Preparing Excellent Teachers Act of 2007 - Amends the Elementary and Secondary Education Act of 1965 to direct the Secretary of Education to make competitive, three-year, matching grants to high-need local educational agencies (LEAs) to establish and support teacher residency programs under which residents engage in rigorous master's level coursework at a college or university with which the LEA has an agreement while undertaking a guided teaching apprenticeship alongside a mentor teacher.
Requires mentor teachers to have at least five years of teaching experience at a school in the high-need LEA and a master's degree in education or teaching.
Requires program participants to attain full state teaching certification prior to completing the program and accept placement for at least five academic years thereafter in a school chosen by the high-need LEA.