Nearly 11 percent of Illinois REALTORS® have answered NFIP Call for Action

Illinois REALTORS® have been busy urging members of Congress to re-authorize the National Flood Insurance Program (NFIP).

According to results Thursday afternoon, 11 percent of the association’s members had taken action by sending a message to their congressional representatives. Among local Illinois REALTOR® associations, several have surpassed 20 percent member participation in the Call for Action. They include:

  • The Oak Park Association of REALTORS®
  • Rockford REALTORS®
  • Peoria Area Association of REALTORS®
  • Quad Cities Association of REALTORS®

If the NFIP is allowed to expire on Sept. 30, 22,000 communities nationwide would be affected. In those communities flood insurance premiums could soar, making the cost of owning a home much more costly.

Take part now.

  • Answer the Call for Action by responding to texts and emails you have been getting from NAR, or click here.
  • Read about the program and what needs to be done to protect it here.
  • See how your association is doing in having members respond to the Call for Action.

Real Estate License Act changes signed into law by governor

Gov. Bruce Rauner has signed into law an important series of changes to the state’s Real Estate License Act.

House Bill 3528, which was backed by Illinois REALTORS®, was unanimously passed by both chambers of the General Assembly earlier this year, and had been sent to the governor on June 23. He signed it Friday.

Among the bill’s provisions:

  • The Real Estate Education Advisory Council (EAC) will become part of the Real Estate Administration and Disciplinary Board (READ). The EAC will operate as a subcommittee of the reconstituted READ board.
  • The changes streamline the licensing of brokers and CE instructors and schools.
  • It updates education requirements to allow two-hour CE courses rather than the previous three-hour mandated courses; and it allows modern course delivery options.
  • Clarifies that a leasing agent’s broker can be disciplined if a leasing agent operates outside of the narrow scope of the law pertaining to leasing.

Illinois REALTORS® has worked for more than a year with the Illinois Department of Financial and Professional Regulation on the changes.

The House sponsor was Rep. Robert Rita, and the Senate sponsors were Sens. Chuck Weaver and Dave Syverson.

Callan meets with Roskam at tax policy luncheon

U.S. Rep. Peter Roskam, left, talks with Illinois REALTOR® Pat Callan in Washington, D.C.

Illinois REALTOR® Pat Callan met with U.S. Rep. Peter Roskam in Washington, D.C. on Tuesday.

Callan, a former Illinois REALTORS® president who serves as federal political coordinator for Roskam, helped host a lunch the congressman attended at the D.C. headquarters of the National Association of REALTORS®. At the lunch, industry leaders discussed upcoming efforts to revise the nation’s tax code.

Federal political coordinators work closely with assigned congressional representatives to update them on market conditions and the impact of policy decisions on the real estate industry.

Roskam, serves as chairman of the House Ways and Means Subcommittee on Tax Policy, which will play a key role in any attempt at tax reform. He represents Illinois’ Sixth Congressional District.

REALTORS® have been especially wary of the tax code rewrite effort. Key provisions such as the Mortgage Interest Deduction and 1031 Like-Kind Exchange are seen as potentially vulnerable in the process.

Illinois REALTORS® have joined their colleagues throughout the country urging policymakers to consider the value of these provisions and others which encourage homeownership and real estate investment.

Chicago Agent’s Who’s Who lists Illinois REALTORS®

Source: Chicago Agent

From Mack Alsaidi to Deena Zimmerman, Chicago Agent has its annual list of some of the best in the real estate business as part of the publication’s 2017 Who’s Who.

Included in the feature is Illinois REALTORS® leadership team, made up of President Doug Carpenter, President-elect Matt Difanis, Treasurer Dan Wagner and Immediate Past President Mike Drews.

See the feature online here, or check your mailbox for a copy. The latest issue should be arriving this week.

Is your corporate license in danger of becoming inoperative?

Source: Bigstock

More than 450 real estate businesses have lapses in their corporate licenses, according to IDFPR. These licenses are currently in “non-renewed” status, and if they are not restored by July 31, they will become listed as “inoperative.” Inoperative status means a firm could no longer legally do business in the state.

Illinois REALTORS® will be sending email notices to the entities affected, but anyone who wants to check on license status can do so by following this link. If you do need to restore your entity license, you’ll have to fill out a form and send it with a check including late fees to IDFPR for license restoration (there is no online option). IDFPR can be reached at 888-473-4858 or call Illinois REALTORS® at 217-529-2600.

Note: If you don’t restore the entity license, all licenses sponsored by that entity rick unlicensed practice complaints.