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License Law Rewrite Q&A: Salesperson, Broker, Managing Broker
On Dec. 31 Gov. Quinn signed into law the rewrite of the Illinois Real Estate License Act of 2000. Please tell your agents about www.IARlicenselaw.org, where they can find Q&A, revised forms, educational webinars and podcasts. Below are FAQs related to the transition periods for license category changes from “salesperson” to “broker” and “broker” to “managing broker.” Also link to a legal webinar regarding licensure categories and educational requirements.
- If I hold a broker’s license today, what is required of me to renew before my license expires on April 30, 2010? Your requirements to renew your broker’s license for your next renewal remain the same. You will owe the fee to renew, and 12 hours of continuing education for the two-year renewal period ending 4/30/2010 along with successful completion of the existing six-hour broker management continuing education course.
- If I hold a salesperson’s license today, what does this mean for my license that is due to expire on April 30, 2011? Your license will be extended for another year and will expire on 4/30/2012 instead of 4/30/2011. No new salespersons’ licenses will be issued after 4/30/2011, and the salesperson license category will no longer exist after 4/30/2012. Salespersons as of April 30, 2011 have until April 30, 2012 to either pass a state-approved proficiency examination given by a course provider OR take 30 hours of education and pass an exam.
- How does a broker transition to the “managing broker” category? Once the transition is complete there will be two main categories of licensure: (1) managing broker and (2) broker. Existing broker licenses will remain the same and some brokers will transition to managing broker. “Managing brokers” on record with the Illinois Department of Financial and Professional Regulation on April 30, 2011 will have until April 30, 2012 to either pass a state-approved proficiency examination given by a course provider or take 45 hours of education and pass a state-approved exam.
- Do I need to worry about the transition right away? For the most part, no. The transition period does not begin until May 1, 2011. IAR will be publishing up-to-date information to assist licensees with the transition.
Updated Free Forms
IAR legal counsel has prepared new and updated forms based on the Illinois License Law rewrite, which you can download from www.IARlicenselaw.org or free forms.
- Disclosure of Contemporaneous Offers (form #427)
- Disclosure of Tenant’s/Lessee’s Designated Agent (form #349T)
- Disclosure of Buyer’s Designated Agent (form #349)
- Additional Agent Designation (form #340)
- Disclosure and Consent to Dual Agency (form #335)
- Exclusive Buyer Representation/Exclusive Right to Purchase Contract (dual agency disclosure and consent included) (form #338)
- Non-Exclusive Buyer Representation Contract (dual agency disclosure and consent included) (form #339)
- Exclusive Right to Sell Contract (dual agency and consent included) (form #342)
- Exclusive Seller Representation Contract (dual agency and consent included) (form #425)
Preview of 2010 Referenda - IAR Advocacy Tackles Home Rule
In every election cycle in Illinois, there are a handful of municipalities that seek to become a home rule unit. Under the Illinois Constitution, a municipality that is not home rule is permitted to seek that status through voter approval in a referendum. (Municipalities with a population of 25,000 or more are automatically granted that status.) On the Feb. 2 ballot, there are three Illinois towns seeking home rule: Midlothian and Hometown (Cook County), and Sammons Point (Kankakee County).
REALTOR® associations have expressed concerns with several of the powers that are utilized by home rule municipalities. Such powers have included: point-of-sale inspection of properties, unlimited ability to tax real property, a variety of regulations imposed on rental properties. The Mainstreet Organization of REALTORS®, working with IAR's Advocacy Program, will be informing voters using direct mail pieces in Midlothian and Hometown about these powers and the possible implications for real estate and property ownership. Good News! IAR has learned of NO real estate transfer tax referenda in Illinois in the Feb. 2 election.
New Title Insurance Company/Agent Look-Up from IDFPR
There is a new online Title Company/Agent Search tool to verify whether a title insurance company is properly licensed and the title insurance agent is properly registered. Mike Rooney, supervisor in the Title Insurance Section of the Illinois Department of Financial and Professional Regulation (IDFPR) says: “REALTORS® can add value by telling their clients about the new search tool, which can be used before closing to check if the company or agent is in good standing with the Department. What you are trying to avoid is doing business with rogue agents, people holding themselves out as a title company or agent when they are not licensed or registered with the State of Illinois.”
Good Funds Legislation
IAR legal counsel Steve Bochenek explains how the “Good Funds” legislation (Public Act 096-0645), effective Jan. 1, 2010, will have some tangential effect to members of the Illinois Association of REALTORS® in his recent post to the IAR blog, wwwIARbuzz.com. According to Bochenek: “The legislation deals with title insurance companies, title insurance agents and independent escrowees who are making disbursements from a fiduciary trust account in connection with an escrow, settlement or closing.”
New Forms for Illinois’ New Protected Class
Public Act 96-447 (effective Jan. 1, 2010) adds “order of protection status” as a protected class in the Illinois Human Rights Act. According to IAR legal counsel: "Housing can’t be denied to a person based on the fact that the person is covered by an order of protection granted by a court in Illinois or a court from any other state. This covers the person who is protected, not the perpetrator. It is important to note that real estate transactions do include leases, so landlords and property managers need to be aware of this change. Lease provisions that might result in violations of the lease terms and possibly lead to eviction due to actions of others should be reviewed and revised. Also, an order of protection could not be used as the basis for not leasing to the protected party. This will also affect employers. Employers may not refuse to hire or make other employment decisions based on an employee’s or applicant’s status as being covered under an order of protection." IAR has revised several of its downloadable forms related to this new protected class, available from the free forms section of the IAR website.
Housing Market Forecast
According to economist Geoff Hewings, director of the Regional Economics Applications Laboratory of the University of Illinois in his latest forecast: “Forecasts for December, January and February indicate sales increasing robustly in Illinois and Chicago on an annual basis, but median price movements in Illinois hold the potential for a mild recovery that is not, as yet, evident in the Chicago market.” See the IAR news release and related housing market talking points.
Illinois Homebuyer Toolkit
Use this resource from the IAR Advocacy Program to better understand the motivations and opinions of recent homebuyers in the state of Illinois.
Illinois Profile of Home Buyers and Sellers
More than half of home buyers in the 2009 Profile of Illinois Home Buyers and Sellers were first-time buyers. According to the survey prepared for IAR, 51% of buyers were first-time buyers, compared to 47% nationwide (a figure which has averaged closer to 40% nationwide since 2001).
Capitol Conference March 23 in Springfield
Join hundreds of your colleagues at the State Capitol for IAR’s annual Illinois REALTOR® Lobby Day on Tuesday, March 23.
Nominate a Peer for the IAR Distinguished Service Award
The application deadline is Jan. 31 for the Distinguished Service Award honoring outstanding contributions and service to IAR and the community.
Trouble Logging in to IAR Members Only Information?
IAR recently launched a new login procedure for the website that lets you set up your own account with the username and password of your choice. First time, however, you must enter your 9-digit NRDS number to set up the account. Learn more.
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