FHA Extends Anti-Flipping Rule Waiver Through 2012

December 27, 2011 by Leave a Comment

On Friday, the Federal Housing Administration announced that the ‘anti-flipping rule,’ which prohibits a buyer from purchasing a property using FHA financing if the seller has owned the property for fewer than 90 days prior to the date the contract was written, has been waived through December 31, 2012.

 HUD initially waived this rule in 2010 in order to remove barriers for individuals wanting to purchase properties that were recently acquired by investors through the foreclosure sale process.  Recognizing that the foreclosure rate is still dramatically elevated across the country, HUD has taken the necessary steps to ensure that the waiver remains in place through 2012.  We expect a notice about this action to be posted on HUD.gov and/or FHA.gov soon.

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REAL ESTATE AGENTS – Freddie Mac is Offering You a Holiday Gift

December 7, 2011 by 1 Comment

If you’re a real estate agent looking to pick up a little extra cash this holiday season (and which one of us isn’t?!) Freddie Mac – the nation’s second largest purchaser of residential mortgage loans – wants to help you make a quick $1,000.

How?

Simple.   If you are the selling agent on an Illinois property owned by Freddie Mac and offered for sale through the HomeSteps™ program, Freddie Mac will pay you an additional $1,000 bonus at closing.  (Some other states are eligible for this offer too.) Only owner-occupied transactions are eligible for this incentive, and the initial offer on the property must be submitted between November 15, 2011, and January 31, 2012. Additionally, the transaction must close no later than March 15, 2012.  Your buyers are even eligible for a 3% closing cost credit and a free home warranty!

Full details can be found at www.homesteps.com/homebuyer/offers.html.

Happy selling!

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FREE Workshop: Video Blogging for Real Estate & Mortgage Professionals

September 19, 2011 by Leave a Comment

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The Latest News from the Real Estate Educator Association Conference

June 27, 2011 by Leave a Comment

Recently, I attended the annual conference of the Real Estate Educator Association in Las Vegas.  I am pleased to report that the Real Estate Institute continues to be a leader in real estate education. I learned that we have already been utilizing the delivery methods and techniques that were first suggested by the regulators.  Some of the largest national providers of materials and technical delivery products are now beginning to suggest these methods.  Most schools are finally thinking about offering the type of web-based classroom broadcasts that Real Estate Institute has been doing for the last two years.

Is the Value of Agents Diminishing?
As a licensed broker, I was very interested to hear that the public continues to believe that real estate professionals are the best source for information about available properties.  Of course, if information about property inventories is the main reason buyers and renters are seeking our help, then we are in big trouble.  The internet will be replacing us before we know it. Training real estate licensees about how to emphasize the benefits of the other services they offer to the public was a recurring topic of the conference.

In Real Estate Institute’s new pre-license and post-license courses, we have been training new licensees to better serve the real estate needs of the public. For example, we concentrate on third-party negotiations, which are a huge benefit for prospective clients.  We teach our students how to proceed in transactions ensuring the best price for the party whom they are representing.  Our new continuing education courses will continue to address this issue.

Prospecting with Social Media
There was a lot of discussion about social media (facebook, LinkedIn and Twitter) at the conference and the fact that only a very small number of licensees have learned how to take advantage of these forms of prospecting. Based on what I heard at the conference, the Real Estate Institute will be adding programs to assist our students in this area.

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Now Available – Online Real Estate Pre-License Courses!

June 6, 2011 by Leave a Comment

For individuals looking to start a career in real estate or simply become licensed to take advantage of the real estate investment opportunities, finding a pre-license school in their area offering the new state-approved broker and managing broker courses has been a challenge.  For new Illinois real estate licensees, the state has mandated a 15-hour interactive program as part of the 90-hour licensing requirement.  This interactive program must be completed in a classroom or live classroom equivalent, which means it cannot be completed via self-study. 

Real Estate Institute began offering the pre-licensing courses as soon as the salesperson license was eliminated in March.  Illinois’ first new broker licensee is one of our students!  By attending our modular classes, students have been completing the interactive class requirement in as little as 3 weeks.  The live interactive classes are offered at our school in Niles, Illinois.  While this has been convenient for those in our area, we strive to serve students outside the Chicagoland area (and even out of state)!

In addition to offering classes, Real Estate Institute is pleased to announce that we are now offering online pre-license courses!  If you have completed the self-study portion of your real estate pre-licensing program by successfully passing all the required lesson exams, you qualify to join us on June 9th, as we launch our newly offered webinar. This online course fulfills the 15-hour interactive requirement.  These interactive webinars provide the convenience of participating from home or your office. 

You will benefit from instructors who have extensive frontline real estate experience in addition to being professional trainers. You can ask the instructor questions as if you were sitting in the classroom. Your interest and attention will definitely be captured during this lively program.

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2011 Real Estate Educator of the Year Named

May 26, 2011 by Leave a Comment

On Friday, May 20, the Association of Illinois Real Estate Educators (AIREE) presented its highest honor – the 2011 Real Estate Educator of the Year award – to Scott B. Toban. The association recognizes Scott’s numerous achievements and contributions to the real estate community in Illinois.

