The IAR Legal Center is a resource for members of the Illinois Association of REALTORS® related to the laws, regulations and policies that govern the real estate industry in Illinois.
TILA/RESPA Webinar - On May 4, IAR and the Illinois Bankers Association offered a webinar on how the integration of the Truth in Lending Act (TILA) and the Real Esate Settlement Procedures Act (RESPA) in August will affect the industry. Leonard A. Bernstein, Managing Partner of Reed Smith, LLP, in Philadelphia, led the webinar. Download a recording and the PowerPoint presentation.
New "seller disclosure" form in 2015 - Effective Jan. 1, 2015 there is a revised Real Property Disclosure Report form (#108) which adds windows and doors in the section related to material defects including walls and floors. Click here for the revised form available in legal and letter formats. Not sure if your seller needs to fill out the form? IAR Legal Hotline Attorney Betsy Urbance outlines when the new form should be used in an IARbuzz blog post.
REALTORS® cautioned against using drones - IAR members who are eager to use “drones” in their businesses should take note that the Federal Aviation Administration (FAA) has recently become active about trying to stop the commercial use of drones and seems to be specifically targeting real estate brokers. Read more from IAR Legal Services.
Concealed Carry Law recommendations and sample policy:
IAR formed a Task Force to look at how members should respond to changes to state law which allow residents to carry firearms. You'll find a Model Office Policy, a sample Sponsoring Broker-licensee Contract and a sample Residential Property Owner Release Form in IAR member downloads (member login required). Information from the Illinois State Police https://ccl4illinois.com/ccw/public/home.aspx
Video: Overview to Updates to Illinois Community Association Management law - IAR legal counsel discuss the Community Association Management law and which licenses are needed, requirements, training and who should have a license. Updates for Jan. 1, 2014 are discussed.
Video: Brokerage and RELA - In the latest Legal Webinar Quick Topics video, IAR legal counsel cover the types of real estate broker status and activities covered by the Real Estate License Act so that you can be sure you are in compliance.
Video: Affordable Care Act: What Does Oct. 1 Mean to You?
Learn about the Affordable Care Act and other timely information from IAR's Stephen J. Bochenek and Betsy Urbance.
Know that not every real estate licensee is a REALTOR®.
The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. Read more about Professional Standards and Ethics Enforcement.
Illinois real estate licensees are licensed by the Illinois Department of Financial and Professional Regulation (IDFPR), Bureau of Real Estate Professions and governed by the Illinois Real Estate License Act of 2000 (225 ILCS 454).
Need help in resolving a dispute with a REALTOR®?
The Illinois Association of REALTORS® (IAR) has a Consumer Help Line to try and resolve questions relating to real estate transactions.
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