Two Real Estate Schools Merge

Mike Fair, President and Director of the Illinois Academy of Real Estate in Aurora, one of the oldest and most recognized real estate schools in Illinois, and Vince DePaul, CEO and Director of Your House Academy in Bloomingdale, are pleased to announce the merger of their two schools creating one of the largest private real estate education providers in Illinois with over 10,000 alumni.

The Illinois Academy of Real Estate was founded in 1979 by Mike Fair’s father, Roy, an outstanding real estate professional and educator and past president of both the Aurora Board of Realtors and the Illinois Association of Realtors. Mike Fair was appointed Director in 1984 and has helped thousands of students begin their real estate careers. Mike is an outstanding administrator and educator in his own right and has served as content advisor for some the nation’s leading publishing and testing companies.

"This partnership means our expanded school is better able to provide an outstanding educational experience for our students now and throughout their real estate career," said Fair.

Vince DePaul started his real estate career in the western suburbs of Chicago in 1976 and has been teaching real estate at the college level for over 30 years. Vince has won numerous awards and boasts one of the highest exam passing rates in the state. For ten years he hosted a weekly, live, call-in radio program called "Your House" where he was known as “Mr. Real Estate.” As a feature of the program, Vince started Your House Academy to help listeners interested in a real estate career. Since then Vince has placed over 500 students in Chicagoland real estate offices.

“Our new partnership with the Illinois Academy means more convenience for our students with over 15 classroom locations with more to come,” said DePaul.

The merged schools will continue to operate under their own brands and are headquartered in newly expanded office facilities in Bloomingdale. The school offers pre-license, post-license, and continuing education courses plus motivational and educational seminars. For information call 630-307-3493 or visit www.YourHouseAcademy.com.

Salesperson License Expiration Date Change

Due to a change in the Illinois Real Estate License Act of 2000, the expiration date for active real estate salesperson licenses has been extended one year to April 30, 2012. Although current licenses and pockert cards show an expiration date of 4/30/2011, they are acceptable and can be used until the extended expiration date.

A copy of the official notice can be found at the link below. Agents are encouraged to print the notice and carry it with their pocket cards.

https://yourhouseacademy.publishpath.com/Websites/yourhouseacademy/Images/SalespersonsExpDateChange2012.pdf

7 reasons why now is the best time to get started in real estate

1. Real estate is a cyclical business. Although it’s never easy to predict, real estate has always cycled up and down. Over the last few years there has been a great deal of pent-up buying where uncertainty has kept the market soft. The fact remains, everyone needs to live somewhere and Americans want to own where they live. It won't take long and it won’t take much to turn a sour market sweet. It's going to come back and real estate professionals will reap the benefits.

2. Buyers and sellers need real estate professionals especially in a soft market. Even the language has changed. We're hearing words we've never heard before like short sales, REO properties, and foreclosures. If you’re a seller today you definitely need a professional to get a property sold. If you’re a buyer, the choices are overwhelming and you need guidance from a pro.

3. Easy mortgage financing is a thing of the past. Today the consumer needs direction, help, and assurance that financing is available. An important role that the professional real estate agent plays is guiding their clients to the right source of financing. People today need good real estate agents to help them through the complicated home loan process.

4. The license laws in Illinois are changing and the educational bar is about to be raised quite a bit ... right now you can enter the real estate business with 45 hours of pre-license education. Early next year that education requirement becomes 120 hours. It will never be easier or more economical than it is right now to get started in real estate.

5. Complete job security. There’s no downsizing ... your job can’t be sent overseas ... no boss is going to hand you a pink slip and no one is going to force you to retire. You’ll work as an independent contractor and the only "boss" you’ll have are your clients.

6. Technology has taken a lot of the drudgery out of the business. The Multiple Listing Service is no longer just a source of property searches. Today's MLS makes checking property tax records easy and mappings software and GPS has made getting from property to property easy. Today an agent can put a buyer's wants and needs into the system and new properties will automatically appear in the client's e-mail. Digital cameras, smart phones, laptops and notebook computers have changed the way agents work.

7. Help wanted. Because the real estate market has been soft, many less serious agents have left the business creating a tremendous need for good, professional, qualified real estate agents. When this market rebounds there will be an abundance of prospects and clients and you’ll reap the harvest.

A true real estate professional can earn a good living when the real estate market is good or bad. Agents who stay well informed and educated change with the business climate. Regardless of the market, consumers need confidence that only comes from skilled professional guidance.

