In this lesson, we discuss real estate contract law. On the national portion of the IL broker exam, the largest percentage of questions are on Contracts. For the examination, you need to be aware of the definition of a contract, the essential elements of a valid contract. What is a valid, void, voidable or unenforceable contract? Be sure to watch till the end for some sample questions. So, grab your notebook and something to write with and dive into today's lesson on Contracts.
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The purpose of this channel is to help you pass the IL broker examination the very first time. If you have additional questions or other topics you want me to cover in future videos, leave them in the comments. After watching this, hop on to the next video. You got this!
A bit about me: I’m Nonye, a licensed managing broker in IL as well as a licensed instructor. I bring you weekly videos with the best tips and tools for getting your real estate license in IL as well as answer any questions you may have about the process. If you are getting your license in a different state, some of the information may apply to. However, please be aware that the content here is Illinois focused.
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Time Stamps:
00:00 Intro
01:17 What is a Contract?
02:04 How do you create a contract?
03:54 What makes a contract valid?
10:00 Validity of Contracts
14:08 Some Terminology
16:33 Sample Questions
21:39 Conclusion
What to Expect From the Real Estate Course: https://youtu.be/adh94ttHEaU
12 Most Common Questions About the IL Licensing Exam: https://youtu.be/MRXDet7StEM
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