5 resources Illinois REALTORS® just can’t do without

Jeff Baker at MREDpalooza Tuesday.

When Sorling Northrup Attorney Jeff Baker presented “Summer School: Agency 101” at MREDpalooza Tuesday in Rosemont, he addressed many aspects of agency in Illinois. Illinois REALTORS® has more than 50 free downloadable forms, contracts, brochures and manuals available to members, some of which pertain to agency.

Baker

Five of the helpful resources Illinois REALTORS® consistently sees requests for, or that are useful for understanding agency, are:

  • Consumer’s Guide to Real Estate Agency in Illinois;
  • Agency Compliance Manual;
  • Teams and the Illinois Real Estate Brokerage Firm;
  • Exclusive Brokerage Agreements & Minimum Services; and
  • The P.A. (Personal Assistant) Manual.

Of those five, printed copies of the Consumer’s Guide are also available in packages of 50.

REALTORS® should protect their businesses when signing copyright agreements

Bigstock images

Take great care to review any agreements that you might be asked to sign when outsourcing services that assist you in your real estate brokerage business. It is especially important to be cautious when hiring someone else to provide work for you that is generally subject to copyright, such as property photos.

Also, if you have a website where third parties post information, including copyrighted works such as photos, you want to be exempt from copyright infringement charges under the Digital Millennium Copyright Act (DMCA). In the video “Window to the Law: Changes to DMCA Safe Harbor,” NAR Associate Counsel Chloe Hecht explains a 2017 requirement for copyright agents.

NAR offers more information on the DMCA here that explains the new digital process for registration of copyright agents which could well apply to you in your real estate brokerage business.

Legal Minutes – Multiple Offer Situations from the Buyer’s Side

 

In the newest installment of our Legal Minutes video series, Betsy Urbance, Director of Legal Services at Illinois REALTORS®, takes you through the many legal and ethical issues REALTORS® face when representing a buyer in a multiple offer situation.

Click here, or on the picture to view the video (login required).

Challenge of Chicago’s Shared Housing Ordinance one of 5 legal case studies

Hartzler

Illinois REALTORS® can learn from the analysis of five legal case studies, including a failed challenge to Chicago’s Shared Housing Ordinance.

Lisa Harms Hartzler, Sorling Northrup Attorneys, provides the analysis of all five cases in the May issue of Designated REALTOR® Legal News.

In the case regarding the Shared Housing Ordinance, federal court declined to issue a preliminary injunction against Chicago’s ordinance because plaintiffs (Airbnb, VRBO, HomeAway and city residents) failed to show their First Amendment free speech rights were violated and that the ordinance was void for vagueness under the Due Process Clause, wrote Hartzler.

For more information on the case studies, real estate disciplines and information about non-real estate business sales, read the May DR Legal News.

Type and frequency of non-real estate business sales could require more of REALTORS®

If REALTORS® assist with the sale of businesses that fit the parameters of the Illinois Business Brokers Act of 1995 (IBBA), they may need to register with the Illinois Secretary of State’s office to ensure compliance, says Christine Self, Sorling Northrup Attorneys.

This registration is in addition to real estate licensing, Self writes in the May edition of Designated REALTOR® Legal News.

Self

The IBBA requires those who broker the sales of non-securities type of businesses to register with the Illinois Secretary of State, pay annual fees, and meet disclosure and record-keeping requirements. A key question to answer about individual transactions, she states, is whether real estate interests are the dominant element. The frequency of non-real estate transactions and the ratio to the number of real estate transactions can make a difference in whether REALTORS® are judged to handle non-real estate transactions on an “incidental basis.” But since the IBBA doesn’t define “incidental basis,” REALTORS® who occasionally handle non-real estate business sales leave themselves exposed to potential liability if they do not comply with registration, disclosure and record-keeping requirements.

For more information on this issue, in addition to legal case studies, real estate disciplines and more, read the May DR Legal News.