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Weekly 5-24-16

Illinois REALTORS® Watching Lawmakers Through Weekend 

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April brings strong gains in Illinois home sales and prices

FOR RELEASE: May 20, 2016

For Further Information Contact: Jon Broadbooks, 217-529-2600

Weekly 5-17-16

Illinois REALTORS® Take Advocacy Efforts to Washington, D.C. 

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May 17, 2016
 
 

 

Weekly 5-3-16

What's Next for Brokers

After April 30 License

Renewal Deadline?

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Hot on the Hotline: Multiple Offers

Hot on the Hotline: Multiple Offers

By Betsy Urbance, Legal Hotline Attorney, Sorling Northrup Attorneys

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?

A: The License Act and the Code of Ethics require licensees to present all offers as soon as practicable, unless the seller waives the right to see each offer. There is no legal requirement that an agent present offers in the order in which they were received.

What Happens After the April 30 Illinois Broker License Renewal?

 

What Happens After the April 30 Illinois Broker License Renewal?

Q&A to share with your brokers, prepared by Carrie Elliott, Education Manager for the Illinois REALTORS® Licensing and Training Center.

I renewed my license online and it does not show that I renewed. How do I know if it worked?

IDFPR Disciplines - May 2016

Real Estate Disciplines

Following are recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation, http://www.idfpr.com/News/Disciplines/DiscReports.asp

  • A community association manager license was fined $500 for engaging in the practice as a community association manager prior to obtaining a license.
  • A real estate managing broker license was indefinitely suspended for a minimum of one year and fined $9,500 beca

Legal Case Studies - May 2016

Legal Case Studies

Research and analysis by Lisa Harms Hartzler, Sorling Northrup Attorneys

Developer was not required to disclose off-site social conditions to purchaser. In Phoenix v. U.S. Home Corporation, 628 Fed.Appx. 825 (3d Cir. 2015), the purchaser of a house in a New Jersey development asserted claims of fraud and negligent misrepresentation against the seller developer.

THE UNCLAIMED PROPERTY ACT: It Applies to You

The Unclaimed Property Act: It Applies to You

Research and analysis by Lisa Harms Hartzler, Sorling Northrup Attorneys

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.