual In co-ownership, where title is held by two or more individuals In trust, where a third individual holds title for the benefit of another
- [2.9 WATER RIGHTS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-2-ownership-interests-and-encumbrances-3/topic/2-9-water-rights-3/) - Riparian and littoral rights are appurtenant (attached) to the land. The right to use the water belongs to whoever owns the bordering land and cannot be retained by a former owner after the land is sold. Riparian Rights Riparian rights are common law rights granted to owners of land along the course of a river, stream,
- [2.8 ENCUMBRANCES PART 3](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-2-ownership-interests-and-encumbrances-3/topic/2-8-encumbrances-part-3-2/) - License A license is a personal privilege (not a right) to enter the land of another for a specific purpose. A license can be terminated or canceled by the licensor (the person who granted the license) at any time. If the use of another's property is given orally or informally, it generally is considered to
- [2.6 ENCUMBRANCES PART 1](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-2-ownership-interests-and-encumbrances-3/topic/2-6-encumbrances-part-1-2/) - An encumbranceis a claim, charge, or liability that attaches to real estate. An encumbrance does not have a possessory interest in real property. An encumbrance may decrease the value or obstruct the use of the property. An encumbrance is a right or an interest held by someone other than the property owner that affects title
- [2.7 ENCUMBRANCES PART 2](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-2-ownership-interests-and-encumbrances-3/topic/2-7-encumbrances-part-2-2/) - Easements An easement is the right to use the land of another for a particular purpose. It may exist in any portion of the real estate, including the airspace above or a right-of-way across the land. An Appurtenant easement is attached to the ownership of one parcel and allows the owner the use of a neighbor's
- [2.4 FREEHOLD ESTATES PART 1](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-2-ownership-interests-and-encumbrances-3/topic/2-4-freehold-estates-part-1-2/) - Fee Simple Estate Because fee simple estates are of unlimited duration, they are said to run "forever." Upon the death of the owner, a fee simple passes to the owner's heirs or as provided by a will. A fee simple estate is also referred to as an estate of inheritance (because that is how it
- [2.5 FREEHOLD ESTATES PART 2](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-2-ownership-interests-and-encumbrances-3/topic/2-5-freehold-estates-part-2-3/) - Life Estate A life estate is a freehold estate limited in duration to the life of the owner or the life of some other designated person or persons. Unlike other freehold estates, a life estate is not inheritable. It passes to future owners according to the prearranged provisions of the life estate. A life tenant is entitled
- [2.3 ESTATES IN LAND](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-2-ownership-interests-and-encumbrances-3/topic/2-3-estates-in-land-3/) - An estate in land defines the degree, quantity, nature, and extent of an owner's interest in real property. Many types of estates exist, but not all interests in real estate are estates. To be an estate in land, an interest must allow possession, meaning the holding and enjoyment of the property either now or in the
- [2.1 LIMITATIONS ON THE RIGHTS OF OWNERSHIP](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-2-ownership-interests-and-encumbrances-3/topic/2-1-limitations-on-the-rights-of-ownership-3/) - Even the most complete ownership the law allows is limited by public and private restrictions. These restrictions are intended to ensure that one owner's use or enjoyment of her property does not interfere with others' use or enjoyment of their property or with the welfare of the general public.
- [2.2 GOVERNMENTAL POWERS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-2-ownership-interests-and-encumbrances-3/topic/2-2-governmental-powers-3/) - Ownership rights are subject to certain powers or rights held by federal, state, and local governments. These limitations on the ownership of real estate are imposed for the general welfare of the community and, therefore, supersede the rights or interests of the individual. The state and local government powers discussed in this section are all
- [BEFORE YOU BEGIN THE QUIZ BELOW – watch this brief video](https://realestateschoolchicago.com/topic/before-you-begin-the-quiz-below-watch-this-brief-video/)
- [1.9 HOMEOWNERS’ INSURANCE](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-1-intro-to-real-estate-propery-3/topic/1-9-homeowners-insurance/) - Co-Insurance Clause Most homeowners' insurance policies contain a co-insurance clause. This provision usually requires that the owner maintain insurance equal to a specified percentage (usually 80 percent) of the replacement cost of the dwelling (not including the price of the land). An owner who has this type of policy may make a claim for the
