chapter 1 slide 1 copyright – david a. mcgowan all rights reserved. revised 5-8-09 real estate...

Chapter 1Slide 1

Copyright – David A. McGowanAll rights reserved.Revised 5-8-09

REAL ESTATE TRANSACTIONS

Pre-license 45 Hour Course

Chapter 1Slide 2


Instructor: Dave McGowan

Phone:(630) 990-5355 (office)630-927-1400 (cell)

Email Address:

[email protected]

Questions:Questions can be fielded either by telephone, e-mail, before & after class.

REAL ESTATE TRANSACTIONS

Chapter 1Slide 3


Pursuant to Illinois Real Estate License Law

Attendance is mandatoryfor the entire 45 hour

program.

Classes can be made up either by attending a class offered by the School at a different location and time or

by completing the audio series in the school office during regular business hours.

COMPLETION CRITERIA

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COMPLETION CRITERIA

Exams

•Two 50 question multiple choice exams

•150 question multiple choice comprehensive final exam** Under Illinois Law you must pass the final exam with a

minimumscore of 75% to be eligible to sit for the State Examination.

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STATE LICENSE EXAM

145 questions

100 Uniform (common law)

40 State Specific

5 Pre-Test Questions (Not counted towards successful completion of the examination)

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Broker Salesperson

1. Listing Property 31 342. Selling Property 21 223. Property Management 14 124. Settlement/Transfer of Ownership 14 175. Financing 10 126. Professional Responsibilities/ Fair Practice/Administration 10 3

Total 100100

Common Law Categories & Question Count

CANDIDATE HANDBOOK

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HANDLING EXAM QUESTIONS

Simplistic approach

Read the question carefully

Don’t make assumptions

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Illinois specific concepts

MODERN REAL ESTATE PRACTICEBook Organization

In Illinois Look for the markers, the grey rectangle with the words “In Illinois” is the beginning of the Illinois specific law. The smaller square at the end of the passage reflects the ending point.

Chapter 1Slide 9


MODERN REAL ESTATE PRACTICEBook Organization

Math FAQS (Page 475)

Math Examination (Page 499)

Answers (Page 501)

Uniform Sample Exam (Pages 517 & 536)

State Specific Sample Exam (Pages 527 & 547)

License Law Sample Exam (Page 555)

Glossary (Page 569)

Chapter Question Answers (Page

588)

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Chapter 1

REAL ESTATE BUSINESS

BrokerageAppraisalProperty ManagementFinancingSubdivision & DevelopmentHome InspectionCounselingEducationAuctioning

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National Association of Realtors®

Illinois Association of Realtors®

Northern Illinois Commercial Association of REALTORS®

PROFESSIONAL ORGANIZATIONS

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TYPES OF REAL PROPERTY (Page

5)

Residential

Retail

Office

Industrial

Land/Agricultural

Special Purpose

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THE REAL ESTATE MARKET PLACE

Supply and Demand (Page 6)

Remember the Cabbage Patch Doll?

$75 - $125

$19.99

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SUPPLY & DEMAND

Price follows demand:

High demand, high prices;

Low demand, low prices

Price follows demand

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SUPPLY AND

DEMAND Factors Affecting Supply (Page 7)

Labor force

Construction costs

Government control

Financial policies

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Factors Affecting Demand

(Page 7)

Population

Demographics

Employment & wage levels

SUPPLY AND DEMAND

chapter 1 slide 1 copyright – david a. mcgowan all rights reserved. revised 5-8-09 real estate...

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