Age limit changes for brokers and managing brokers, the definition of teams and more specific advertising regulations are key aspects of the third and fourth episodes of the Illinois REALTORS® Real Estate License Act (RELA) Legal Update Web Series.

Episode Three

In the third webinar, “Licensing and Management (login required),” or education and oversight, Illinois REALTORS® General Counsel Betsy Urbance and Illinois REALTORS® Legal Hotline Attorney Anneliese Fierstos break down how education requirements have changed for broker licensees and how supervisory responsibilities have changed for managing brokers.

The minimum age for broker licensees is now 18 years old, and they will need 75 hours of pre-license and 45 for post-license education.

RELA now allows managing brokers at age 20. Also, managing brokers who oversee an office are referred to as designated managing brokers. Their responsibilities have always included oversight and training on office policy, but there are specific requirements to directly oversee new broker licensees who have not completed their post-license education, including:

• Oversight and handling of earnest money and security deposits,
• Negotiations of purchase contracts and involvement in the process and
• Prohibiting new broker licensees from binding the company to contracts.

Episode Four

The fourth webinar, “Teams and Advertising,” includes a definition of teams and provides a list of terms that can no longer be used in team names.

Among the words that can’t be used as part of team names, according to Urbance:

• company,
• realty,
• real estate,
• agency,
• associates,
• brokers,
• property and
• properties.

Want to know more? Login and watch episode four.