The Real Estate License Act of 2000 sets forth the duties and responsibilities of Illinois brokers when conducting real estate transactions. The course describes recent amendments to the Act that were designed to strengthen the rules for training and professionalism and enhance consumer protections. Real estate licensees will also learn about the proper handling of escrow funds, agency relationships, brokerage agreements, recordkeeping, and the required disclosures that must be made. Importantly, the course reviews state and federal fair housing laws to ensure that licensees remain in compliance when advertising and working with the public. The course provides numerous real-life examples of conduct that will subject licensees to disciplinary action and the penalties that may be imposed.

This course meets the 4-hour Core Course mandatory requirement for brokers and managing brokers.

Upon completion, students will be able to:

• explain recent updates to the Real Estate License Act of 2000
• describe various types of unlawful conduct that merit disciplinary action
• recognize the different types of agency relationships allowed in Illinois
• explain the required residential property and environmental disclosures
• identify the rules regarding the handling of escrow funds in general and in the case of disputes
• describe fair housing protections at the federal, state, and local levels and best practices to ensure compliance
• identify the advertising requirements that licensees must follow