THE UNCLAIMED PROPERTY ACT: It Applies to You
It has long been traditional in the State of Illinois for a real estate brokerage company representing one of the parties in a residential real estate transaction to hold earnest money from the transaction in escrow. The Real Estate License Act of 2000 contains a number of provisions concerning the proper handling of such escrow accounts. For example, all escrow monies must be held in accounts separate from personal and business accounts and disbursed only as the statute provides.
Perhaps one of the more nettlesome issues surrounding the handling of those funds is what to do with those funds if the transaction never closes and the parties cannot agree on how the funds held in escrow should be distributed. Under the licensing act regulations, if the parties disagree on the distribution of the escrowed funds, then the licensee acting as escrow agent (the sponsoring broker) must continue to hold those funds. There are three scenarios for how and when the sponsoring broker can get rid of an escrow account. Read more.
Six legal case studies are covered in this issue. 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 license was indefinitely suspended for a minimum of one year and fined $9,500 because he acted as the attorney for the buyer in the same transaction in which he was acting as a managing broker or broker. 2) A real estate managing broker license was revoked for violating the terms of a Consent Order. Read more.
7 of 10 Candidates Win with Independent Expenditure (IE) Support
The March 15th Illinois Primary Election provided Illinois REALTORS® with an opportunity to provide a high level of support to candidates for the Illinois legislature as well as local offices. With both RPAC donations and Independent Expenditures (IEs), we were involved in several races throughout the state. Support was given to candidates—both newcomers and incumbents-- who understand and appreciate real property rights.
In addition to direct RPAC contributions, Illinois REALTORS® also provided IE support to 10 candidates. This is support that is not coordinated with the candidate’s campaign and usually takes the form of direct mail to voters. Independent Expenditure support goes to candidates who strongly support REALTOR® positions and who are in closely contested races. The bulk of these Independent Expenditures goes for direct mail and on-line advertising on behalf of the REALTOR®-supported candidates. Read more.
Hot on the Hotline: Multiple Offers
Q: How should I handle multiple offer presentations, and how can I be sure my offer is presented if I am the buyer's agent? Read the answer.
Hot Topic Alert: Fair Housing Act
Criminal History-Based Practices and Policies. Download this resources from the National Association of REALTORS®.
What Happens After the April 30 Broker License Renewal?
Here's a Q&A to share with your brokers, prepared by the Illinois REALTORS® Licensing and Training Center. Can I still practice real estate as a Broker after April 30, 2016 if I have not completed all of the required CE and/or completed the renewal application and paid the fee to the Illinois Department of Financial and Professional Regulation? No. Contact the Illinois Department of Financial & Professional Regulation to learn your options: IDFPR 1-800-560-6420 or FPR.firstname.lastname@example.org. Get the full Q&A.
Up Next: Managing Broker Renewal
Managing Broker licensees must successfully complete 24 hours of continuing education before April 30, 2017. Look for live classes and webinars for the BMCE course work at the end of 2016. www.illinoisrealtors.org/education
Schedule a Visit from the Your Member Outreach Team. 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.
Online Only! D.R. Legal News and is published online only in a downloadable PDF format that is e-mailed to all members who are the Designated REALTOR® (or D.R.) for their real estate office. Be sure to watch and open all e-mail from “Illinois REALTORS."
The D.R. 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 email@example.com.
Copyright Illinois REALTORS® 522 South Fifth Street | Springfield, IL 62701 | 217-529-2600