D.R. Legal News

Designated Realtor Legal News

January 2017

Should Illinois Real Estate Brokers “Freak Out” about Horiike v. Coldwell Banker Residential Brokerage Company et al.
(Is it a dual agency case, a disclosure case or a little bit of both?)

The short answer to the question posed in the title of this article is “No.” After a brief analysis of the recent California case, this writing will offer some good reasons why not. In the case of Horiike v. Coldwell Banker Residential Brokerage Company, Cortazzo was the listing agent with Coldwell Banker who represented a seller trust of a luxury property in Malibu, California. Namba was a buyer agent associated with another Coldwell Banker office in Beverly Hills and who represented the buyer, Horiike. Horiike sued Coldwell Banker and Cortazzo (the seller’s agent) when he learned the luxury home he purchased was not 15,000 square feet as advertised. Read more and find helpful agency resources.

5 Legal Case Studies

  1. Text messages did not create a binding contract
  2. Illinois Snow and Ice Removal Act does not provide broad immunity from liability
  3. Buyer owed commission on sale of building under pocket listing
  4. Plaintiffs who were unable to connect RESPA violation to any actual damages did not have standing to sue loan servicer
  5. Implied contract in fact existed between developer and general contractor based on general course of dealing. 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 broker license was placed on probation for one year and fined $3,000 for engaging in unprofessional conduct by failing to act in the best interest of her client by purchasing her client's property without first informing her client of her intent to purchase the property. 2) A real estate managing broker's license was revoked for failure to return earnest money to his client in a timely manner. Read more.

New Year's Resolution: Stay Up to Speed on Legal Issues

Legal webinars

If one of your top priorities in 2017 is to stay abreast of legal issues and changes, then join attorneys Jeff Baker and Betsy Urbance for answers to your questions on top topics including rules revisions, forms updates, drones, insurance coverage and more. Log in from the comfort of your home or office to review these FREE member webinars.

New Year, New Laws

In the 99th General Assembly, which included 2015 and 2016, there were over 10,000 bills introduced in the House and Senate. Here is a summary of some of the new laws of interest to REALTORS® that go into effect on Jan. 1, 2017, including a change to the Real Estate License Act. 

forecast infographic

2017 Housing Forecast

Median housing prices are predicted to rise up to 6.9 percent, while sales could increase up to 8.7 percent in Illinois during 2017, according to an annual forecast by Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory at the University of Illinois. “Over the last 12 months, Illinois’ economy has grown at a much slower rate than the U.S.” notes Hewings. “The state budget impasse combined with weaker (compared to 2015) employment growth has dampened the housing market. However, prices and sales continue to increase and the prospects for 2017 look similar although the growth rates will be in a narrower band.” Download and share the infographic.

Managing Broker Renewal Deadline: April 30, 2017

Managing Brokers licensed PRIOR to February 1, 2015 are required to take 24 total hours of CE. In addition to the 12 regular CE hours, you are required to complete 12 hours of Broker Management CE. Several easy, affordable Broker Management CE options are available, including webinars (you don't have to leave home!) and interactive classroom instruction offered at more than 25 locations throughout the state.
 
If licensed AFTER February 1, 2015, this will be the first renewal as a Managing Broker, requiring 12 hours of regular CE. Learn more:

Office Policy Manual Offers Tips for End-of-Year Record Keeping

Download the Sample Office Policy Manual (Word document), which includes a helpful Records Retention and Destruction Policy to help you ensure that necessary records and company documents—both paper and electronic—are adequately protected and maintained. Also download fillable, legal forms that cover many of your transactions—all have been updated by Illinois REALTORS® Legal Team for you to use in the new year.

2017 Elections: We Need You!

In every election cycle, we need YOU to make sure we elect candidates who’ll fight for pro-business, pro-property rights, low taxes and pro-growth agendas. For 2017, we are already preparing to line up support for candidates in the April municipal elections. Stay tuned. 

Popular RVOICE Brochures Offer Easier, Free Download

RVOICE brochures have been revised and are available in a new, easy-to-print downloadable format. Download and share updated information with your clients on: 

  • carbon monoxide detector laws
  • understanding the cost of owning a home
  • requirements for septic systems owners
  • buying a condominium

RPA Works to Educate Chicago Homeowners, Brokers on Property Tax Appeals; Three Home Rule Initiatives Defeated

In 2016, Chicago homeowners found their property taxes soaring an average of 13 percent—the result of a $363 million hike in the property tax levy, with the money going largely to fund public safety pension obligations. Understandably, many were outraged, and did not understand the property tax assessment system or how to lower future bills. For Real Property Alliance, Illinois REALTORS®’ consumer advocacy foundation, the bills provided an opportunity to aid property owners throughout Chicago.

And during 2016 General Elections in November, Real Property Alliance produced an educational video about the dangers of Home Rule— shared through social media to Auburn, Richville and Yorkville residents. The campaign took place as Illinois REALTORS®’ RVOICE program was sending mailers and making phone calls to residents in these communities. The result was a resounding defeat of Home Rule in all three communities.
 

outreach team

Resolve to Be Involved!
Schedule a Visit from Your Member Outreach Team in the New Year

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.

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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Graphic: Risk Management Toolbox

 


 

 

 

 

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