A key member benefit of belonging to Illinois REALTORS® is being able to access a roster of legal forms that cover many of the transactions members might have.
Now, the association has just released updates to those forms based on an annual review process. The association’s attorneys comb through the forms on a regular basis to make sure changes to state license law and other real estate-related regulations are reflected.
A new form joins the list this year: the Broker Price Opinion/Comparative Market Analysis.
Legal Hotline Attorney Betsy Urbance said the form was added because these activities now fall under the parameters of the state’s license law.
Notably absent in this latest form release are the mold disclosure forms. These are no longer offered, because they are not required under statute, there are no acceptable or unacceptable standards for the presence of mold and mold disclosures would fall in a category of physical defects which would likely require disclosure by the seller.
The new forms are free downloads for all Illinois REALTOR® members, along with other member benefits such as sample manuals that can be used to operate a brokerage, or even checklists to guide agents through a short sale process.
Interested in learning more about the BPO/CMA rules? Go here.