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.)