Digital real estate licenses, virtual offices and new definitions for the roles of real estate professionals are key changes discussed in the second episode of the Illinois REALTORS® Real Estate License Act (RELA) Legal Update Web Series.

In “Paperless Practice & Technology,” Illinois REALTORS® General Counsel and Vice President of Legal Services Betsy Urbance and Illinois REALTORS® Legal Hotline Attorney Anneliese Fierstos provide important explanations about the latest version of RELA.

For example, the definition of a real estate license no longer requires a paper copy of the license. Real estate brokerages in Illinois can have electronic/virtual offices and must follow similar advertising regulations as traditional, brick-and-mortar offices, says Urbance. They must also provide proper security to keep files and records confidential but accessible for agency audits or investigations.

Illinois REALTORS® worked with IDFPR on rules for notifying the department when sponsorships are terminated by either licensees or brokers.

Offices

RELA now requires sponsoring brokers to provide IDFPR with a list of all designated managing brokers and the offices that each designated managing broker oversees. Designated managing brokers will be allowed to manage multiple offices, but they must also consider the added duties they will have with new broker licensees, says Fierstos.

Consult with an attorney before making any changes to your business model, Fierstos said. Licensees must be able to prove licensure upon request.

More information

Episodes 3-6 cover the following subjects:

• Licensing & Management
• Teams & Advertising
• Consumer Protection & Business Practice and
• Miscellaneous

Please visit Illinois REALTORS® RELA Rewrite webpage for the most up-to-date information.