D.R. Legal News

DR Legal News


May 2017

Illinois Business Brokers Act and Real Estate Brokers

The Illinois Business Brokers Act of 1995 (IBBA), as amended, requires those people who engage in brokering the sales of non-securities type businesses register with the Illinois Secretary of State's office and pay a required fee before engaging in such activity. Annual renewal of the registration and fee are required. There are also disclosure and record-keeping requirements for registrants. Licensed real estate salespeople and brokers may be called upon to assist with the sale of a business that fits within the parameters of the IBBA, so it is important to analyze whether or not they must register with the Secretary of State’s office to ensure compliance. Read more.

5 Legal Case Studies

  1. Fraudulent misrepresentation claim against licensee lacked required evidence
  2. Broker was owed commission when seller caused deal to fall through
  3. Challenge to Chicago’s Shared Housing Ordinance failed
  4. Church stated valid claims against village ordering costly repairs to historic house
  5. Daughter who occupied house by agreement could not quiet title by adverse possession
    Read more.

Real Estate Disciplines

Among the recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation (IDFPR): 1) A real estate managing broker's license was voluntarily surrendered for failure to return earnest money after cancelation of a real estate contract in a timely manner. 2) A real estate managing broker license was ordered to be immediately surrendered and fined $500 and a real estate limited liability firm license was placed in "expired" status and fined $500 as a result of failure to cooperate with the Department in the compliance audit. Read more.

Mortgage Programs

DOWNLOAD > 7 Financing Programs to Help You Get Buyers into a Home

Are you hearing that potential homebuyers are putting off the decision to buy because they believe they must have 20 percent or more for a down payment? FACT: The down payment is lower for many buyers than they realize. And with certain programs, down payments can be even less. Spread the word on homebuyer assistance and mortgage financing programs that require low down payments and in some cases, no down payments. Download this helpful handout to share with your agents and your clients.

WATCH! Legal Minutes New Video Series

Legal Minutes Video

In the first of a new video series, Legal Minutes, Illinois REALTORS® Legal Hotline Attorney Betsy Urbance takes you through the process of what to expect and how to respond when you represent the seller in a multiple-offer situation. Share this video at your next office meeting!

 

The Managing Broker Renewal Deadline Has Passed...
What Are Your Next Steps?

If you or one of your managing brokers missed the April 30, 2017 Managing Broker Renewal deadline, the license will go into a non-renewed status until the licensee completes the required education and submit the renewal application. The licensee should not send in the application until all of the CE requirements are met. Renewing without completing the required education could result in a fine of $25 per credit hour that you were deficient.

  • Is the online renewal still available? 
  • Can a Managing Broker still transfer back to a Broker license if the renewal deadline has passed? 
  • When will licenses be received?

Learn more in your Managing Broker Renewal guide. 

If you need assistance navigating the late renewal process and what education is required for a license, the Illinois REALTORS® Education Team is here to help! 

Home Rule


Election Results: Illinois REALTORS® Defeat Home Rule in Five Municipalities

Illinois REALTORS® delivered crushing defeats to 5 referenda that sought Home Rule powers. The April 4 referenda were in Lynwood, Ottawa, Coal City, Warrensburg and Creve Coeur. The defeats were at 2-to-1 margins or more. Learn more about this important defeat, and other election activities at the local level.

Still Time to Register for Conference & Expo!

Illinois Realtors Conference & Expo

Back in May by popular demand, the Illinois REALTORS® Conference & Expo is May 10 & 11 at the Collinsville Gateway Center. You can register online until May 3 for $149, or walk-in for only $159! Share with your office: up to 6 hours of CE can be earned at this annual event. 

Social Media: Are You and Your Agents in Compliance?

Professional Standards Video

REALTORS® must properly identify their real estate business on Facebook, Twitter and other social media. Learn how to make sure that you and your agents are in compliance with this members-only video: “Article 12 Compliance with Social Media,” featuring President-elect Matt Difanis, ABR, GRI.

More Resources


Online Only! Designated REALTOR® Legal News is e-mailed to all members who are the Designated REALTOR® (or DR) for their real estate office. Be sure to watch and open all e-mail from “Illinois REALTORS."

The Designated REALTOR® Legal News is e-mailed six times per year (January, March, May, July, September, November) to the Designated REALTOR® member of the Illinois REALTORS®. For reprint permission, contact iarnews@iar.org.

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Past Issues


MRED

Managing Broker Renewal

 

Looking for a topic for your next office meeting or regional meeting? The Member Outreach team is available to cover the latest legislative issues in play—local, state and national—as well as new laws, forms, RVOICE resources and RPAC. Call 1-800-752-3274 or Info@illinoisrealtors.org.