Section  1450.276  Curriculum for Pre-License Schools

a)         Pre-license schools shall offer, at a minimum, the courses provided for in this Section.

b)         The application for licensure as a pre-license school shall include a list of courses to be offered, an outline and course description for each course along with an examination and answer key.  Each outline shall make reference to the textbook used and other material related to the course or subject matter, and shall conform to the approved curriculum outlines prepared by the Division.

c)         Pre-license schools must provide the following courses:

1)         Real Estate Transactions shall include a minimum of 45 class hours.  The course shall include instruction in real estate law, types of interest and ownership in real estate, home ownership, legal descriptions, titles, liens, taxes, encumbrances, listing, advertising, appraisal, finance, closings, and professional code of ethics.  This course shall be mandatory for all salesperson candidates.

2)         Brokerage Administration shall consist of a minimum of 15 class hours and shall be mandatory for all broker candidates.  The course shall include instruction in Illinois real estate law and licensure, listings, title search, forms for closing, contract forms, and the broker-salesperson relationship.

3)         Contracts and Conveyances shall consist of a minimum of 15 class hours and shall be mandatory for all broker candidates.  The course shall include instruction in deeds, fixtures, contracts, real estate closings, foreclosure and redemption, land use controls, landlord/tenant relationship, cooperatives and condominiums.

4)         Advanced Principles 2000 shall consist of a minimum of 15 class hours and shall be mandatory for all broker candidates and shall include agency, disclosure, environmental issues, escrow, license law and other topics approved by the EAC and the Division.

d)         Pre-license schools shall provide two or more of the following courses:

1)         Appraisal shall consist of a minimum of 15 class hours.  The course shall include instruction in the appraisal process, real property and value, economic trends, depreciation and land value.

2)         Property Management shall consist of a minimum of 15 class hours.  The course shall include, but not be limited to, instruction in fundamentals of tenant-management relationship, property modernization, property maintenance, leases, real property insurance, commercial property, industrial property and advertising.

3)         Financing shall consist of a minimum of 15 class hours.  The course shall include instruction in types of financing, sources of financing, mortgages, mortgage documents, closing a mortgage, interest, liens, foreclosure, real property insurance, mortgage risk, principles of property value for mortgage credit, mortgage analysis and construction loans.

4)         Sales and Brokerage shall consist of a minimum of 15 class hours.  The course shall include instruction in qualifications and functions of a real estate broker; land utilization; appraisal principles and methods; office organization; selection, training and supervision of salespersons and office personnel; compensation of salesperson listings; prospects; real estate markets; financial control; and government regulations.

5)         Farm Property Management shall include a minimum of 15 class hours.  The course shall include instruction in inventorying assets, determining method of operation, tenants, budgeting, crop and livestock production, marketing, tax planning and depreciation, government programs and regulations, insurance and ethics.

6)         Real Property Insurance shall include a minimum of 15 class hours.  The course shall include instruction in risk, functions of insurance, insurance contracts, types and purposes of insurance.

7)         Other courses as approved from time to time by the Division.  If additional elective courses are developed, they shall be approved by the Division prior to implementation.  The courses shall be approved upon determination that the course is at least 15 clock hours (one clock hour equals 50 minutes) in length and constitutes real estate related material.

e)         Examinations.  Each course shall end in a mandatory proctored final examination consisting of at least 50 questions for each 15 classroom hours for which the minimum passing score shall be no less than 75%.

f)          Attendance at all classes is mandatory; however, credit for absences not to exceed 10% of the class hours may be made up by attendance at make-up classes as provided in subsection (g).  Missing any class hours after having the opportunity to make up class hours as provided in subsection (g) shall result in failure of the course.

g)         Each school shall provide time and facilities for conducting make-up classes for students who were absent from the regularly scheduled class period.

(Source:  Amended at 30 Ill. Reg. 11075, effective June 8, 2006)