Illinois Department of Financial & Professional Regulation Illinois Department of Financial & Professional Regulation
 
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Pat Quinn, Governor
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12 Credit Hour Broker Management Continuing Education Course Syllabus/Outline Requirements


Course Goal :

To provide attendees with the skills and methods to train employees; to implement sound real estate business practices; and to manage their offices based on the requirements of the Real Estate License Act of 2000 and Administrative Rules.

Course Objectives:

  1. Develop training methods to inform the sponsored licensee(s) of the current real estate license law;
  2. Create a plan to insure that the minimum requirements of the current real estate license law are being met by all licensees; and
  3. Establish an ongoing monitoring system that evaluates the licensee's conformity to the current real estate law.

All of the topics included in the 12 Credit Hour Broker Management Continuing Education Outline (set forth below) must be covered by any provider offering the Broker Management Continuing Education (BMCE) course.

Up to 12 credit hours, but no less than 6 credit hours, may be allotted to cover the outlined topics.

The timed outline submitted by any provider shall indicate the specific time allocations for each topic and subtopic.

One or more Recommended Additional Topics listed following the 12 Credit Hour Broker Management Continuing Education Outline (Outline) below may be added to the Outline, or outlined and submitted separately, to fulfill the balance of the 12 Credit Hour BMCE Requirement.

Schools may submit applications for a course license based on this syllabus including a timed outline, final exam, answer key, and other required documents and fees. However courses may not be offered until May 1, 2012.

REQUIRED 12 CREDIT HOUR BROKER MANAGEMENT CONTINUING EDUCATION OUTLINE
Required Topics

  1. Introduction
    1. Discussion of the real estate professional's impact on the events leading to the housing market collapse and economic problems of recent years and the ongoing responsibility to promote appropriate steps to affordable property ownership.

    2. The manager's duties to supervise, train and set policy

  2. Policy Issues for Brokers and Policy Manual Creation
    1. Requirement for Office Policy
      1. Section 10-40 of Real Estate License Act of 2000 (the Act)
      2. Topics for inclusion in policy
      3. Section 1450.705(a)(1) of the Real Estate Act Administrative Rules (the Rules)

    2. Introduction to Office Policy
      1. Basic statements of business philosophy
      2. Overview of Office Policy
      3. Review and need to adapt Office Policy
      4. Policy manual should be specific to fit policies of company

    3. Independent Contractor/Employee Agreement
      1. Supervision, duties, compensation, duration and termination (Section 10-20 of the Act and Section 1450.735 of the Rules)
      2. Discuss differences between independent contractor and employee
      3. Tax Code provisions for statutory non-employee
      4. Illinois statutory provisions
        1. Real Estate License Act
        2. Unemployment Tax Act
        3. Workers Compensation Act
      5. Automobile insurance requirements
      6. Expenses of Independent Contractor or Employee
      7. Listings after termination of sponsorship

    4. Policy for Supervision of Personal Assistants/Teams
      1. Licensed versus unlicensed assistant
        1. review what each can do
        2. how compensated
        3. independent contractor or employee
      2. Need for agreement with company
        1. licensed versus unlicensed
        2. who pays taxes, if any
        3. payment of other benefits
      3. Teams

    5. Brokerage Relationship Policies
      1. Single Agency
        1. Seller Representation Only
        2. Buyer Representation Only
      2. Disclosed Dual Agency

    6. Cooperation Between Firms and Compensation Policy
      1. Modification to company policy
      2. Cooperating agents

    7. Agency
      1. Disclosure policy
        1. dual agency
        2. single agency
        3. no agency
        4. in writing
        5. retention
      2. Events requiring or Agency Agreements
        1. policy related to buyer agency agreements
        2. policy related to seller agency agreements
      3. Confidentiality
        1. documents
        2. discussions
        3. maintaining

    8. Fair Housing Policy
      1. Protected classes
      2. Prohibited practices
      3. Local ordinances that may apply
      4. Record Keeping

    9. Antitrust Policy
      1. Anticompetitive activities
      2. Independent action
      3. Prohibited activities

    10. Listing Procedures
      1. Types of Listings
      2. Listing agreements
        1. exclusive
        2. non-exclusive
      3. Commission policies
      4. Other listing terms
      5. Disclosures
        1. latent material facts
        2. residential real property disclosure
        3. lead based paint
        4. radon
      6. Determining accuracy of listing information
      7. Signatures
        1. hard copy
        2. electronic
        3. spouses
        4. other situations
      8. Open house procedures

    11. Buyer Qualifications
      1. Financial capacity
      2. Estimating closing costs
      3. Types of agreements

    12. Purchase Contract
      1. Forms to use
      2. Negotiations
      3. Modifications to contract
      4. Earnest money
      5. Completion of Contract
      6. Presentation of offers
      7. Attorneys
      8. Contemporaneous offers
      9. Personal property

    13. Advertising
      1. Print
      2. Electronic
      3. Signs
      4. Websites
      5. Email (CAN SPAM)

    14. Risk Reduction
      1. Disclosure of physical conditions
      2. Stigmatized property
      3. Documentation
      4. Use of experts
      5. Use of legal counsel
      6. Errors & Omissions (E & O) insurance
      7. Handling of complaints

    15. Social Media
      1. What does this include
      2. Applicability of Act
      3. Advertising
      4. Collecting information
      5. Blogs
      6. Copyrights and protected information

    16. Record Retention and Destruction
      1. Hard copy and electronic records
      2. Schedule for retention (destruction)
      3. Responsibilities of independent contractors and employees
      4. Escrow records and documentation requirements
      5. Confidentiality

    17. Phone campaigns
      1. National Do Not Call List
      2. Office do not call list
      3. Company call policy

Recommended Additional Topics

Agent Safety
Auction
Business Communications
Commission & Compensation Issues
Company Legal Structure
Conducting Company/Office Meetings and Training
Conducting employee or independent contractor review
Conducting a Hiring Interview for Licensees or Staff Positions
Dealing with Client and Customer Complaints
Dealing with In Office Agent Disputes
Dispute Resolution
Domain Masking
Dual Agency - Rentals/Leasing
Due Diligence/Inspections/Referral of 3rd Party Professionals
EPA Fines and the Lead Renovation, Repair & Painting Rule
Ethical Conduct
Handling Security Deposits (Local and County Ordinances)
Home Inspections
IDFPR Real Estate Hearing Process & Discipline Examples
Issues for Commercial, Industrial, Farmland, and Investment Sales
Legal Requirements for "Teams"
Leasing Residential Property
Ministerial Acts
Negotiating Transactions (Interactive Training and Case Studies)
Organizing a Training Program
Property Management
Real Property Insurance
RESPA Compliance/Updated HUD Rules
Seller Disclosure Forms/REO Properties
Social Media /Advertising (Flickr/Instagram)
Supervising Distressed Property Transactions - this general topic may include:
    Foreclosure Law
    Listing and Selling Short Sale Properties,
    Mortgage Fraud, and
    Representing Institutional Sellers and Buyers
Supervising the Leasing & Selling of Commercial Property
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