The Illinois REALTORS® Legal Center is a resource for members related to the laws, regulations and policies that govern the real estate industry in Illinois.
Setting the Record Straight: The news item, "TRID Update: REALTORS® gain access to closing disclosure form," in the October 2016 issue of Illinois REALTOR® should have read:
Lenders MAY provide consumers, sellers and their real estate agents with access to the mortgage closing disclosure form, under a TRID clarification announced by the Consumer Financial Protection Bureau this summer. REALTORS® had fought for the change since the TRID rules went into effect, arguing that by having access to the closing disclosure, they could better serve their clients and consumers would have a better understanding of their mortgage.
Be Competitive - It is important for real estate brokerage companies to periodically review some basic concepts affecting their businesses, in order to keep the business competitive, and to avoid antitrust pitfalls like price-fixing and boycotting. The most important concept for real estate brokerage companies to remember on a daily basis is this: MAKE INDEPENDENT BUSINESS DECISIONS FOR THE COMPANY. This would include company pricing strategies for commissions charged to consumers for the services of company agents and what the company will offer to other real estate brokerage companies who cooperate by bringing buyers and tenants to the table.
Companies should analyze these amounts as income and expenses of doing business in a competitive market and figure out what the company needs to charge in order to realize a reasonable profit. Do not discuss company pricing strategies with competitors anywhere. Companies are free to discuss their own rates with consumers. They can advertise those rates so long as the representations are true and not misleading in any way. Companies must make independent decisions about service providers that the company will use or not use, i.e. advertising outlets. For more information on this important topic, check out this antiturst resource in Legal Issues A-Z (members only).
No company wants a visit from the United States Department of Justice (DOJ) investigating anti-competitive practices. Even if exonerated in the end or allegations are dismissed, these proceedings are typically intrusive, lengthy and very expensive to defend.
Commercial Drone Rules Finally Announced, 'Less' Red Tape to Fly -- July 6, 2016 by Jeffrey T. Baker, Sorling Northrup Attorneys.
Following the June 21, 2016 release of 600+ pages of commercial drone rules by the Federal Aviation Administration, Transaction Helpline Attorney Jeffrey T. Baker produced a report with helpful links to multiple resources. The FAA rules for drones/small UAS will go into effect Aug. 29, 2016.
Illinois Supreme Court rules on condo foreclosure lien case - Source: ISBA E-Clips Daily, Dec. 4, 2015 (Illinois State Bar Association)1010 Lake Shore Association v. Deutsche Bank National Trust Company, 2015 IL 118372 (December 3, 2015) Cook Co. (KILBRIDE) Appellate court affirmed; circuit court affirmed. Under Section 9(g)(3) of Condominium Property Act, the payment of postforeclosure sale assessments formally approves and makes certain the cancellation of the condominium associations's lien, and extinguishment of the lien is confirmed by payment of postforeclosure sale assessments.Plain language of the Act and Foreclosure Law may be reasonably construed together to provide a process to extinguish and confirm the extinguishment of condo association's lien. Defendant bank, which purchased condo unit at judicial foreclosure sale, failed to confirm the extinguishment of condo association's lien for prior owner's unpaid assessments, and thus court properly granted summary judgment for condo association. (GARMAN, FREEMAN, THOMAS, KARMEIER, BURKE, and THEIS, concurring.)
Concealed Carry Law recommendations and sample policy:
Illinois REALTORS® 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 Illinois REALTORS® 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, Illinois REALTORS® 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.
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 REALTORS® have a Consumer Help Line to try and resolve questions relating to real estate transactions.
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