- [1.10 FEDERAL FLOOD INSURANCE PROGRAM](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-1-intro-to-real-estate-propery-3/topic/1-10-federal-flood-insurance-program-2/) - The National Flood Insurance Act of 1968 was enacted by Congress to help owners of property in flood-prone areas by subsidizing flood insurance and by taking land-use and land-control measures to improve future management for floodplain areas. The Army Corps of Engineers has prepared detailed maps that identify specific flood-prone areas throughout the country. To
- [1.8 LAWS AFFECTING REAL ESTATE](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-1-intro-to-real-estate-propery-3/topic/1-8-laws-affecting-real-estate-2/) - Seven Sources of Law United States Constitution Laws passed by Congress Rules of the regulatory agencies State constitutions State statutes Local ordinances Common law The unique nature of real estate has given rise to an equally unique set of laws and rights. Even the simplest real estate transaction involves a body of complex laws. Licensees
- [1.7 CHARACTERISTICS OF REAL ESTATE](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-1-intro-to-real-estate-propery-3/topic/1-7-characteristics-of-real-estate-2/) - Economic Characteristics Scarcity We usually do not consider land a rare commodity, but only a quarter of the earth's surface is dry land; the rest is water. The total available supply of land is not limitless. While a considerable amount of land remains unused or uninhabited, the supply in a given location is generally considered
- [1.6 OWNERSHIP OF REAL PROPERTY](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-1-intro-to-real-estate-propery-3/topic/1-6-ownership-of-real-property-3/) - Traditionally, ownership of real property is described as a BUNDLE OF LEGAL RIGHTS. In other words, a purchaser of real estate actually buys the rights of ownership held by the seller. These rights include the rights of: POSSESSION CONTROL ENJOYMENT EXCLUSION DISPOSITION The concept of a bundle of rights comes from old English law. In
- [1.5 LAND, REAL ESTATE, AND REAL PROPERTY](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-1-intro-to-real-estate-propery-3/topic/1-5-land-real-estate-and-real-property-3/) - LAND Land is defined as: THE EARTH'S SURFACE EXTENDING DOWNWARD TO THE CENTER OF THE EARTH AND UPWARD TO INFINITY. Land includes not only the surface of the earth but also the underlying soil. Land also refers to objects that are naturally attached to the earth's surface, such as boulders and plants. Land includes the
- [1.3 TYPES OF REAL PROPERTY](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-1-intro-to-real-estate-propery-3/topic/1-3-types-of-real-property-3/) - Just as there are areas of specialization within the real estate industry, there are different types of property in which to specialize. Real estate can be classified as: RESIDENTIAL - single-family or multifamily housing, in urban, suburban, or rural areas, COMMERCIAL - office space, shopping centers, stores, theaters, hotels, and parking facilities, INDUSTRIAL- warehouses, factories,
- [1.4 THE REAL ESTATE MARKET](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-1-intro-to-real-estate-propery-3/topic/1-4-the-real-estate-market-3/) - Supply and Demand The forces of supply and demand in the market determine how prices for goods and services are set. Essentially, when supply increases and demand remains stable, prices go down, when demand increases and supply remains stable, prices go up. Greater supply means producers need to attract more buyers, so they lower prices. Greater
- [1.1 THE REAL ESTATE BUSINESS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-1-intro-to-real-estate-propery-3/topic/1-1-the-real-estate-business-3/) - [et_pb_section fb_built="1" admin_label="section" _builder_version="3.22"][et_pb_row admin_label="row" _builder_version="3.25" background_size="initial" background_position="top_left" background_repeat="repeat"][et_pb_column type="4_4" _builder_version="3.25" custom_padding="|||" custom_padding__hover="|||"][et_pb_text admin_label="Text" _builder_version="3.27.4" background_size="initial" background_position="top_left" background_repeat="repeat"]BrokerageBrokerage is the business of bringing people together in a real estate transaction. A real estate licensee acts as a point of contact between two or more people in negotiating the sale, purchase, or rental of property. AppraisalAppraisal
- [1.2 PROFESSIONAL ORGANIZATIONS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-1-intro-to-real-estate-propery-3/topic/1-2-professional-organizations-3/) - National Association of REALTORS® (NAR) is the largest real estate organization. Its Web site is www.realtor.org. The NAR sponsors various affiliated organizations that offer professional designations to brokers, managing brokers, and other professionals who complete required courses in areas of special interest. Members subscribe to a Code of Ethics and are entitled to be known as
