Create professional development programs that help REALTORS® strengthen their businesses.
Protect private property rights and promote the value of REALTORS®.
Advance ethics enforcement programs that increase REALTOR® professionalism.
Protect REALTORS® by providing legal guidance and education.
Stay current on industry issues with daily news from Illinois REALTORS®, network with other professionals, attend a seminar, and keep up with industry trends through events throughout the year.
The fifth episode of the Illinois REALTORS® Real Estate License Act (RELA) Legal Update Web Series explains three changes to state law designed to enhance consumer protections.
“Consumer Protection and Business Practices” includes:
- streamlining access to the Illinois Real Estate Recovery Fund,
- adding broker wholesaling to RELA and
- defining compliant guaranteed sales plans.
The Illinois Real Estate Recovery Fund was set up to give monetary assistance to victims of illegal activity by brokers in situations where there is little chance of recovering the losses from the broker. But the standards for accessing the fund were nearly impossible to meet, Illinois REALTORS® General Counsel Betsy Urbance says, so the process was abbreviated.
Wholesaling – The definition of broker now includes wholesaling as a business practice. The idea is to prevent brokers from “dealing” in assignable purchase contracts for a profit, never intending to take title or risk of ownership in the process. Often, consumers victimized in these situations are misled into accepting undervalued prices from buyers who do not disclose their true intentions, , says Illinois REALTORS® Legal Hotline Attorney Anneliese Fierstos.
Guaranteed sales plans – In Illinois, guaranteed sales plans now have their own section in RELA, and what makes them compliant is clearly defined. Licensees who do not follow the law with these plans can face discipline from the Illinois Department of Financial and Professional Regulation (IDFPR), including very large fines. Find out the requirements of guaranteed sales plans.
Members can login and view any of the RELA webinars. Next week’s RELA blog post will cover a variety of topics included in the “Miscellaneous” webinar.
