On December 31, 2009, Illinois Governor Quinn Signed SB1894 into law. Among other consumer protection provisions, the bill includes a rewrite of the Illinois Real Estate License Act.
Some of the changes take place immediately and others will be phased in over a period of time beginning May 1, 2011.
Items of immediate concern to Illinois Licensees include:
- definition of lead
- definition of employee
- change of address
- internet advertising
- deceptive and misleading advertising
- company policy manuel
- written notice of agency disclosure
- dual agency disclosure
- misc. disciplinary actions
- guaranteed sales plans and enforcement
This is a summary of some of the provisions meant to point out major changes. The licensee is advised to consult the Act for further clarification.
Items being phased in beginning May 1, 2011 include:
- elimination of salesperson license
- revision of broker license
- addition of managing broker license
- increased pre-license education
- change in continuing education
- addition of experience requirement for managing broker.
This is a summary of some of the provisions meant to point out major changes. The licensee is advised to consult the Act for further clarification.
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