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3.0 hours Core B: Legal Studies – Risk Management Tools

Course Syllabus:



3 Core B Hours

Real estate agents who practice in the residential field need to know specific issues such as the contractual elements needed to make a valid contract, the differences in Purchase and Sale agreements, handling earnest money, anti-trust laws and the penalties for violating them, multiple offers and the seller's property disclosure statements. Students will learn the importance of using clear and concise documentation is a risk management tool. Finally, a detailed background on the history of Fair Housing legislation and what each Act and Amendment do to promote equality in housing and to discourage discrimination.

Instructor: Susan Davis
Author: Lynnell Morgan CRB, CDEI 564.002621
Mandatory Seat Timer: Yes
Format: Online
Credit Hours: 3
Required Quiz Grade: 60
Exam Required: Yes (closed book)
Number of Exam Questions: 25
Type of Questions: Multiple Choice
Number of Different Exams: 2
Exam Pass Grade: 70%

Exam Retake:
If you fail the exam no credits will be issued. If you fail the exam 2 times, you are required to retake the course. There is no charge to retake the course.

Content Review:
The Table of Contents page within each course will list the lesson titles and the expected time it should take the student to complete.

Kickout Minutes:
15 minutes. We need to receive a keystroke or mouse click from you every 15 minutes in order for your elapsed time to apply to your total time. If your elapsed time is greater than 15 minutes, then your time will not be counted towards your course time.

Availability of Course:
You will have 180 days to complete the course. The State course expiration date will override the account expiration date assigned at the time of purchase. Any expired, unfinished course will be replaced with a current state approved course, and will be available to you until your account expires. The courses can be accessed from any device connected to the internet at any time.

Illinois Department of Financial and Professional Regulation Real Estate Education course approval number: 564.002621

Course Objective

Define a contract and describe the elements necessary for a valid contract.

Explain When a Contract is Required and Describe Torts.

Explain the Statute of Frauds and a basic PSA.

Explain Anti-trust Law and the Penalties for Violating the Laws.

Explain Basic Provisions Contained in a Typical Listing Agreement.

Explain Seller's Disclosures Statements, who must comply and who may be exempt.

Explain Home Warranty Insurance and Errors and Omissions Insurance and Give Examples.

Explain the Importance of Business Plans and Using Standard Forms.

Explain and give examples of various resources to aid a real estate licensee.

Explain Deferring Risk to Others and the Importance of Clear Documentation.

Explain how offers become contracts.

Explain Pre-approval and Buyer and Seller Motivation.

Explain the Circumstances for Multiple Offers and Escalation Clauses.

Explain common environmental concerns.

Explain Basic Agency and Types of Agency.

Explain the basics of Fair Housing laws and give examples.

Identify and describe kinds of specialization within the real estate industry.