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Illinois Real Estate Professionals 2016 Edition Illinois Real Estate Professionals Continuing Education Courses approved for CE credits by the Illinois Department of Financial & Professional Regulation (Sponsor Code #562.000247). Illinois 12-Hour Why you should choose McKissock: Correspondence CE Package: A la carte Price: $103.80 Package Price: $75.95 Variety: Additional courses available online at www.McKissock.com/ILRE McKissock: 20 Years of Experience and Counting... We take the time to make sure you are receiving the education you need so you can spend your time doing other things. More fun things. Here are just a few of the reasons why you should take your Real Estate Continuing Education with McKissock: State-Approved McKissock continuing education courses are approved for CE credits by the Illinois Department of Financial & Professional Regulation (Sponsor Code #562.000247). Quality Courses Our authors and instructors are all highly qualified and knowledgeable in their respective fields of expertise. Satisfaction Guarantee We offer exceptional education… No exceptions! If you’re not satisfied for any reason, contact us within 24 hours of course completion for a full refund or discount toward future courses. Customer Safety Your personal information is safe with us. Our website is secured by GeoTrust. We never sell information to third parties. Price Match Guarantee We will not be undersold. We will accept all competitors’ price specials if they beat our price. Simply contact us with their coupon or special price and we will offer you our courses of comparable hours for the same price! Trust We have a high rating from the Better Business Bureau. With over 20 years as a continuing education provider, we’ve learned a thing or two. Namely, that every customer deserves to be treated as part of the family. After all, we’re nobody without you. Sincerely, McKissock Real Estate Education Team McKissock, LLC www.McKissock.com/ILRE 1-800-328-2008 Table of Contents All 12 Hrs Continuing Education for $10380 Illinois Real Estate Professionals $ 95 3 Illinois Core A: (3 hrs) $25.95 value 75 Fair Housing, Agency License Law and Escrow 24 Illinois Core B: Legal Issues (3 hrs) $25.95 value 39 Real Estate Safety: (3 hrs) $25.95 value Protect Yourself During a Showing 52 Niche Marketing: Narrow Your Focus (3 hrs) $25.95 value Interested in additional 70 Proctored Exam Instructions course topics? 71 Book & Individual Course Evaluation Form 72 Illinois Real Estate CE Registration Form No problem! In addition to Correspondence, you 73 Illinois Real Estate CE Assessment Answer Sheet can also take your CE via Online Courses. Check out these NEW online topics: • Know the Code: Your Guide to the Code of Ethics • It’s High Tide you Got the Complete Your Courses in Two Easy Steps... Facts about Homeowner’s Flood Insurance Step 1: Submit the Practice Quizzes • The Basics of Land At the end of each course there is a 10 question practice quiz. Management Submit your practice quiz: • Register and complete the Online Correspondence exams at: McKissock.com/ILRE • Fax your Registration and Completed Exam Answer Sheet to: Visit www.McKissock.com/ILRE 1-814-723-0281 to view our entire course library and start your CE today. Step 2: Proctored Exams Once McKissock has received your practice quiz you may schedule your Proctored Exam. Illinois licensing regulations outline that successful completion of the Have questions? course requires the licensee (that's you!) pass a proctored exam for each course Give us a call at 1-800-328-2008. with a minimum score of 70%. Please reference page 73 of this book for complete exam details. Your education solution. Illinois Core A: Fair Housing, Agency, License Law and Escrow 3 CE Credit Hours - Mandatory (Approval #:564.002398) This course is designed to fulfill the core A requirement for Illinois real estate professionals. This course will take you through all the subjects mandated by your state’s Real Estate Commission, and included instruction in Fair Housing, Agency, License law and Escrow. Chapters: • Chapter One: Agency • Chapter Two: Fair Housing • Chapter Three: License Law and Escrow Learning Objectives: • Define agency relationships, including designated agency and dual agency. • Identify duties to clients and customers, including duties after termination of agency agreements. • Define minimum services required for exclusive brokerage agreements. • Describe agency disclosure requirements. • List the federal fair housing laws, including the Americans with Disabilities Act. • Discuss Illinois Fair Housing laws and the behaviors that are considered discriminatory. • Explain discrimination in advertising, dealing with client or customer questions, and the importance of record keeping. • Explain recent additions to the