Becoming a real estate broker in Illinois requires taking 90 hours of approved coursework before passing a state licensing exam. If you aren’t that familiar with different real estate work, you may be wondering what these classes will teach you. What is it you need to know in order to pass the exam and get an exciting job as a real estate broker?
Over a fifth of your coursework will deal with regulations and skills related to real estate transactions. You’ll be taught how to interpret different numbers and do an analysis of the market. You’ll also get an overview of different kinds of financing options, and learn about mortgages, credit scores, and topics such as foreclosures and predatory lending. The important skills you’ll be introduced to include writing contracts and negotiating offers.
As a real estate broker, you’ll be working with both buyers and sellers. As such, a significant chunk of your pre-licensing coursework will cover your legal and ethical responsibilities to both parties and teach you effective ways to communicate with them, both orally and through email.
Another important part of your coursework will be an introduction to different kinds of real estate properties, structure of agency, and real estate law, emphasizing both federal and Illinois law. You should get a good sense of what you’re permitted and obligated to do as a real estate broker versus the kinds of actions that would be considered infractions or crimes. Lastly, you’ll also get some lessons in marketing, teaching you how to effectively and legally promote your services.
All of the topics discussed so far will add up to 75 hours of coursework. We give you options to learn the material as part of a live lecture-based class or to study at your own pace, following your own schedule, at home. Once you’ve successfully learned this material and passed a final exam, you’ll then need to sign up for an additional 15 hours of coursework that you must take in-person, in a class with other people. These 15 hours constitute a practicum where you’ll role play different real estate scenarios and go through “what-if” situations in topics ranging from failed contracts to home inspection issues. It will show you practical applications for what you learned in the first 75 hours of coursework.
All of these topics are fascinating but also present complexities and challenges. You need to learn them well in order to pass the licensing exam and embark on your career as a real estate broker. Contact us to sign up for high-quality real estate classes that will help you master the material.