The latest legal news for Illinois Designated REALTORS®
View this email in a browser.
DR Legal News
compensation

LEAD STORY

License Act Changes Include REALTOR®-led Initiative on Compensation

by Jeffrey T. Baker, Associate General Counsel & Director of Legal Services, Illinois REALTORS®

Governor Rauner recently signed legislation that is meant to clarify the guidelines regarding the types of entities that licensees may use to directly receive compensation under the Illinois Real Estate License Act. Licensee’s may now choose any form of “business entity” to be directly compensated by their sponsoring broker, so long as the licensee is the sole owner of that entity. The bill was the result of negotiations between Illinois REALTORS® and the Department of Financial and Professional Regulation (IDFPR). 

Download contract

> Oct. 31 Deadline for Entity License Renewal: Email notices were sent by IDFPR for brokerage firms operating as an entity to renew by Oct. 31. Check your spam as it may have come from "FPR.notice@illinois.gov".

 
wire fraud

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

Who is Liable in Fake Wire Transfer?

Legal case studies this issue: Realty agency and seller’s representative held liable for fake wire transfer instructions, new landlord has no standing to sue for past rent, condo owner failed to prove Fair Housing Act violations, PINs not exempt from FOIA disclosures of vacation rental adjustments, immunity for sidewalk snow removal limited, and property owner cannot evade creditors by transferring encumbered property. 

 
disciplinary action

DISCIPLINES

Recent IDFPR Real Estate Disciplines

Real estate broker license indefinitely suspended for a minimum period of six months and fined $4,000 for failing to remit earnest money to the buyer of the property. Read more.
 
team names legal video

WATCH THIS

Team Names Video 

In episode 1 of this new video series, the Illinois REALTORS® Legal Team Betsy Urbance and Jeff Baker tackle the hot topic of team names: what to consider in naming your team to stay compliant with license law and company policy as well as advertising considerations.  (link to come)

 
facebook and HUD

HOT ON THE LEGAL HOTLINE

Advertising and Social Media 

Facebook is removing thousands of targeting options from its advertising platform after the Department of Housing and Urban Development accused the social media giant of discriminatory practices with its housing ads.

Video: Avoid Illegal Marketing

> Watch NAR's "Window to the Law: How to Avoid Illegal Marketing" to steer clear of violating the Fair Housing Act’s prohibition on discriminatory marketing practices in your social media posts. 

 
MRED
newsletter sponsor
 
flood insurance

VOTE 2018

Home Rule, Tax Battles in Nov. 6 Elections 

By Mike Scobey, Senior Director of Local Advocacy & Global Programs 

Illinois REALTORS® is working to stop home rule on the ballot in seven municipalities for the Nov. 6 elections—plus two transfer tax referenda, including a graduated tax proposal in the City of Evanston that would be the first of its kind in Illinois. We will oppose it. 

Real Property Alliance

> Learn more and ask your clients to join the fight on these issues affecting local property taxes.

 
REALTOR Safety

SHARE THIS

Free Safety Webinar

September is REALTOR® Safety Month. Register for NAR’s free safety webinar Sept. 18 at 1 p.m. CDT “Ready to break bad habits that are putting you at risk?” 

> Find
more safety resources from NAR to help keep agents safe on-the-job.  
 
CPIM

Discounts on Errors & Omissions Insurance
20-year member benefit partner of the Illinois REALTORS®