- [13.15 TERMINATION OF BROKER EMPLOYMENT AGREEMENTS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-3/topic/13-15-termination-of-broker-employment-agreements-3/) - A broker employment agreement is a contract between a broker and a seller or buyer. Its success depends on the broker's personal and professional efforts. Because broker services are unique, a broker cannot turn over the contract to another broker without the principal's written consent. The client cannot force the broker to perform, but the
- [13.14 THE BUYING PROCESS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-3/topic/13-14-the-buying-process-3/) - When the buyers have found the right property, the next step is to prepare and negotiate an offer that will lead to a signed sales contract between the seller and the buyer. The buyer's broker must prepare a CMA to establish a price for the buyer to offer. Factors to take into consideration include: Property
- [13.13 BUYER AGENCY AGREEMENTS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-3/topic/13-13-buyer-agency-agreements-3/) - Like a listing agreement; a buyer agency agreement is an employment contract. In this case, the broker is employed as the buyer's agent. The buyer, rather than the seller, is the principal. The purpose of the agreement is to find a suitable property. A buyer agency agreement gives the buyer a degree of representation possible
- [13.12 THE LISTING AGREEMENT](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-3/topic/13-12-the-listing-agreement-3/) - In Illinois, the listing contracts most commonly in use are prepared by local REALTOR® associations and their attorneys. These forms may vary slightly from area to area. Illinois law requires that the following disclosures be included with listing contracts. Disclosure of material facts A broker must not withhold material facts concerning a property of which
- [13.10 TERMINATION OF LISTING AGREEMENTS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-3/topic/13-10-termination-of-listing-agreements-3/) - Because the licensee's services are unique, a brokerage agreement cannot be assigned to another licensee without the principal's written consent. The property owner cannot force the licensee to perform, but the licensee's failure to work diligently toward fulfilling the contract's terms constitutes a breach of the listing agreement. If the licensee cancels the listing, the
- [13.11 THE LISTING PROCESS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-3/topic/13-11-the-listing-process-3/) - Measuring Structure and room count It is important to understand when it comes to measuring a property, there is no one size fits all method employed by appraisers, real estate agents, lender or government units. To varying degrees, guidelines define Gross Living Area (GLA). Fannie Mae, HUD/FHA guidelines do not include basements/below grade, unfinished areas
- [13.9 TYPES OF LISTING AGREEMENTS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-3/topic/13-9-types-of-listing-agreements-3/) - Exclusive-right-to-sell listing agreements In an exclusive-right-to-sell listing, one broker is appointed as the seller's sole agent. The listing broker is given the exclusive right or authorization to market the seller's property. If the property is sold while the listing is in effect, the seller must pay the broker a commission regardless of who sells the property:
- [13.7 STATE LICENSE LAWS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-3/topic/13-7-state-license-laws-3/) - All 50 states, the District of Columbia, and all Canadian provinces license and regulate the activities of real estate professionals. While the laws share a common purpose, the details vary from state to state. Real estate license laws have been enacted to protect the public by ensuring a standard of competence and professionalism in the
- [13.8 BROKERAGE AGREEMENTS](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-3/topic/13-8-brokerage-agreements-3/) - Brokerage agreements are employment contracts for the personal professional services of the sponsoring broker, not for the transfer of real estate. The various types of brokerage agreements establish the basic relationship between the parties and provide different levels of rights and responsibilities for the sponsoring broker. Perhaps most important, brokerage agreements address the essential questions
- [13.5 LEGAL RIGHTS AND OBLIGATIONS OF THE SELLER AND BUYER](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-3/topic/13-5-legal-rights-and-obligations-of-the-seller-and-buyer-3/) - As each contract is prepared for signature during a real estate transaction, the licensee should advise the parties of the desirability of securing legal counsel to protect their interests. Only a lawyer can offer legal advice. Licensees are prohibited from practicing law. Technology and Brokerage of the Future Social networking sites such as Facebook, Linkedln,
- [13.6 OTHER CONSUMER PROTECTION MEASURES](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-3/topic/13-6-other-consumer-protection-measures-3/) - National Do Not Call Registry In 2003, the Federal Communications Commission (FCC) established the National Do Not Call Registry. The registry is a list of phone numbers of consumers who do not want to be contacted by commercial telemarketers. It is managed by the FTC and is enforced by the FTC, the FCC, and state
