The syllabus does not say "Hubbard Model", so it is unlikely that any question explicitly on this subject would be examined. However, the syllabus does say "Itinerant Ferromagnetism", and they could ask you a question, such as "Why does strong interaction between electrons cause ferromagnetism", and perhaps the easiest way to answer this is to describe the Hubbard model, although you might be able to argue the same thing in different ways well (ex., talk about Hund's rules in molecules). Similarly, one is supposed to know about antiferromagnetism, and possibly you will find it convenient to know about Hubbard model in order to answer some questions that could be asked... but they should not ask any questions that require Hubbard model.
As it turns out, in the history of the course I don't think any such questions (why is there itinerant ferromagnetism, why is there antiferromagnetism) have ever occurred, so you might be fairly safe to ignore it. But then again one never knows what examiners will ask.
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