Truly a Window of Opportunity

If you or anyone you know has ever considered starting a real estate career, there's no time like the present. Aside from the fact that the opportunities real estate professionals have today are unprecedented ... it will never be easier or more economical then it is right now to obtain a real estate license.

With the revision of the real estate license law, the course work required to get a real estate license will more than double from the current 45 hours to 120 hours after May 1, 2011. That means if you do it now, you can still get a real estate license with a 45-hour pre-license course like the programs offered by Your House Real Estate Academy in Bloomingdale and their 9 other locations.

Getting your real estate license will never be easier.

To attend a FREE Career Seminar outlining what it takes to make real estate your career, see the blog entry below or go to:

http://www.yourhouseacademy.com/Career%20Seminar.pdf

What are they thinking?

Our Illinois lawmakers have done it again. They just often seem to take one step forward and two steps back.

The Real Estate License Law rewrite, signed by Governor Ryan at the very last minute last December, was supposed to "raise the bar" for real estate licensees by increasing the education requirements and changing the license categories.

Now the Governor has Senate Bill 3018 on his desk, waiting for his signature, that extends the time frame that a licensed real estate managing broker, broker or leasing agent may renew their license after it has expired from TWO to FIVE years! What sense does that make?

A real estate licensee can let their license expire and renew it five years later with out any additional education ... just a late charge. That doesn't sound like raising the bar to me.

Transition from Salesperson to Broker

With the recent changes to the Illinois Real Estate license act, all Illinois real estate salespeople will need to obtain a broker license by April 30, 2012. If you currently hold a salespersons license, you will have three options to come into compliance.

First, sometime around the first of the year, 2011, the state will begin offering a proficiency exam through the AMP testing service. Salespeople will need to schedule the exam with a participating real estate school. The school will proctor the computer based exam at their locations. If you pass the exam you will transition into a broker license. If you do not pass the proficiency exam, you will need to take and pass a 30 hour transition course and the school's proficiency exam.

Second, at that same time (early 2011) you can choose to take the 30 hour transition course that real estate schools will begin offering and take the school's proficiency exam. The 30 hour course is 15 mandatory classroom hours and 15 flexible learning or home study hours. At this date, we do not know what the cost will be for the proficiency exam or the 30 hour course.

Third, many salespeople are choosing to take the broker license course now which can be completed through our “Flexible learning program” (home study with workshops.) By getting your broker license now, you'll avoid the transition entirely.

Tuition for our Broker License course is $425.00, which includes all of the text and study materials. The cost for taking the state exam at one of the approved AMP sites is an additional $46.00. To enroll or for more information call 630-307-3493

Pre-license Education in Naperville

Your House Academy, an Illinois Real Estate license school, with 10 locations in the northwest suburbs, announced plans for a 45 hour real estate course in their 11th and newest location in Naperville starting Monday, March 8. The new classroom is in the office of Prudential Starck Realtors® of Naperville, 1750 N. Washington Street.

Men and women interested in starting a career in real estate need to complete a pre-license course that prepares them to take a state license exam. In addition to the course and the exam, license candidates need to be at least 21 years old, have a high school diploma or GED and be of good moral character.

"The real estate business is dynamic and always changing," said Vince DePaul, Director of The Your House Academy. "Right now the market is changing for the better and this is a great time to get started in real estate. A person can have a flexible career with $100,000 plus earning potential that they can train for and break into in only a matter of months." DePaul added.

Tuition for the 45-hour course is $285.00 and includes all text materials and audio review CDs. For more information or to enroll you can call The Your House Academy at 630-307-3493 or visit YourHouseAcademy.com.

The Market is Rebounding

We are seeing some strong growth in resales right now. With the job market still struggling, and with the small investment it takes to start, basically a business of one's own, it surprises me that more people are not taking this opportunity to enter a growth field. Real estate agents have survived downturns before and come out way ahead as the market turned. Now is an excellent time to take the required courses and hook up with a powerful real estate company. Here at Prudential Starck we have all the tools to help you build a successful and fun career. Give us a call.

The New License Law

We're all in store for a lot of changes. The major change, everyone is talking about, is the elimination of the "Salesperson" license. By April 30, 2012, all salespersons must become brokers. The exact educational requirements are not yet certain because they are set by "Rule" and the administrative rules have not yet been written.

Those of us with brokers licenses or those currently enrolled in a broker course have no concern. There is a window of opportunity right now for agents to get their brokers license and avoid the rush ... and the unknown.

We have a broker license course starting March 17th in Lake Zurich. If you want to get done now ... give us a call and we'll get you enrolled.

