In its continuing effort to keep membership updated, Illinois REALTORS® (IR) conducts a regular review of all the forms and documents in its library. IR has recently completed that process and its most up-to-date forms are now posted on its Legal page for your use. The forms and documents mentioned below consider recent changes to the Illinois Real Estate License Act (RELA), the Administrative Rules under RELA and other laws that apply depending upon the context of the form/document.

Here are some pointers as you review these resources: They are typically general in nature so if there is something specific needed, there is usually language to that effect. REALTORS® should check with their company attorneys for any questions regarding forms with legal implications. It is best practice to use the most current version of forms available from the forms provider, including IR forms. Sometimes changes are not made, and if this is the case it is likely due to language from the controlling statute or regulation, like in the lead-based paint disclosure forms.

Finally, before providing a list of highlighted changes, there are some “global” changes. Language has been added to account for electronic documents, signatures and in some spots even where virtual office platforms will be used in lieu of the brick-and-mortar office. Be careful as RELA and the rules still have specific requirements for virtual offices and office “locations” that mirror the requirements for physical offices. Another global change adds “arrest record” as a protected item wherever the document refers to the Illinois Human Rights Act and the other protected classes.

The list provided outlines many of the changes:

Brochures and Manuals

• Fair Housing – A Seller’s Guide
  • Addition of “arrest record” to protected classes
  • Increased dollar amounts of potential penalties for violations
  • Addition of specific statement encouraging buyer brokers to show all properties that fit buyers’ criteria and/or are outlined in any buyer brokerage agreement (this is the buyer broker’s statutory duty)
• Fair Housing – A Guide for Real Estate Professionals
  • Addition of “arrest record” to protected classes
• Antitrust Avoidance Manual
  • Changed the title
  • Increased dollar amounts of potential penalties for violations
• Lead Based Paint Manual
  • Increased dollar amounts of potential penalties for violations
• PA Manual
  • Added emphasis to encourage attention to correct “worker” classification of licensed personal assistants (LPAs) and unlicensed personal assistants (UPAs)
    • Should they be employees or independent contractors? Analysis needed.
  • Contains sample agreements for LPAs and UPAs
• Agency Compliance Manual
  • Addition of content regarding specific Designated Managing Broker oversight requirements related to new broker licensees who have not completed the post-license education
  • Added reminder to buyer agents that they owe a duty to show the properties meeting buyer’s criteria over their own interest in being paid
    • Buyer brokers and buyers might align their interests with buyer brokerage agreements
  • Emphasized listing broker’s duty to disclose the actual amount of the cooperating compensation offered to buyer brokerages
    • REALTOR®/MLS requirements
  • Language added relating to electronic documents and records
• Sample Office Policy Manual
  • Addition of content regarding specific Designated Managing Broker oversight requirements related to new broker licensees who have not completed the post-license education
  • Addition of content regarding the Designated Managing Broker involvement and the new broker licensees’ inability to bind the company to contracts (those new broker licensees who have not completed post-license education)
• Teams and the Real Estate Brokerage
  • Tracks rules language for team name size requirements and advertising rule compliance
  • Includes sample graphics regarding proper advertising of team names

Forms

• Sponsoring Broker-Sponsored Licensee Contract (Independent Contractor Agreement) – Form 201
  • Addition of content regarding specific Designated Managing Broker oversight requirements related to new broker licensees who have not completed the post-license education
  • Addition of content regarding the Designated Managing Broker involvement and the new broker licensees’ inability to bind the company to contracts (those new broker licensees who have not completed post-license education)
• Exclusive and Non-Exclusive Buyer Brokerage Agreements; Terms of Non-Exclusive Buyer Representation (Forms 338, 338a, 339, 339a and 341)
  • Included space in the brokerage agreements for buyers to include preferred sources for property searches that might be beyond a particular MLS
  • Addition of “arrest record” to protected classes
• Exclusive Seller/Listing Agreements; Exclusive Seller Representation (Agency) Agreements (Forms 342, 342a, 425 and 426)
  • Addition of blank for listing company to complete the actual amount offered to cooperating companies (buyer brokerages)
  • Added solar panels to the list of items to be discussed as “fixtures”
  • Addition of “arrest record” to protected classes
• Buyer Agency Checklist – Form 343
  • Addition of information for buyer about who the buyer broker gets paid
  • Information about how the buyer could owe commissions if and when signing a written buyer brokerage agreement
• Seller Agency Checklist – Form 345
  • Blank for disclosing amount of cooperating compensation listing office will offer buyer brokerages
• Office Start-up Checklist
  • Changed language referring to branch offices to office locations
  • Addition of content regarding specific Designated Managing Broker oversight requirements related to new broker licensees who have not completed the post-license education

Some New Content

• A Consumer’s Guide to Agency – for public use so does not include designated agent disclosure tear-off, but does explain the basics of designated agency in Illinois
• Antitrust Avoidance Flyer – graphics two-pager
• Cook County Residential Tenant and Landlord Ordinance Member Guide
  • Helpful information for housing providers and property managers subject to the new Cook County RTLO
    • Check with your local municipality and your attorney on these important changes