- [16.15 THE REAL ESTATE RECOVERY FUND](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-16-illinois-real-estate-licensing-law-3/topic/16-15-the-real-estate-recovery-fund-3/) - The Real Estate Recovery Fund provides a means of compensation for actual monetary losses (as opposed to losses in market value) suffered by any person as a result of actions by a licensee or a licensee's unlicensed employee: a violation of the Real Estate License Act of 2000, its rules and regulations, or act of embezzlement
- [16.14 DISCIPLINARY PROVISIONS AND LOSS OF LICENSE PART 2](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-16-illinois-real-estate-licensing-law-3/topic/16-14-disciplinary-provisions-and-loss-of-license-part-2-3/) - Disciplinary Procedures Any person providing or offering to provide real estate services, or who is licensed or claims to be licensed under the Act, may be investigated by the Department. At least 30 days before the date of a hearing set for examination of such an issue, and prior to taking any disciplinary action (including
- [16.13 DISCIPLINARY PROVISIONS AND LOSS OF LICENSE PART 1](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-16-illinois-real-estate-licensing-law-3/topic/16-13-disciplinary-provisions-and-loss-of-license-part-1-3/) - The Real Estate License Act of 2000 lists specific violations for which licensees may be subject to discipline. The Department is authorized to impose the following disciplinary penalties: Refuse to issue or renew any license Suspend or revoke any license Censure or reprimand a licensee Place a licensee on probation Impose a civil penalty of
- [16.9 YOUR REAL ESTATE BUSINESS AND THE ACT PART 1](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-16-illinois-real-estate-licensing-law-3/topic/16-9-your-real-estate-business-and-the-act-part-1-2/) - Place of Business (Section 5-45) Any sponsoring broker actively engaged in the real estate business must maintain a definite office or place of business within Illinois. The sponsoring broker must display a visible, conspicuous identification sign outside the office. Inside, the sponsoring broker must conspicuously display the branch office license she sponsors. The sponsoring broker's
- [16.8 CONTINUING EDUCATION](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-16-illinois-real-estate-licensing-law-3/topic/16-8-continuing-education-3/) - Continuing Education Hours — Requirements Residential Leasing Agent — 8 hours of continuing education in the core curriculum for each 2-year renewal period Broker — 12 hours each 2 year renewal. 4-Hour CORE and 8 Hours of Elective – one hour of elective must include Sexual Harassment Prevention Training Managing Broker — 4-Hour CORE and
- [16.6 THE REAL ESTATE LICENSE](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-16-illinois-real-estate-licensing-law-3/topic/16-6-the-real-estate-license-3/) - THE REAL ESTATE LICENSE After passing the state exam, a formal application for licensure needs to be made to the state. An email will be sent immediately after application, allowing the individual to practice real estate immediately. After passing the state exam, the person is given a blank sponsor card at the testing site with
- [16.5 THE LICENSING EXAMINATION](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-16-illinois-real-estate-licensing-law-3/topic/16-5-the-licensing-examination-3/) - Requirements to take the State Exam Applicants are eligible to take the Residential Leasing Agent, Broker or Managing Broker examination only after they have met the education and age requirements: they must also be able to demonstrate that they have met the other requirements set out by the Illinois Real Estate License Act of 2000
- [16.4 OBTAINING AND KEEPING A REAL ESTATE LICENSE PART 2](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-16-illinois-real-estate-licensing-law-3/topic/16-4-obtaining-and-keeping-a-real-estate-license-part-2-3/) - Broker's License (Article 5) A broker is defined as any individual, partnership, limited liability company (LLC), corporation, or registered limited liability partnership other than a residential leasing agent who, for another and for compensation, whether in person or through any media or technology, or with the intention or expectation of receiving compensation, either directly or
- [16.3 OBTAINING AND KEEPING A REAL ESTATE LICENSE PART 1](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-16-illinois-real-estate-licensing-law-3/topic/16-3-obtaining-and-keeping-a-real-estate-license-part-1-3/) - Who Needs to Be Licensed? (Section 1-10) It is illegal for anyone to act as a broker, managing broker, sponsoring broker or residential leasing agent without a real estate license issued by the Department. Any broker who performs any of the following services, either directly or indirectly, whether in or through any media or technology,
