The Consumer’s Guide to Real Estate Agency in Illinois has been updated in the Illinois REALTORS® forms library. The following changes were made to the guide:

• The tearaways at the bottom of the guide have been removed. These tearaways were provided to the consumer advising them of their designated agent. Under the current practice changes the notice of designated agent should now be included in the written brokerage agreement.
• The guide was updated to include the current practice changes and the upcoming Real Estate License Act changes that will require a written agreement when brokerage services are provided.
• The guide is a helpful resource to share with consumers, so they have a better understanding of your role in the transaction.

The Disclosure of Information and Acknowledgment Lead-Based Paint and/or Lead-Based Paint Hazards has also been updated in the Illinois REALTORS® forms library. Those minor changes are:

• A footnote was added concerning the purchaser’s agent’s acknowledgment. This is important, especially when the seller is unrepresented. In that event, the purchaser’s agent must inform the unrepresented seller of their requirement to complete the Lead-Based Paint Disclosure.
• The footnote states, “Only required if the purchaser’s agent receives compensation from the seller.” Our recommended best practice is that the purchaser’s agent signs the disclosure to confirm that they have made sure that their purchaser client has received the disclosure form, the pamphlet, and if applicable, any records concerning lead-based paint.