Illinois REALTORS® General Counsel Betsy Urbance and Legal Hotline Attorney Anneliese Fierstos hosted a live Zoom event answering questions about changes to the Real Estate License Act (RELA). If you missed the live review, or want a refresher, watch now!

Time: 8:42 | You will learn about:

• ensuring protection of private property rights
• seeking positive changes for REALTORS®
• process behind rewrite every 10 years
• efforts with IDFPR and IL General Assembly

Time: 11:10 | You will learn about:

• moving away from paper licenses and sponsor cards
• email notices replacing paper
• virtual offices
• privacy and storage of electronic records

Time 19:18 | You will learn about:

• The age limit change for brokers and managing brokers
• Continuing education changes for brokers and leasing agents
• Managing broker responsibilities: earnest money, contract negotiations for new licensees

Time 10:19 | You will learn about:

• Illinois Real Estate Recovery Fund changes
• “wholesaling” vs. flipping or investing
• what constitutes a compliant Guaranteed Sales Plan

Time: 16:24 | You will learn about:

• absence of “ministerial acts”
• new continuing education categories
• compensation entities and rules for married licensees
• CE becoming a finable offense
• what an unlicensed personal assistant can’t do
• criminal histories

Join Illinois REALTORS® Chief Legal Counsel Betsy Urbance and Legal Hotline Attorney Anneliese Fierstos as they walk you through the changes to the Illinois Real Estate License Act in our new six-episode web series.

Teams and Advertising. Licensing and Education. Going Paperless. The Rules are changing. Let us help you protect your business. Must-see RELA Web Series — the Rules of the Real Estate License Act — coming next week!

S.B. 1872, which updates and rewrites parts of the Illinois Real Estate License Act, was recently passed by the Illinois General Assembly and is awaiting signature by the Governor.