- [16.2 ADMINISTRATION OF THE ILLINOIS REAL ESTATE LICENSE ACT](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-16-illinois-real-estate-licensing-law-3/topic/16-2-administration-of-the-illinois-real-estate-license-act-3/) - There are four major funds administered through the Department: Real Estate License Administration Fund (to which license fees and other funds initially go), Real Estate Research and Education Fund (for research and scholarships), Real Estate Recovery Fund (a consumer-oriented fund for compensating consumers harmed by licensees' actions), Real Estate Audit Fund (for conducting audits of

## Quizzes

- [Quiz](https://realestateschoolchicago.com/courses/online9thedition/quizzes/quiz-4/)
- [Quiz](https://realestateschoolchicago.com/courses/online9thedition/quizzes/quiz-3/)
- [Chapter 1 Quiz](https://realestateschoolchicago.com/quizzes/chapter-1-quiz-5/)
- [Leasing Agent Course Exam](https://realestateschoolchicago.com/courses/residential-leasing-agent/quizzes/course-exam/)
- [Additional Math Questions (required)](https://realestateschoolchicago.com/quizzes/additional-math-questions/)
- [Additional Math Questions (required)](https://realestateschoolchicago.com/courses/chapterquizzes/quizzes/additional-math-questions-3/)
- [Additional Math Questions (required)](https://realestateschoolchicago.com/courses/online8thedition/modules/appendix-a-additional-math-problems-solutions/quizzes/additional-math-questions-required/)
- [Additional Math Questions (required)](https://realestateschoolchicago.com/courses/online-modules/modules/appendix-a-additional-math-problems-solutions-3/quizzes/additional-math-questions-required-2/)
- [Additional Math Questions (required)](https://realestateschoolchicago.com/courses/online-course-2022/modules/appendix-a-additional-math-problems-solutions-4/quizzes/additional-math-questions-required-3/)
- [Quiz - Chapter 17](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-17-general-math-problem-categories-2/quizzes/quiz-chapter-17/)
- [Quiz - Chapter 16A](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-16-illinois-real-estate-licensing-law-5/quizzes/quiz-chapter-16a/)
- [Quiz - Chapter 15](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-15-property-management-leasing-5/quizzes/quiz-chapter-15/)
- [Quiz - Chapter 14](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-14-fair-housing-5/quizzes/quiz-chapter-14/)
- [Quiz - Chapter 13](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-13-real-estate-brokerage-operations-agreements-5/quizzes/quiz-chapter-13/)
- [Quiz - Chapter 11](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-11-real-estate-agency-5/quizzes/quiz-chapter-11/)
- [Quiz - Chapter 12](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-12-contract-law-5/quizzes/quiz-chapter-12/)
- [Quiz - Chapter 8](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-8-environmental-issues-5/quizzes/quiz-chapter-8-2/)
- [Quiz - Chapter 7](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-7-real-estate-appraisal-5/quizzes/quiz-chapter-7/)
- [Quiz - Chapter 6](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-6-real-estate-financing-5/quizzes/quiz-chapter-6/)
- [Quiz - Chapter 5](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-5-liens-5/quizzes/quiz-chapter-5/)
- [Quiz - Chapter 4](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-4-legal-description-of-land-5/quizzes/quiz-chapter-4/)
- [Quiz - Chapter 3](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-3-land-use-controls-5/quizzes/quiz-chapter-3/)
- [Quiz  - Chapter 2](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-2-ownership-interests-and-encumbrances-5/quizzes/quiz-chapter-2/)
- [Quiz - Chapter 1](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-1-introduction-to-real-estate-property-2/quizzes/quiz-chapter-1/)
- [Chapter 16-A Quiz](https://realestateschoolchicago.com/courses/chapterquizzes/quizzes/chapter-16-a-quiz-course/)
- [Quiz - Chapter 16B](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/quizzes/quiz-chapter-16b-2/)
- [Quiz - Chapter 10](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-10-real-estate-closings-6/quizzes/quiz-chapter-10-2/)
- [Quiz - Chapter 9](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-9-title-transfer-and-records-6/quizzes/quiz-chapter-9-2/)
- [Quiz - Chapter 8](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-8-environmental-issues-6/quizzes/quiz-chapter-8-3/)
- [Quiz - Chapter 7](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-7-real-estate-appraisal-6/quizzes/quiz-chapter-7-3/)
- [Quiz - Chapter 13](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-13-real-estate-brokerage-operations-agreements-6/quizzes/quiz-chapter-13-2/)
- [Quiz - Chapter 17](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-17-general-math-problem-categories-3/quizzes/quiz-chapter-17-2/)
- [Quiz - Chapter 16A](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-16-illinois-real-estate-licensing-law-6/quizzes/quiz-chapter-16a-2/)
- [Quiz - Chapter 15](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-15-property-management-leasing-6/quizzes/quiz-chapter-15-2/)
- [Quiz - Chapter 14](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-14-fair-housing-6/quizzes/quiz-chapter-14-2/)
- [Quiz - Chapter 12](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-12-contract-law-6/quizzes/quiz-chapter-12-2/)
- [Quiz - Chapter 11](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-11-real-estate-agency-6/quizzes/quiz-chapter-11-2/)
