D.R. Legal News

DR Legal News

March 2017

Consumer Financial Protection Bureau Announces More RESPA Violations While Washington Debates Agency’s Future

The Consumer Financial Protection Bureau (CFPB) is continuing its aggressive enforcement of the Real Estate Settlement Procedures Act (RESPA), despite growing threats to its leadership and even existence from Washington. The agency recently announced yet another round of fines and penalties for companies that have violated RESPA’s provisions barring illegal kickbacks and payments for referrals. At the same time, there is a growing chorus from the new Trump administration and Congressional leaders that the relatively new CFPB’s time has come. Read more.

Hot TopicHot Topic from Last Issue: 
Should Illinois Real Estate Brokers “Freak Out” about Horiike v. Coldwell Banker Residential Brokerage Company et al.?

Illinois REALTORS® Legal Hotline Attorney, Betsy Urbance, addressed a recent California case, where a buyer filed suit when he learned the luxury home he purchased was not 15,000 square feet as advertised—and it was a hot topic! Is it a dual agency case, a disclosure case or a little bit of both? AND is the square footage discrepancy a materially adverse physical condition in the property, under Illinois law? See what Betsy had to say and follow the conversation on Facebook.

Consumer Guide

Now Updated: Consumer's Guide to Real Estate Agency in Illinois
This newly-updated handout describes agency relationships in accordance with the Illinois Real Estate License Act of 2000, and offers a handy tear-off card for disclosure of designated agent.

7 Legal Case Studies

  1. Real estate agent owed purchaser no duty to disclose convict living next door
  2. Plaintiff injured while viewing property for sale was a trespasser
  3. Copyright infringement suit defeated by photographer’s inability to demonstrate damages
  4. Neither buyer nor seller entitled to attorney’s fees under contract or RESPA
  5. Transfer tax not applicable to assignment of mortgage
  6. Seller’s statements on property’s zoning did not constitute fraudulent or negligent misrepresentations
  7. Village lacked standing to obtain injunction against re-zoning by neighboring village
    Read more

Real Estate Disciplines

Among the recent disciplinary actions taken by the Real Estate Division of the Illinois Department of Financial and Professional Regulation (IDFPR): 1) A real estate managing broker license fined $500 and ordered to complete a 15 hour applied management and supervision course for directly negotiating with a represented property owner and failing to properly supervise the actions of a sponsored licensee in a real estate transaction. 2) A real estate managing broker license and real estate corporation license both indefinitely suspended for a minimum period of one year and each fined $2,500 for failure to provide documents to the Department pursuant to a Brokerage Verification Examination. Read more.

 

Capitol Conference

Why Send Your Licensees to Capitol Conference Lobby Day?

Capitol Conference Lobby Day creates an "Ah-Ha" moment for many first-time attendees and is a good refresher for others. Lobby Day helps members understand why REALTOR® legislative advocacy is critical and gain a deeper appreciation for what the Illinois REALTORS® does on their behalf. Register today!

Take the Guesswork Out of Managing Broker Renewal
Let our Education Specialists answer your questions!
  • Who has completed their CE?

  • Who needs BMCE and who doesn't?
  • How does a managing broker revert to a broker license?

We’re here to help with Managing Broker Renewal
When in doubt, email education@illinoisrealtors.org.

Managing Broker Renewal

Renewal Notices Have Been Emailed by IDFPR  

The Illinois Department of Financial and Professional Regulation (IDFPR) has sent out email notifications to Managing Brokers with licenses scheduled to expire on April 30. The email includes renewal tips and a link for you to complete the online renewal process. Those who do not renew their license by April 30 will see their licenses expire.

IE SupportMunicipal Elections are April 4. How Are Candidates Chosen for I.E. REALTOR® Support?

On April 4, municipal elections will be taking place across Illinois. Illinois REALTORS® will once again be involved in these by supporting REALTOR®-friendly candidates. This is an important political activity because so much that happens at the local government level affects our industry (building codes, “point-of-sale” requirements, regulations imposed on rental properties, to name a few examples). A significant way we provide support to candidates is through our Independent Expenditure (I.E.) program. What is the I.E. program, and how are I.E. candidates selected for support?

Popular RVOICE Brochures Now Customizable

Download and share information with your clients on carbon monoxide detectors, understanding the cost of homeownership, how REALTORS® work to protect communities, buying a condominium and much more.

All RVOICE brochures now offer a customizable field for you to add your company name and contact information before handing out these helpful flyers. 

We Listened to You: Conference & Expo Has Returned to May!

Back in May by popular demand, the Illinois REALTORS® Conference & Expo is scheduled for May 10 & 11 at the Collinsville Gateway Center. REALTORS® may earn up to 6 hours of CE. Save the date and spread the word! 

Member Outreach video

So, What is An "Office Presentation?"

I make a lot of phone calls to Managing Broker/DRs as part of the Illinois REALTORS® Outreach Team; I may have even left you a message and sent you an email. We exchange pleasantries and I explain that we’re reaching out to schedule an outreach presentation for your office. The most common question at this point is “What is an office presentation?”. 

More Resources


Online Only! Designated REALTOR® Legal News is e-mailed to all members who are the Designated REALTOR® (or DR) for their real estate office. Be sure to watch and open all e-mail from “Illinois REALTORS."

The Designated REALTOR® Legal News is e-mailed six times per year (January, March, May, July, September, November) to the Designated REALTOR® member of the Illinois REALTORS®. For reprint permission, contact iarnews@iar.org.

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Past Issues


MRED

Managing Broker Renewal

 

Looking for a topic for your next office meeting or regional meeting? The Member Outreach team is available to cover the latest legislative issues in play—local, state and national—as well as new laws, forms, RVOICE resources and RPAC. Call 1-800-752-3274 or Info@illinoisrealtors.org.