In case you missed the live Zoom meeting, you can now watch a recorded version of the Illinois REALTORS® Real Estate License Act (RELA) Legal Update Live!

Illinois REALTORS® General Counsel Betsy Urbance and Legal Hotline Attorney Anneliese Fierstos (photo below) took turns answering questions submitted by members.

They provide easy viewing on the following subjects:

  • Paperless practice and technology,
  • Education and oversights,
  • Teams & advertising,
  • Consumer Protection and
  • Other related topics

Check out the previous RELA webinars.

Here are some of the questions submitted to Urbance and Fierstos:

  1. When will the rules from the Illinois Division of Professional and Financial Regulation become effective?
  2. Is there a requirement for branch licenses under RELA?
  3. Is a virtual office permissible under RELA and the rules?
  4. Is a managing broker now referred to as a designated managing broker?
  5. In advertising, does the name of a team need to be smaller than in a sponsoring broker’s logo?
  6. Can I represent a client in the business of wholesaling?
  7. What information in an inspection report can a dual agent share with a seller?
  8. Is it permissible for brokers to advertise that they will buy your home if they don’t sell it?
  9. Must a broker diagnosed with COVID disclose that?
  10. Might a broker be a dual agent in a multiple offer situation?
  11. Is it permissible for an agent to leave a sponsoring broker without notifying the sponsoring broker?
  12. Can designated managing brokers delegate supervision of new broker licensees to mentors or coaches?
  13. Might a new broker licensee bind a company to a contract?
  14. Must clients reveal they have COVID-19?
  15. Might a broker have a virtual office in a high-rise condominium when the condominium rules prohibit exterior signs for businesses?
Photo of Anneliese Fierstos Illinois REALTORS® Legal Hotline Attorney during video

Illinois REALTORS Legal Hotline Attorney Anneliese Fierstos reminds members that managing brokers are now known as designated managing brokers.