- [Quiz - Chapter 6](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-6-real-estate-financing-6/quizzes/quiz-chapter-6-2/)
- [Quiz - Chapter 5](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-5-liens-6/quizzes/quiz-chapter-5-2/)
- [Quiz - Chapter 4](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-4-legal-description-of-land-6/quizzes/quiz-chapter-4-2/)
- [Quiz - Chapter 3](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-3-land-use-controls-6/quizzes/quiz-chapter-3-2/)
- [Quiz  - Chapter 2](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-2-ownership-interests-and-encumbrances-6/quizzes/quiz-chapter-2-2/)
- [Quiz - Chapter 1](https://realestateschoolchicago.com/courses/online-course-2022/modules/chapter-1-introduction-to-real-estate-property-3/quizzes/quiz-chapter-1-2/)
- [Quiz - Chapter 16B](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-16-illinois-real-estate-licensing-law-5/quizzes/quiz-chapter-16b/)
- [Quiz - Chapter 10](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-10-real-estate-closings-5/quizzes/quiz-chapter-10/)
- [Quiz - Chapter 9](https://realestateschoolchicago.com/courses/online-modules/modules/chapter-9-title-transfer-and-records-5/quizzes/quiz-chapter-9/)
- [Quiz](https://realestateschoolchicago.com/quizzes/quiz-2/)
- [Chapter 17 Quiz](https://realestateschoolchicago.com/courses/chapterquizzes/quizzes/chapter-17-quiz-course/)
- [Chapter 16-B Quiz](https://realestateschoolchicago.com/courses/chapterquizzes/quizzes/chapter-16-b-quiz-course/)
- [Chapter 1 Quiz](https://realestateschoolchicago.com/courses/chapterquizzes/quizzes/63692/)
- [Chapter 2 Quiz](https://realestateschoolchicago.com/courses/chapterquizzes/quizzes/chapter-2-quiz-course/)
- [Chapter 3 Quiz](https://realestateschoolchicago.com/courses/chapterquizzes/quizzes/chapter-3-quiz-course/)
- [Chapter 4 Quiz](https://realestateschoolchicago.com/courses/chapterquizzes/quizzes/chapter-4-quiz-course/)
- [Chapter 5 Quiz](https://realestateschoolchicago.com/courses/chapterquizzes/quizzes/chapter-5-quiz-course/)
- [Chapter 6 Quiz](https://realestateschoolchicago.com/courses/chapterquizzes/quizzes/chapter-6-quiz-course/)
- [Chapter 7 Quiz](https://realestateschoolchicago.com/courses/chapterquizzes/quizzes/chapter-7-quiz-course/)
- [Chapter 8 Quiz](https://realestateschoolchicago.com/courses/chapterquizzes/quizzes/chapter-8-quiz-course/)
- [Chapter 10 Quiz](https://realestateschoolchicago.com/courses/chapterquizzes/quizzes/chapter-10-quiz-course/)
- [Chapter 12 Quiz](https://realestateschoolchicago.com/courses/chapterquizzes/quizzes/chapter-12-quiz-course/)
- [Chapter 11 Quiz](https://realestateschoolchicago.com/courses/chapterquizzes/quizzes/chapter-11-quiz-course/)
- [Chapter 13 Quiz](https://realestateschoolchicago.com/courses/chapterquizzes/quizzes/chapter-13-quiz-course/)
- [Chapter 14 Quiz](https://realestateschoolchicago.com/courses/chapterquizzes/quizzes/chapter-14-quiz-course/)
- [Chapter 15 Quiz](https://realestateschoolchicago.com/courses/chapterquizzes/quizzes/chapter-15-quiz-course/)
- [Chapter 9 Quiz](https://realestateschoolchicago.com/courses/chapterquizzes/quizzes/chapter-9-quiz-course/)
- [Sample Exam - 125 random questions, timed](https://realestateschoolchicago.com/courses/sample-test-2/quizzes/sample-exam-125-questions-timed/) - A 125 question sample exam with randomized questions. Question numbers will be out of order.
- [CHAPTER 16B QUIZ](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-16-illinois-real-estate-licensing-law-3/quizzes/chapter-16-b-quiz/)
- [CHAPTER 1 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-1-quiz-4/)
- [CHAPTER 7 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-7-quiz-4/)
- [CHAPTER 6 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-6-quiz-4/)
- [CHAPTER 5 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-5-quiz-4/)
- [CHAPTER 4 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-4-quiz-4/)
- [CHAPTER 3 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-3-quiz-4/)
- [CHAPTER 2 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-2-quiz-4/)
- [SECTION 1](https://realestateschoolchicago.com/courses/practice-exam/modules/section-1/quizzes/section-1-quiz/)
- [CHAPTER 17 QUIZ](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-17-general-math-problem-categories-and-illustrated-solutions-3/quizzes/chapter-17-quiz-3/)
- [CHAPTER 16A QUIZ](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-16-illinois-real-estate-licensing-law-3/quizzes/chapter-16-a-quiz/)
- [CHAPTER 15 QUIZ](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-15-property-management-leasing-3/quizzes/chapter-15-quiz-3/)
- [CHAPTER 14 QUIZ](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-14-fair-housing-3/quizzes/chapter-14-quiz-3/)
- [CHAPTER 13 QUIZ](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-13-real-estate-brokerage-operations-agreements-3/quizzes/chapter-13-quiz-3/)
- [CHAPTER 12 QUIZ](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-12-contract-law-3/quizzes/chapter-12-quiz-3/)
- [CHAPTER 9 QUIZ](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-9-title-transfer-and-records-3/quizzes/chapter-9-quiz-3/)
