Yeah, basically what @dadarkgtprince said.
It does lead to some odd behavior sometimes though. You can get complicated and throw some state change detection or variables in to catch the edge conditions, but generally I like to use the "just try it and see how much it annoys me approach". If the kids play with the switches often, and the temp changes are infrequent, then you might want to put in some additional logic, but otherwise, I think what you have is good.
You can simplify it a little bit if you want though.
Change Else-If to Else, and delete the rest of that statement. Its unnecessary.
Off: Andrew's Fan
If the temperature is not >74, then the fan turns off, otherwise it comes on. The default condition is off.