The latest legal news for Illinois Designated REALTORS®
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Legal forms updated

LEAD STORY

Legal Forms Fully Updated  

By Mindie Nesch, Ethics and Legal Services Manager, and
Betsy Urbance, General Counsel and Vice President of Legal Services

New language for brokerage agreements includes surveillance (audio and video), consent (including phone) and protected class gender identity, plus two NEW forms offered are the Affirmation to Cooperating/Buyer’s Broker and the Office/Company Start-up Checklist. Read up on the fully updated forms prepared by Illinois REALTORS® Legal Services.

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  • Download all legal forms, complimentary for Illinois REALTORS® members. (Login required for this popular member benefit.)

 
Heavy rain and disclosure of leaks

HOT ON THE HOTLINE

Disclosure of Seepage or Leaks in Basement

By Anneliese Fierstos, Illinois REALTORS® Legal Hotline Attorney 

Given this spring’s heavy rains, is it necessary to disclose seepage or leaks in the basement that have never occurred before in the history of the home? Read 5 quick Q&A on hot topics including disclosure, property management, dual agency pitfalls, earnest money and unclaimed escrow.

 
Legal Case Studies Background Checks

LEGAL CASE STUDIES • by Lisa Harms Hartzler, Sorling Northrup Attorneys

Credit reporting agency did not violate Fair Credit Reporting Act by disclosing rental applicant’s guilty plea and supervision  

6 legal case studies in this issue: Credit reporting agency did not violate Fair Credit Reporting Act by disclosing rental applicant’s guilty plea and supervision; Buyer entitled to specific performance under purchase contract; First-time buyers allowed to proceed against real estate agent for negligent representation; Property owners who built barn in violation of county ordinance had no cause of action against village issuing building permit; Real estate broker’s misrepresentation as to commercial zoning was potential violation of Real Estate License Act and Consumer Fraud and Deceptive Business Practices Act; and Corporations may be persons under the Gender Violence Act.
 
End of Session Video

WATCH THIS

License law changes among four critical wins at the State Capitol 

Because real estate is a fast-changing industry, a rewrite of the Illinois license law is mandated every 10 years. Months of work by an Illinois REALTORS® member-led task force, our legal and advocacy teams in partnership with the Ill. Dept. of Financial and Professional Regulation (IDFPR) resulted in an agreed-to bill, which is expected to be signed into law by Gov. J.B. Pritzker this summer.  

Know that your Illinois REALTORS® Legal Services team will provide you with regular updates and guidance on the changes, which potentially could take over a year to fully deploy and impact your business.  

Learn more about four critical wins from this historic legislative session including a last-minute attempt to triple the real estate transfer tax for nonresidential. Our longstanding relationships with lawmakers and RPAC made the difference on this issue to protect our members.
 
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managing broker renewal

MANAGING BROKER RENEWAL

Post-Renewal Managing Broker Checklist 

Have you printed or downloaded your renewed license and have it readily available for review? That’s just one of five housekeeping items for your to-do list during this period immediately following the April 2019 managing broker license renewal. Get the checklist.

 
disciplinary action

DISCIPLINE

Recent IDFPR Real Estate Disciplines

Real estate managing broker license fined $1,000 for failure to disclose financial relationship to parties in two transactions and failing to obtain written authorization to act as a dual agent. Read more disciplines.