- [CHAPTER 11 QUIZ](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-11-real-estate-agency-3/quizzes/chapter-11-quiz-3/)
- [CHAPTER 10 QUIZ](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-10-real-estate-closings-3/quizzes/chapter-10-quiz-3/)
- [CHAPTER 8 QUIZ](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-8-environmental-issues-3/quizzes/chapter-8-quiz-3/)
- [CHAPTER 7 QUIZ](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-7-real-estate-appraisal-3/quizzes/chapter-7-quiz-3/)
- [CHAPTER 6 QUIZ](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-6-real-estate-financing-3/quizzes/chapter-6-quiz-3/)
- [CHAPTER 5 QUIZ](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-5-liens-3/quizzes/chapter-5-quiz-3/)
- [CHAPTER 4 QUIZ](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-4-legal-description-of-land-3/quizzes/chapter-4-quiz-3/)
- [CHAPTER 3 QUIZ](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-3-land-use-controls-3/quizzes/chapter-3-quiz-3/)
- [CHAPTER 2 QUIZ](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-2-ownership-interests-and-encumbrances-3/quizzes/chapter-2-quiz-3/)
- [CHAPTER 1 QUIZ](https://realestateschoolchicago.com/courses/online8thedition/modules/chapter-1-intro-to-real-estate-propery-3/quizzes/chapter-1-quiz-3/)
- [Test Prep Video Series QUIZ](https://realestateschoolchicago.com/courses/test-prep-video-series-2021/modules/textbook-and-practice-quiz/quizzes/test-prep-video-series-quiz-2/)
- [CHAPTER 16-A QUIZ](https://realestateschoolchicago.com/quizzes/chapter-16a-quiz/)
- [CHAPTER 17 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-17-quiz/)
- [CHAPTER 16-B QUIZ](https://realestateschoolchicago.com/quizzes/chapter-16b-quiz/)
- [CHAPTER 15 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-15-quiz/)
- [CHAPTER 14 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-14-quiz/)
- [CHAPTER 13 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-13-quiz/)
- [CHAPTER 12 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-12-quiz/)
- [CHAPTER 11 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-11-quiz/)
- [CHAPTER 10 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-10-quiz/)
- [CHAPTER 9 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-9-quiz/)
- [CHAPTER 8 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-8-quiz/)
- [CHAPTER 7 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-7-quiz/)
- [CHAPTER 6 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-6-quiz/)
- [CHAPTER 5 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-5-quiz/)
- [CHAPTER 4 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-4-quiz/)
- [CHAPTER 3 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-3-quiz/)
- [CHAPTER 2 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-2-quiz/)
- [CHAPTER 1 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-1-quiz/)
- [Quiz](https://realestateschoolchicago.com/quizzes/quiz/)
- [SEXUAL HARASSMENT PREVENTION COURSE QUIZ](https://realestateschoolchicago.com/courses/sexual-harassment-prevention-course/modules/sexual-harassment-prevention/quizzes/shpt-quiz/)
- [Test Prep Video Series Quiz](https://realestateschoolchicago.com/quizzes/review-course-quiz/)
- [Additional Math Questions](https://realestateschoolchicago.com/quizzes/additional-math-questions-2/)
- [CHAPTER 17 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-17-quiz-2/)
- [CHAPTER 16 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-16-quiz-2/)
- [CHAPTER 15 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-15-quiz-2/)
- [CHAPTER 14 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-14-quiz-2/)
- [CHAPTER 13 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-13-quiz-2/)
- [CHAPTER 12 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-12-quiz-2/)
- [CHAPTER 11 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-11-quiz-2/)
- [CHAPTER 10 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-10-quiz-2/)
- [CHAPTER 9 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-9-quiz-2/)
- [CHAPTER 8 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-8-quiz-2/)
- [CHAPTER 7 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-7-quiz-2/)
- [CHAPTER 6 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-6-quiz-2/)
- [CHAPTER 5 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-5-quiz-2/)
- [CHAPTER 4 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-4-quiz-2/)
- [CHAPTER 3 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-3-quiz-2/)
- [CHAPTER 2 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-2-quiz-2/)
- [CHAPTER 1 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-1-quiz-2/)
- [STATE EXAM COURSE CHAPTER 3 QUIZ](https://realestateschoolchicago.com/quizzes/state-exam-course-chapter-3-quiz/)
- [STATE EXAM COURSE CHAPTER 2 QUIZ](https://realestateschoolchicago.com/quizzes/state-exam-course-chapter-2-quiz/)
- [STATE EXAM COURSE CHAPTER 1 QUIZ](https://realestateschoolchicago.com/quizzes/state-exam-course-chapter-1-quiz/)
- [SECTION 16](https://realestateschoolchicago.com/courses/practice-exam/modules/section-1/quizzes/section-16/)
