Wrapping Up the Year: 5 Things to Do Before 2015
The November edition of the D.R. Legal News is the last one for the year, but it gives us a chance to go through some end-of-the-year matters that may be beneficial to address or at least be aware of, before the end of the year is upon us and the days and our time grow shortest. Perhaps a few of these year-end tips will be beneficial as you end 2014 and plan for a happy and prosperous new year.
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 automatically, indefinitely suspended for a minimum of three years for violating the terms of an order.2) A real estate managing broker license was placed in refuse to renew status due to his failure to maintain accurate or complete escrow and business records and failure to properly manage. Read more >
Top 4 from the IAR Legal Hotline and Transaction Helpline 3Q14. Under “Scope of Real Estate License Act,” Q. Is it legal for me to pay referral fees to unlicensed individuals for referring real estate sellers or buyers to me? A. No. Generally speaking, you cannot pay anything of value to an unlicensed person in exchange for referring real estate brokerage business to you. Read more.
NEW! Ethics Citation Program. Illinois REALTORS® operate under the REALTOR® Code of Ethics which outlines standards of professional practice. Under a new program of the IAR Professional Standards Committee, if a dispute arises with a REALTOR® regarding several provisions of the Code, complaints may be filed for review by a panel of IAR members which specializes in ethical standards. The complaints, which can be filed anonymously, can come from REALTORS® or a client. If a filing is found to meet the program’s standards, a Citation Panel will review the case. If the Citation Panel believes a violation has occurred, a citation will be issued to the Respondent, along with a set fine. The Respondent has the opportunity to pay the fine within 30 days or request a hearing before an Ethics Hearing Panel. Fines range from $250 to $1,000, depending on the nature and severity of the violation. Learn more: www.illinoisrealtor.org/disputes
Online Only! D.R. Legal News and is published online only in a downloadable PDF format that is e-mailed to all IAR members who are the Designated REALTOR® (or D.R.) for their real estate office. Be sure to watch and open all e-mail from “IAR Communications” or the "Illinois Association of 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 Association of REALTORS®. For reprint permission, contact email@example.com.
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