Contracts can be valid, void, or voidable and you’ll learn the difference as well as the elements that make up a valid contract. Types of listing agreements (basically employment agreements through which a Seller hires a broker to sell a home), the differences between them, and the information required will be covered in detail.

Agency law defines the relationship between the broker, agent, and client. The relationship of agent to client is called fiduciary and demands that the client’s best interest always comes first (as long as it’s lawful). The fiduciary duties include care, obedience, loyalty, disclosure, accounting, and confidentiality. Designated agency is practiced in Illinois and Dual Agency is allowed.

The Federal Fair Housing regulations will be discussed as well as the more comprehensive Illinois Human Rights Act.

When you’ve successfully completed this 45 hour course of instruction, you’ll be issued a Uniform Transcript by the real estate school which will serve as your “ticket” into the State of Illinois Exam. The state exam consists of two parts: 100 questions on the national portion and 40 on Illinois law. You must pass both parts individually in order to be eligible for a license. The course material focused on The Illinois License Act of 2000 then becomes very, very important. You will probably be given a supplement, published the Illinois Association of REALTORS® covering the major points. Make sure you know this material.

There is some math involved in the coursework, but it is fairly basic. Working through a few of the sample questions in most textbooks is ample practice. Mike Cromie