Broker Price Opinions (BPOs), Comparative Market Analyses (CMAs) and the nuances of affiliated business arrangements were just a few of the topics discussed Tuesday afternoon during the Business Issues & License Law Forum at Illinois REALTORS® June Business Meetings in Springfield.
Chair of the Business Meetings and License Law Forum Committee Debbie Prodehl introduced panelists: Acting Director of the Illinois Department of Financial and Professional Regulation Kreg Allison, Illinois REALTORS® Transaction Helpline Attorney Jeffrey T. Baker and Illinois REALTORS® Legal Hotline Attorney Betsy Urbance.
Allison asked REALTORS® in attendance to contact his office with suggestions for topics that could be explained in his quarterly newsletter. He said that he hoped the dialogue would prevent “gotcha” moments in the future.
Urbance and Baker urged members to use caution when deciding whether to become involved BPOs and CMAs, and explained common pitfalls with affiliated business arrangements, disclosure of dual agencies, teams and advertising. They urged members to keep the the rights of customers a priority, while following the REALTOR® Code of Ethics and the Illinois Real Estate License Act.