<body><div><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=2IJLSl_0v15fVbS00" alt="https://img.particlenews.com/image.php?url=2IJLSl_0v15fVbS00" width="1763" height="1058" >Illinois REALTORS® is reaching out to the public about changes to Illinois real estate law in the wake of the National Association of REALTORS® (NAR) rules that took effect Aug. 17.The organization is publishing an open letter that will appear in various newspapers on Aug. 18. emphasizing the following practice changes:• Homebuyers working with Realtors will be required to sign a written agreement detailing the work the broker will do for them, the rate of compensation and how it will be paid. (More details on that are available here.)• Real estate agents will stop including shared compensation information on the MLS. Instead, brokers must communicate this information, in writing, privately or on their own websites. The amount of compensation will remain negotiable.In a press release from Aug. 16, Illinois REALTORS® President Matt Silver and CEO Jeff Baker highlighted the fact that compensation has always been negotiable. “In some cases, agents are paid directly by their buyer or seller client. However, in other cases, an agent may be paid indirectly, with the broker for the seller ‘sharing’ a portion of their compensation with the buyer’s broker,” they said.They also noted that there is “likely misinformation circulating” regarding the rule changes. So, they said, “We want to take this opportunity to set the record straight and fully explain the changes.”But these are not the only rule changes occurring in Illinois.Also on Aug. 16, Illinois REALTORS® published a second press release which introduces Senate Bill 3740. A combined effort of Illinois REALTORS®, the Illinois Department of Financial and Professional Regulation (IDFPR) and legislators, the bill was signed into law in early August and updates to the Real Estate License Act of 2000.Among the changes:• All real estate licensees will be required to use written brokerage agreements when they act as agents for all types of real estate brokerage business, including with buyers in residential sales transactions, as required by the NAR settlement.• Brokers seeking to upgrade their licenses will only be required to take Illinois-specific exams to obtain their managing broker licenses.• Mandatory Core Continuing Education (CE) Hours will increase from four to six, including two hours of mandatory Fair Housing-related courses.• Added language to emphasize and support independent contractor relationships for licensees conducting brokerage business when that is the nature of the agreements between the sponsoring brokers and the licensees.“Senate Bill 3740 received bipartisan support throughout the entire legislative process. It is a tribute to Illinois REALTORS® and IDFPR that a bill made it all the way through the process without a dissenting vote,” Senior Director of State Government Affairs Jimmy Clayton said in the press release.Additionally, Gov. JB Pritzker recently signed an amendment to the Condominium Property Act into law.This bill, House Bill 5502, prohibits condominium associations from exercising any right of refusal, option to purchase or right to disapprove the sale of a condominium unit by a unit owner on the basis that the purchase’s financing is guaranteed by the Federal Housing administration or for a discriminatory or otherwise unlawful purpose.The amendment aims to protect condo buyers with a right of action in a state circuit court against offending condominium associations.</div></body>

Mountain View, CA

NewsBreak

Upcoming changes to Illinois real estate law — beyond the NAR settlement

Illinois REALTORS® is reaching out to the public about changes to Illinois real estate law in the wake of the National Association of REALTORS® (NAR) rules that took effect Aug. 17. The organization is publishing an open letter that will appear in various newspapers on Aug. 18. emphasizing...