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Illinois REALTOR® Weekly Connection

News and resources for Illinois REALTORS®

July 31, 2012

Industry News and Trends

Eminent Domain as a Foreclosure Tool?
Add Chicago to the list of of cities looking at whether governments should use eminent domain power to buy underwater mortgages, restructure them and then resell them to private investors. According to Crain's, Chicago Alderman Edward Burke is asking that a joint committee convene to discuss such a proposal, which is also being debated in California and New York.

Consumer Agency Proposes Easier-to-Use Mortgage Forms
The  Consumer Financial Protection Bureau (CFPB) is proposing “Know Before You Owe” mortgage forms that would be simpler and easier for consumers to use when obtaining a mortgage. CFPB would streamline the two federal disclosure forms that consumers currently receive on their mortgage into one. Read more

NAR: Pending Home Sales Dip; Affected by Housing Inventory
Pending home sales dipped slightly in June in part because of inventory shortages, according to the latest Pending Home Sales Index released by NAR. Pending sales are still higher than a year ago, however, marking 14 consecutive months of year-over-year gains. Watch a new video from NAR Chief Economist Lawrence Yun.

Legal Issues

Does the CAM Licensing Act apply to YOU?
The Community Association Manager (CAM) license is NOT a real estate brokerage license and is administered by Illinois Department of Financial and Professional Regulation (IDFPR). Those who are are managing community associations for a fee, and wish to continue to do so, need to have a CAM License by October 1, 2012. Learn more from IAR.

Aug. 16 IAR Legal Webinar: More on CAM Licensing and Other Legal Hot Topics
Join IAR Chief Legal Counsel Steve Bochenek and Legal Hotline Attorney Betsy Urbance on Aug. 16 as they discuss CAM licensing, property management and license law issues during the one-hour webinar that begins at 9:30 a.m. If you would like your question featured during the webinar, submit it in advance to

IAR Legal Hotline Closed This Week
The Illinois Association of REALTORS® Legal Hotline is closed this week but will reopen on Monday, Aug. 6.

Legislative & Advocacy

West Frankfort Improperly Imposes Real Estate Transfer Tax
IAR is fighting a real estate transfer tax being imposed by the home-rule village of West Frankfort, local Government Affairs Director Kyle Anderson writes for the IARbuzz blog. IAR has sent a letter to the village asking them to stop imposing a fee on the transfer of leases surrounding the city-owned lake.

Senate GOP Leader Meets with IAR Representatives
Illinois Senate Republican Leader Christine Radogno (R-41) and Republican State Senate Campaign Committee Director Ryan Cudney, met with IAR lobbyists Monday and presented their slate of candidates for the upcoming elections. In coming weeks, IAR Governmental Affairs staff and REALTOR® members will continue these meetings with both parties in the House and Senate as we have a long-established, bipartisan track record of supporting Democrats and Republicans.

An "Olympic" Size REALTOR® Fight
Just as boxing is part of the Summer Olympic games, all REALTORS® know that the fight is on to protect the real estate industry and make homeownership a reality for our clients.  Take a look at this video and see if this boxer deserves your gold. Go to and make your investment today.

Gov. Quinn Signs Agenda Transparency Law
The law, which goes into effect Jan. 1, 2013, strengthens the Illinois Open Meetings Act by requiring public bodies to provide clearer, more transparent agendas and meeting notices and make them available to the public for 48 hours preceding the meeting.

Sales and Marketing

The Best Apps for Real Estate Professionals
REALTOR® Magazine highlights the best apps to help agents be more effective from the free (DropBox, HomeSnap and Open House Manager) to the paid (ZipForms, DocuSign and MagicPlan). 

The Right Price Matters
Trulia's Matt Dollinger will share tips and tools (some free and some paid) that can help you set the right price for your sellers in the session, "The Right Tools for the Right Price," at the IAR Fall Conference and Expo, Oct. 2-4 in St. Charles. 

Know Your Ethics Sweepstakes
Complete NAR’s Code of Ethics online training program by Aug. 31 and you will be entered for a chance to win an iPad 3.


August 8
GRI Early-Bird Registration Deadline for the Chicagoland Course II Modules Extended to August 8.  If you have completed Course I of the GRI program, check into our special Course II offering at MORe headquarters in Downers Grove & Arlington Heights. Visit for the schedule (pdf) and registration form (pdf)

October 10-11
National Forum on Workforce Housing: Bring Workers Home in Chicago. This two-day event features a workforce housing forum and an employer-assisted housing class. Learn more and register.

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