Legal Center

Illinois REALTORS® Legal Services

The Illinois REALTORS® Legal Center is a resource for members related to the laws, regulations and policies that govern the real estate industry in Illinois.

Following the June 21, 2016 release of 600+ pages of commercial drone rules by the Federal Aviation Administration, Transaction Helpline Attorney Jeffrey T. Baker produced a report with helpful links to multiple resources. The FAA rules for drones/small UAS will go into effect Aug. 29, 2016.

  • Illinois Supreme Court rules on condo foreclosure lien case - Source: ISBA E-Clips Daily, Dec. 4, 2015 (Illinois State Bar Association)

    1010 Lake Shore Association v. Deutsche Bank National Trust Company, 2015 IL 118372 (December 3, 2015) Cook Co. (KILBRIDE) Appellate court affirmed; circuit court affirmed. Under Section 9(g)(3) of Condominium Property Act, the payment of postforeclosure sale assessments formally approves and makes certain the cancellation of the condominium associations's lien, and extinguishment of the lien is confirmed by payment of postforeclosure sale assessments.Plain language of the Act and Foreclosure Law may be reasonably construed together to provide a process to extinguish and confirm the extinguishment of condo association's lien. Defendant bank, which purchased condo unit at judicial foreclosure sale, failed to confirm the extinguishment of condo association's lien for prior owner's unpaid assessments, and thus court properly granted summary judgment for condo association. (GARMAN, FREEMAN, THOMAS, KARMEIER, BURKE, and THEIS, concurring.)
  • TILA/RESPA Webinar - On May 4, Illinois REALTORS® and the Illinois Bankers Association offered a webinar on how the integration of the Truth in Lending Act (TILA) and the Real Esate Settlement Procedures Act (RESPA) will affect the industry. Leonard A. Bernstein, Managing Partner of Reed Smith, LLP, in Philadelphia, led the webinar. Download a recording and the PowerPoint presentation.

  • Concealed Carry Law recommendations and sample policy: 

Illinois REALTORS® formed a Task Force to look at how members should respond to changes to state law which allow residents to carry firearms. You'll find a Model Office Policy, a sample Sponsoring Broker-licensee Contract and a sample Residential Property Owner Release Form in Illinois REALTORS® member downloads (member login required). Information from the Illinois State Police https://ccl4illinois.com/ccw/public/home.aspx

  • Video: Overview to Updates to Illinois Community Association Management law - IAR legal counsel discuss the Community Association Management law and which licenses are needed, requirements, training and who should have a license. Updates for Jan. 1, 2014 are discussed.

  • Video: Brokerage and RELA - In the latest Legal Webinar Quick Topics video, Illinois REALTORS® legal counsel cover the types of real estate broker status and activities covered by the Real Estate License Act so that you can be sure you are in compliance.

  • Video: Affordable Care Act: What Does Oct. 1 Mean to You?
    Learn about the Affordable Care Act and other timely information from Illinois REALTORS® Stephen J. Bochenek and Betsy Urbance.

  • IDFPR Compliance Guide. The compliance guide from the Illinois Department of Financial and Professional Regulation (IDFPR) is now available from the IDFPR website “Real Estate Office Examination Program.” It includes two downloads to assist the licensee in the compliance process: Sponsoring Broker Responsibilities Pamphlet (pdf) and Escrow Account and Record Keeping Requirements (pdf)

For Real Estate Buyers and Sellers:

Know that not every real estate licensee is a REALTOR®.
The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. Read more about Professional Standards and Ethics Enforcement.

Illinois real estate licensees are licensed by the Illinois Department of Financial and Professional Regulation (IDFPR), Bureau of Real Estate Professions and governed by the Illinois Real Estate License Act of 2000 (225 ILCS 454).

Help Line Need help in resolving a dispute with a REALTOR®?

The Illinois REALTORS® have a Consumer Help Line to try and resolve questions relating to real estate transactions.

About the program | Code of Ethics | IDFPR website

 

Copyright Illinois REALTORS®. This content cannot be reprinted in parts or in its entirety without expressed written consent to Illinois REALTORS®.