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

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
2018-12-20T16:16:46-05:00December 13th, 2018|DR Legal News|0 Comments

About the Author:

Elizabeth A. (Betsy) Urbance, General Counsel and Vice President of Legal Services has served the association’s members as 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.

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