ANOTHER POINT ...

The education requirements for obtaining a real estate license will more than double next year. If you know anyone who would like to consider entering the real estate business please have them call. They can still obtain a license with the current 45 hour requirement but that will be over soon.

Vince DePaulPrudential Starck RealtorsSchool Office630-307-3467

Gov. Quinn signs the new Real Estate License Act

Gov. Pat Quinn has signed the rewrite of the Illinois Real Estate License Act of 2000 which took effect January 1, 2010. Nothing like waiting until the last minute, hey, Governor.


The new license law is much the same as the old law but does include changes to the license categories that we've all heard about. But, don't panic. Those changes will be implemented over the next two years (through April 30, 2012) giving licensees plenty of time to make the transition.



Under the new law, “salespersons” will become “brokers” and existing “managing brokers” (office managers) will transition into the new category of “managing brokers.” If you already have a brokers license or are currently working on obtaining it, you don't have to do anything.


Some parts of the new law do take affect immediately such as new forms and amended language to some old forms. Be sure to check with your managing broker or you can find those new and amended forms at http://www.iarlicenselaw.org/.


The license law rewrite brings a lot of changes ... and let's face it change is not always easy. However, we're professionals and we will all adapt. Just keep you checkbook handy ... IAR stands to make a lot of coin from this new law.

Where Are the Youngsters?

Just noticed that the average age of real estate agents is now 51. While that's not old given today's aging population, it made me wonder why more recent college and highschool graduates are not entering this field and pulling the average age down a bit? We've had a great ride in this career and it will rebound (I think big time) soon. If you're looking at alternatives, take a look at prudentcareers.com for some additional information about a career in Illinois real estate sales.
That being said, if you happen to be an older person (like me) thinking of entering a second or third career, we'd be happy to welcome you also.

Value of Career Nights

Most of the students I've asked have been reticent to attend so called "Career Nights," expressing concerns about being pressured (similar to condo sales events, I guess) to join a company. The reality, at least with our career nights, could not be further from the truth. We want people interested in the real estate career to be able to ask questions, meet active agents, listen to experts, and gain enough insight into the business that they're able to make an informed decision (or guess) as to whether to pursue this as a serious career or move in another direction. The last thing we intend or try to do is pressure someone into the business which is an almost direct road to failure.

Illinois Real Estate License Exam Review

Passing the Illinois real estate license exam just might be easier for you if you read and memorize the review we've written and posted to prudentcareers.com. Here's a excerpt:

General Concepts: Types of real property include residential, commercial, industrial, agricultural, special purpose. The most critical economic characteristic of land is area preference: location, location, location. Physical characteristics are immobility, indestructibility, and uniqueness. Real property includes air rights and mineral rights and the bundle of legal rights: possession, control, enjoyment, exclusion and right to sell.
What distinguishes personal property (or chattels) from fixtures is that personal property is moveable and by removing it the property would not be damaged. A fixture is personal property that has become part of the real estate by attachment, like a light fixture. Tests of a fixture include intent and method of attachment.When you own a home, mortgage interest and property taxes are deductible expenses; principal paid, insurance premiums and private mortgage insurance are not deductible items.

License Law Passes House and Senate from IAR

License law rewrite clears Illinois House and Senate; now headed to governor. IAR’s Real Estate License Law rewrite (SB 1894) was approved on Oct. 15 by the House and on Oct. 29 by the Senate. The bill now goes to the Gov. Quinn for his approval. In terms of timing, the legislature has a maximum of 30 days to transmit the bill to the Governor, and then the Governor has 60 days to act on the bill. However, IAR anticipates that the bill will be acted upon relatively quickly. If approved, the section of the bill containing the Real Estate License Act is effective December 31, 2009. The bill gives licensees until April 30, 2012 to go through the proficiency exam or coursework requirements. Read IAR's License Law talking points and Q&A to help clear up any misconceptions about the proposal.

A Message From Andy Starck

For almost fifty years Prudential Starck,Realtors® has helped usher new licensees into the exciting world of real estate sales. Long known for our training, we are one of the very few companies that continues to employ a full-time career development person to train and coach new associates. That training is new and unique for the times and vastly different from methods of the past. Further, our two powerful brands, Prudential and Bank of America, and our lead generation capability also help to insure you will have the best possible chance for success. Real estate sales is all about relationships, it's a simple business,but it's not an easy business. You must bring a strong desire to succeed and a high energy level, be trainable and be a self-starter. Anyone can do it, but not everyone will do it. At Prudential Starck, you will increase your odds of carving out a new, successful and rewarding career for yourself."

