By now, I am sure you have read that on May 23, 2016, the U.S. Department of Labor promulgated a new administrative rule which will serve to dramatically increase the number of employees eligible to receive overtime compensation effective on December 1, 2016. Recently, however, two lawsuits have been filed in the United States District Court for the Eastern District of Texas, the filers of which hope to stop the new overtime rules before the rules become effective. While most relationships in the real estate brokerage industry are independent contractor in nature, many larger brokerages directly employ office staff to perform various administrative duties. We, therefore, thought providing you with an overview of the new rules and sketch of these efforts to stop the implementation of the rules could be of interest to you. 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 broker license was indefinitely suspended for a minimum of one year and fined $5,000 for failing to act in the best interest of her client, engaging in unprofessional conduct, and failing to disclose licensee status. 2) A real estate limited liability firm license and a real estate managing broker license were both revoked for violating the terms of an order. Read more.
The Illinois REALT