A 7-Step New Year To-Do List for Your Company

Writen by Betsy Urbance |

Published: December 13, 2018

by Illinois REALTORS® Legal Team

‘Tis the season to review the past year and peek forward into the new one. Illinois REALTORS® Legal Team suggests the following checklist and resources to help member offices start 2019 with a fresh slate and lots of confidence. 

Suggested Brokerage Company To-Do List

  • 1. Pull out your document retention and destruction schedule for review and any needed action or revision

    • Look at your existing company retention/destruction schedule
    • If you don’t have one within your policy manual, you can find one in the Sample Office Policy Manual, see pages 54-60.
  • 2. Review your data security and privacy policies

  • 3. Review your important human resources policies

    • Anti-harassment policies, including those that prohibit any sort of sexual harassment and /or bullying or threatening behavior 
    • Review and/or create your company training schedule
      • Your office policy manual should contain language that defines and prohibits harassment in any form and includes a process for reporting and investigating this sort of behavior.
  • 4. Review workplace safety issues

  • 5. Review your insurance policies and coverage

    • Errors & Omissions for your company and/or your sponsored licensees
    • General Commercial Liability for your company and/or your sponsored licensees
    • Automobile Insurance 
      • Make sure everyone associated with your company has adequate coverage.
  • 6. Review your independent contractor and/or employment contracts 

    • Note: While you are required to have a written independent contractor or employment contract with your sponsored licensees, there is no requirement for a specific end or termination date. There is a requirement for a termination process.
    • If the managing broker wants to assure prior notice before a licensee terminates sponsorship with your company, put a required written notice period in your agreement.
  • 7. Review the many forms you use in your office

    • Agency disclosures 
    • Property disclosures 
    • Radon Awareness Disclosure form and pamphlet 
    • Residential Real Property Disclosure Report 
    • Lead Based Paint Disclosure form and pamphlet 
    • Brokerage agreements including property management agreements 
    • Purchase and lease contract form(s) that are commonly used in your community

About the writer: Elizabeth A. (Betsy) Urbance, General Counsel and Vice President of Legal Services has served the association’s members as General Counsel since 2018 and prior to that she was Legal Hotline Attorney since 1994. Urbance is a 1984 graduate of Western Illinois University and received her law degree from the University of Missouri School of Law in 1987. She is licensed in both Illinois and Missouri.

Your Illinois REALTORS® Legal Team