At the end of 2022, Illinois REALTORS® began its biannual review of its online forms library, Illinois REALTORS® Forms. Every form was reviewed, and the dates on most were changed to reflect that they had been reviewed.

A few of the documents have dates that are different than 01/2023. If they do show a differing date, this means that they are as current as possible and have been reviewed recently. For example, the Residential Real Property Disclosure Report was revised due to a recent change in that statute. Stay tuned on this one, because there is a bill pending during the current legislative session, which when passed will not change the report form, but will change the language in the statute. That part of the statute must be included with the report when given to buyers. Another update will follow when and if the legislation becomes effective.

Here is a summary of some key revisions to the forms in Illinois REALTORS’ online library:

Property Disclosure Forms

• All property disclosure forms were reviewed to be sure they are still current for use.
• Forms 108 and 108 – Large Print Version – Residential Real Property Disclosure Report is still dated 05/2022. That is the most current version for each. See more guidance at the links below:
  • Revised Seller Disclosure Act – Podcast
  • Seller Disclosure Act – Guidance Document

Agency Disclosure Forms

• All agency, dual agency and notices of no agency forms are largely unchanged but are now current and updated.
  • All forms should be replaced with the versions dated 01/2023 from now on (except for the ones in the library that have been specifically noted with different dates).

Independent Contractor Form

• Pronouns were changed.
• The word compensation was added to the Commissions Section.

Checklists

• Pronouns were changed.
• The word compensation was added where appropriate.
• The reference to Managing Broker was changed to Designated Managing Broker.
• The requirement to disclose whether and how much (subject to each company’s independent business discretion) the listing brokerage would offer to buyer brokerages was expanded in the checklists. Blanks are present for brokerage companies to complete upon execution, or according to their own policies.

Brokerage Agreement Forms

• The terms compensation or compensation for services were included where appropriate.
• Source of income and arrest records were added to the list of protected classes under the Illinois Human Rights Act.
• Provisions relating to termination options were changed to be consistent with requirements in the Illinois Real Estate License Act as it is now, and as it might be amended. In the interest of consumer protection, if a termination date is longer than one year from the starting date of the agreement, the client will have a right to terminate by giving the brokerage at least 30 days’ written notice prior to that end date of their desire to terminate the agreement.
• The format and, in some cases, the location of Compensation provisions were changed for increased transparency. There are blanks to be completed according to the individual company’s independent discretion on what the company will charge clients and what they might pay other cooperating companies.

Manuals, Guides and Sample Policies

• Pronouns were changed.
• Source of income and arrest records were added to the list of protected classes under the Illinois Human Rights Act.
• Any fines or penalties identified in documents were updated. Some formatting changes were made.
• Some spots received more emphasis where appropriate.

Consumer Resources

• Information was reviewed for accuracy and updated accordingly.

Additional Resources

• Information was reviewed for accuracy and updated accordingly.