Message from Your House Academy

No news from Springfield yet about the revised license law ... but it's coming. The salesperson's license category will be eliminated and all agents will need to be either Brokers or Managing Brokers. Now's the time to get your broker license ... before the rush.We're starting a new broker workshop series in October in Arlington Heights during the day and offering a special reduced tuition. I've attached a flyer and a registration form. Please call with questions or to register. Your call is always welcome at your school office.
Vince DePaul Prudential Starck Realtors School Office630-307-3467

FREE REAL ESTATE CAREER SEMINAR IN OCTOBER

The real estate market place is dynamic and always changing. Right now it looks like it's changing for the better. With the encouraging reports in the media recently, and the $8,000.00 first time buyer tax incentive, more and more people are buying and selling homes today, and they're looking for guidance from real estate sales professionals. A career in real estate is potentially more rewarding now than ever before.

Men and women interested in exploring the possibility of starting a career in the real estate industry are invited to a free Real Estate Career Seminar, Tuesday evening October 6, 2009 at 7:00 PM at the Prudential Starck Realtors office, 1218 E. Main Street (Rt.64) in St. Charles.

The seminar is called "A Night of Questions and Answers" and will focus on requirements for licensing, qualifications and exams along with questions about earning potential, training and what it takes to get started.

Refreshments will be served. Reservations are requested and can be made by calling 800-375-7032. For more information call or go to YourHouseAcademy.com.

What is a Life Estate

Another topic that confuses some students involves understanding what a Life Estate is all about. People can hold different interests (estates) in real estate: freehold (ownership) or leasehold (lease). Within the freehold catagory there are several types of fee simple and one called "life estate." A life estate is created when someone deeds ownership of realty with the stipulation that the ownership terminates upon the death of some individual. An example might be deeding a home to aging parents for as long as they're alive with the ownership reverting (reversionary interest) to you when your parents die. The "life of" person could be the grantor, the grantee, or some other person (called pur autra vie for the life of another). One question that might come up is can the grantee sell the life estate? Yes, but whoever buys it will still lose ownership when the life of the person named in the deed die (remember you can only sell what you own and you only own the property as long as the named person is alive.)

Flexible Learning Method

For the past ten years or so, we've been using a teaching method that involves combining home study with classroom lecture (our workshops). This gives the student several advantages when taking the required 45 hour prelicense course:

• Study and complete the course at your own pace, taking from several weeks to as much as six months.
• Usually involves much smaller groups with more time for individual attention.
• Lectures can be repeated at any of the workshop locations if needed.
• Workshops attendance is not mandatory.
• Fewer hours are required sitting in a classroom.
• Individual tutoring and all-day reviews are available.

What you must remember is we're teaching material needed in order to pass the State of Illinois licensing exam, not teaching you how to function as a real estate agent. Both the textbook, workbook, and workshops focus on exam type material. With the flexible learning method, we also provide an instructional cd for additional practice. We are currently offering the workshops at several locations here in Northern Illinois and welcome your call or email for additional information. If you'd like to register online, click here.

Consumers Want Real Estate Agents

A few years ago I heard a report from the man who supposedly "brought down the travel agency business" by developing on-line reservations systems for airline tickets, hotel reservations, car rentals, etc. ... all the things that were typically handled by travel agents. He turned his focus to the real estate business and created Zillow with the goal of "bringing down the real estate agency business." Lots of people outside the real estate industry thought that he could do it. People inside the real estate industry knew that it was just more "hog wash."

Real estate professionals know that there's something they provide that the internet can't and people really value that "something."

Consumers want a low price and discounts and rebates make sense in many industries, particularly the retail industry. However, one of the first things a real estate license student learns is the difference between "Real Property" and "Personal Property" and viva la difference. Real estate (real property) is just not sold the same way as personal property (i.e. airline tickets, hotel rooms). So far the internet has done little to sway a big percentage of housing consumers away from brokers.

Today, with the huge number of foreclosures and short sales, people, both buyers and sellers, need agents more than ever just to navigate through all the mine fields that these kinds of properties bring to the game.

Does anyone really think the role of the real estate professional will be diminished? We'll be challenged by the competition the internet brings, which is a good thing. But real estate agents are here to stay and our numbers will increase.

Agents should not be concerned. Those who think there’s some easy way to replace the service we provide are wrong ... at least that's what the consumers have concluded so far. The services we provide are just too valuable to walk away from. Perhaps consumers really want something more than just a low price.