License Act. • Identify general disciplinary actions and causes. • Discuss requirements for escrow accounts, including handling, maintaining, disbursing, and the disciplinary actions related to escrow. Customer Testimonial “This class was informative, invigorating to read and easy to follow. This was much better than spending a day in a stuffy classroom and having to drive 30 minutes to boot!” ~ Charles Illinois Core A: Fair Housing, Agency, License Law and Escrow 3 In Illinois, licensees are presumed to be the designated agent of the consumer with whom they are working, unless the sponsoring broker and Chapter One: consumer have entered into a written agreement for another type of agency agreement, or unless the licensee is performing only ministerial acts on behalf of the consumer. Ministerial acts are those acts performed by a Agency licensee for a consumer that are informational or clerical and do not rise to the level of representation. As indicated above, the Illinois License Act makes a presumption of Overview designated agency. That is, it is presumed, unless a written agreement providing another type of representation is entered into between the broker • Section 15-5. Legislative intent and consumer, that the designated agent(s) represents the client to the • Section 15-10. Relationship between licensees and consumers exclusion of other affiliated licensees within the brokerage firm. • Section 15-15. Duties of licensees representing clients • Section 15-25. Licensees relationship with customers Designated agency and ministerial acts will be discussed in detail later in • Section 15-30. Duties after termination this course. • Section 15-35. Agency relationship disclosure • Section 15-40. Compensation does not determine Agency • Section 15-45. Dual agency Confidentiality • Section 15-50. Designated agency An important aspect of any agency relationship is confidentiality. Licensees • Section 15-75. Minimum Services have a statutory duty to their clients to maintain confidentiality. Protecting confidential information is a primary purpose of the law of agency. Section 15-5. Legislative Intent A designated agent may disclose to his/her sponsoring broker (or persons specified by the sponsoring broker) confidential information of a client for Common Law is derived from tradition, customs, and sometimes the purpose of seeking advice or assistance for the benefit of the client in judicial decisions. The Illinois General Assembly recognized that the regard to a possible transaction. application of common law of agency relationships sometimes resulted in misunderstandings and consequences contrary to the best interest of the The sponsoring broker or his/her specified representative may not public. Because the real estate brokerage industry has a significant impact disclose such confidential information, unless otherwise required by this on the State’s economy, and because of the State’s need to provide specific Act or requested or permitted by the client who originally disclosed the legal guidelines, addressing the relationships between real estate licensees confidential information. and consumers, Article 15 of the License Act replaced common law duties with specific, statutory duties of licensees. What Constitutes Confidential Information Article 15 does not prescribe or affect contractual relationships between Confidential information means information obtained by a licensee from broker and the affiliated licensees. a client during the term of a brokerage agreement that meets any one of these criteria: Article 15 does serve as a basis for private rights of action by consumers • Was made confidential by the written request or written instruction and licensees. This private right of action does not extend to other Articles of the client. of the Act. • Deals with the negotiating position of the client. • Is information which if disclosed could materially harm the nego- tiating position of the client. Section 15-10. Relationships Between Licensees and Consumers Confidential information includes, but is not limited to: An agency relationship is created when a person (buyer or seller, landlord, • The minimum price the seller-client will accept. or tenant) delegates to another person, the agent, the right to act on his/ her • Maximum price the buyer-client will offer. behalf in business transactions with third parties (customers). • Information relating to the seller-client’s motivation to sell. (i.e., pending divorce, health issues, job transfer). • Information relating to the motivation of the buyer-client. Principles governing agency relationships: (i.e., current home has sold and must buy quickly). • Both parties must agree to form the relationship. • Urgency of seller-client or buyer-client. • The relationship is fiduciary – meaning
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