Educator of the Year - Scott Toban

Since focusing his career on education in 2004 as a Principal at the Real Estate Institute, Scott has established himself as a leading Illinois real estate educator.  Scott’s 16 years as a practicing lawyer and his unique experiences in a variety of professional settings have strengthened his abilities as a dynamic speaker and teacher of various education topics, including real estate law, brokerage practice, ethics and professional responsibility.

Immediately prior to joining the Real Estate Institute, Scott was a partner of the international law firm Mayer, Brown, Rowe & Maw LLP (now, Mayer Brown LLP).  Scott’s legal practice has concentrated on real estate, finance and professional regulation.  Scott earned his Juris Doctor from the University of Chicago Law School in 1995, and he graduated with highest honors from the University of Illinois at Urbana-Champaign with a Bachelors of Science in Accountancy in 1992.  He is a Registered Certified Public Accountant in Illinois. 

Recognizing Scott’s knowledge and passion for the real estate industry from multiple perspectives (as a lawyer, real estate broker and educator), Governor Quinn appointed Scott as a member of the Illinois Real Estate Administration and Disciplinary Board and the Illinois Real Estate Education Advisory Council in 2010.  Scott has already made a key impact on Illinois real estate brokerage by contributing revisions to the recently adopted Administrative Rules implementing the Real Estate License Act of 2000.

This is not the Real Estate Institute’s first Educator of the Year. Real Estate Institute is the only professional education provider in Illinois to have two generations of award recipients. In 2002, Alan Toban, Scott’s father, was recognized for his achievements as an accomplished author of numerous real estate, mortgage and finance books, as well as his 30 years of experience in real estate and finance.

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Let’s Interact!

April 21, 2011 by 1 Comment

Starting May 1, 2011, the state of Illinois will issue a “Broker” license for entry-level real estate agents. New Broker licensees are allowed to help others buy, sell, manage and lease all types of real estate.  In order to obtain the “Broker” license, applicants must complete a 15-hour “interactive class.”   Real Estate Institute will begin offering this live class in May!

“It’s really exciting to be a pioneer in the creation and development of classes that go beyond key terms and textbook material,” said Sue Miranda, instructor at the Real Estate Institute.  “The Applied Real Estate Principles 15-credit-hour interactive class delivers as the title promises. Students will learn to apply the basic textbook knowledge they receive in the program.”

Real Estate Institute’s interactive classes cover a variety of scenarios that will prepare students to pass the state exam and give them a better understanding of the real estate brokerage business. Sue further explains, “Our students will learn about real-life situations encountered by real estate licensees.  Students will receive a hands-on, step-by-step approach that will walk them through a real estate transaction from the beginning to a successful closing. “

In order to take the interactive class, students must complete a 75-credit-hour course: “Broker Pre-License Topics.”  Students can enroll now to begin this self-study course.   Real Estate Institute offers a discount package combining the 15-hour interactive class and 75-hour self-study class to satisfy the entire pre-license education requirement.

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New Deadline for Illinois Real Estate Exam

March 10, 2011 by Leave a Comment

As you may have heard, beginning April 30, 2011, the Illinois Department of Financial and Professional Regulation (IDFPR) will no longer issue new real estate salesperson licenses.  The original deadline for a new salesperson candidate to pass the state exam was March 15, 2011, to allow the state sufficient time to process and issue the new licenses. 

For many of you who have been pulling all-nighters to meet this looming deadline, your stress levels were taken to new heights when you found out that most test centers around the state were full.  Real Estate Institute has fielded so many calls from panicked students.

Good news is here!  Real Estate Institute was notified by the IDFPR yesterday that they have authorized Applied Measurement Professionals (AMP) to extend the deadline for salesperson examinations as follows:

  • Testing will now be permitted through Saturday, March 19, 2011.

For more information visit the IDFPR’s website. http://www.idfpr.com/dpr/re/REALEST.asp

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Only a few weeks left … You can do this!

February 11, 2011 by Leave a Comment

I did it!If you or anyone you know has ever considered getting a real estate license, this is the time to do it.  March 15, 2011, is the last date that a new Illinois real estate license candidate can complete a 45-credit-hour pre-license course and attempt the state exam.    If you miss this deadline, the education requirement DOUBLES! 

There’s still time to get your license before the new license requirements go into effect  You can do this!  Real Estate Institute’s real estate pre-licensing self-study program can be completed within a few weeks if you follow the three steps listed below:

1.  Develop a plan.

The textbook contains 17 chapters. Plan to study one chapter per day.  You should read the chapter, do the quiz at the end of each chapter, review the key terms, and call for instructor assistance if you have any questions before moving on to the next chapter. There are six lesson exams that must be completed with a passing score of 75%. Read the chapters in the order that corresponds to each lesson exam.

For example: Lesson 1 contains questions pertaining to chapters 1, 2, 3 and 11. If you are studying one chapter per day, you should be able to successfully submit the lesson exam on day five.

If you stay on track and plan one chapter per day followed by the lesson exams, you will be ready to take the final exam in 24 days!

2.  Stay committed.

You have made the decision to do this. Stay committed to your goal and finish what you started. Call one of our instructors if you have any questions.  They are experienced licensees and can not only help you with the textbook, but also with the practical aspects of the real estate business. 

3.  No Excuses.

Do not make excuses!   You have come this far by developing a plan and staying committed.  Now all you have to do is stay focused and make no excuses that will interfere with your progress. You can do this, and if you need to be reminded, call for instructor assistance.

Ready – Set – Get licensed!

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