- [CHAPTER 1 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-1-pb/)
- [CHAPTER 2 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-2-quiz-pb/)
- [CHAPTER 3 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-3-quiz-pb/)
- [CHAPTER 4 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-4-quiz-pb/)
- [CHAPTER 5 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-5-quiz-pb/)
- [CHAPTER 6 QUIZ](https://realestateschoolchicago.com/quizzes/chapter-6-quiz-pb/)
- [SECTION 17](https://realestateschoolchicago.com/courses/practice-exam/modules/section-1/quizzes/section-17/)
- [SECTION 15](https://realestateschoolchicago.com/courses/practice-exam/modules/section-1/quizzes/section-15/)
- [SECTION 14](https://realestateschoolchicago.com/courses/practice-exam/modules/section-1/quizzes/section-14/)
- [SECTION 13](https://realestateschoolchicago.com/courses/practice-exam/modules/section-1/quizzes/section-13/)
- [SECTION 12](https://realestateschoolchicago.com/courses/practice-exam/modules/section-1/quizzes/section-12/)
- [SECTION 11](https://realestateschoolchicago.com/courses/practice-exam/modules/section-1/quizzes/section-11/)
- [SECTION 10](https://realestateschoolchicago.com/courses/practice-exam/modules/section-1/quizzes/section-10/)
- [SECTION 9](https://realestateschoolchicago.com/courses/practice-exam/modules/section-1/quizzes/section-9/)
- [SECTION 8](https://realestateschoolchicago.com/courses/practice-exam/modules/section-1/quizzes/section-8/)
- [SECTION 7](https://realestateschoolchicago.com/courses/practice-exam/modules/section-1/quizzes/section-7/)
- [SECTION 6](https://realestateschoolchicago.com/courses/practice-exam/modules/section-1/quizzes/section-6/)
- [SECTION 5](https://realestateschoolchicago.com/courses/practice-exam/modules/section-1/quizzes/section-5/)
- [SECTION 4](https://realestateschoolchicago.com/courses/practice-exam/modules/section-1/quizzes/section-4/)
- [SECTION 3](https://realestateschoolchicago.com/courses/practice-exam/modules/section-1/quizzes/section-3/)
- [SECTION 2](https://realestateschoolchicago.com/courses/practice-exam/modules/section-1/quizzes/section-2/)

## Notifications

- [Chapter Quizzes Completion](https://realestateschoolchicago.com/ld-notification/89824/) - Congratulations! You have completed all of the required Chapter Quizzes. Your course is considered complete if you have Completed all of the Chapter Quizzes Completed the necessary hours with an instructor If you used a payment plan; it needs to be paid in full. IMPORTANT: Your Transcript will be released within the next 24 hours
- [Online Course Quiz Completion](https://realestateschoolchicago.com/ld-notification/online-course-quiz-completion/) - Congratulations! You have completed all of the required Chapter Quizzes. Your course is considered complete if you have Completed all of the Chapter Quizzes Completed the necessary hours with an instructor If you used a payment plan; it needs to be paid in full. IMPORTANT: Your Transcript will be released within the next 24 hours
- [[CRES] - Residential Leasing Agent Course Completion](https://realestateschoolchicago.com/ld-notification/cres-residential-leasing-agent-course-completion/) - Congratulations! You have completed all of the required modules. Your course is considered complete if you have Completed all of the modules in your course Passed the final exam with at least 75% IMPORTANT: Your Transcript will be released within the next 24 hours OR on the following Business Day if it is the weekend.
- [[CRES] - Chapter Quizzes Completion](https://realestateschoolchicago.com/ld-notification/cres-chapter-quizzes-completion/) - Congratulations! You have completed all of the required Chapter Quizzes. Your course is considered complete if you have Completed all of the Chapter Quizzes Completed the necessary hours with an instructor If you used a payment plan; it needs to be paid in full. IMPORTANT: Your Transcript will be released within the next 24 hours
- [Online Course Part I Course Completion for Student](https://realestateschoolchicago.com/ld-notification/online-course-part-i-course-completion-for-student/) - You have completed Part I of the Online Course. Please click here to see the schedule and sign up for Part II (Review Sessions). If you have already attended Part II, your course is complete. If you haven't already done so, please follow these instructions (which we sent previously): We will need your individual ILID
- [Online Course Part I 8th Edition Course Completion for Admin](https://realestateschoolchicago.com/ld-notification/online-course-part-i-8th-edition-course-completion-for-admin/) - has completed the course. User details are below: userid: email:
- [Online Course Part I Course Completion for Admin](https://realestateschoolchicago.com/ld-notification/online-course-part-i-course-completion-for-admin/) - has completed the course. User details are below: userid: email:

## Achievements

- [Congrats on Passing Your Quiz!](https://realestateschoolchicago.com/ld-achievement/congrats-on-passing-your-quiz/)
- [Topic Complete!](https://realestateschoolchicago.com/ld-achievement/lesson-complete/)

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