The Illinois Business Brokers Act of 1995 (IBBA), as amended, requires those people who engage in brokering the sales of non-securities type businesses register with the Illinois Secretary of State's office and pay a required fee before engaging in such activity. Annual renewal of the registration and fee are required. There are also disclosure and record-keeping requirements for registrants. Licensed real estate salespeople and brokers may be called upon to assist with the sale of a business that fits within the parameters of the IBBA, so it is important to analyze whether or not they must register with the Secretary of State’s office to ensure compliance. Read more.
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's license was voluntarily surrendered for failure to return earnest money after cancelation of a real estate contract in a timely manner. 2) A real estate managing broker license was ordered to be immediately surrendered and fined $500 and a real estate limited liability firm license was placed in "expired" status and fined $500 as a result of failure to cooperate with the Department in the compliance audit. Read more.
Are you hearing that potential homebuyers are putting off the decision to buy because they believe they must have 20 percent or more for a down payment? FACT: The down payment is lower for many buyers than they realize. And with certain programs, down payments can be even less. Spread the word on homebuyer assistance and mortgage financing programs that require low down payments and in some cases, no down payments. Download this helpful handout to share with your agents and your clients.
In the first of a new video series, Legal Minutes, Illinois REALTORS® Legal Hotline Attorney Betsy Urbance takes you through the process of what to expect and how to respond when you represent the seller in a multiple-offer situation. Share this video at your next office meeting!
The Managing Broker Renewal Deadline Has Passed...
Illinois REALTORS® delivered crushing defeats to 5 referenda that sought Home Rule powers. The April 4 referenda were in Lynwood, Ottawa, Coal City, Warrensburg and Creve Coeur. The defeats were at 2-to-1 margins or more. Learn more about this important defeat, and other election activities at the local level.
Back in May by popular demand, the Illinois REALTORS® Conference & Expo is May 10 & 11 at the Collinsville Gateway Center. You can register online until May 3 for $149, or walk-in for only $159! Share with your office: up to 6 hours of CE can be earned at this annual event.
REALTORS® must properly identify their real estate business on Facebook, Twitter and other social media. Learn how to make sure that you and your agents are in compliance with this members-only video: “Article 12 Compliance with Social Media,” featuring President-elect Matt Difanis, ABR, GRI.
Sign up for REALTOR Party Mobile Alerts this May for a chance to win $250. May is REALTOR Advocacy Month. Ask your agents to sign up so they receive text alerts on the next call for action. Tax Reform is top on the list for our legislative agenda in Congress.
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 email@example.com.
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.