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LEAD STORY
Ready or Not, the "Sharing Economy" (ala Airbnb) Is Here
by Lisa Harms Hartzler, Sorling Northrup Attorneys
The city of Chicago's short-term rental ordinance runs 48 pages requiring licensing, reporting, fees and taxes. Other communities ask for simple registration. Awareness of your local requirements is a good idea
because the "sharing economy" is here – good or bad, ready or not.
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LEGAL CASE STUDIES • by Lisa Harms Hartzler, Sorling Northrup Attorneys
Market Value Paid for Goods & Services? Then RESPA OK
Section 8 & RESPA, appraiser license revocation, reasonable accommodations (fair housing), and commercial lease option requires strict notice compliance. Review 5 recent legal case studies affecting the business of real estate.
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DISCIPLINES
Recent IDFPR Real Estate Disciplines
A real estate managing broker license was fined $1,000 for engaging in unprofessional conduct by improperly recording a lien against a residential property for the purpose of receiving compensation. Read more.
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HOT ON THE LEGAL HOTLINE
Advertising Violations Count for Close to Half of Ethics Citations
Standards of Practice Article 12-5 of the Code of Ethics requires REALTORS® to disclose the name of their real estate firm in a reasonable and readily apparent manner in all advertising including social media sites such as Facebook. Learn more.
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LEGAL SERVICES ROAD SHOW
New Member Benefit: House Counsel Program
The “roadshow” features in-house legal counsel Betsy Urbance and Jeff Baker, direct from your location where they will cover the latest legal issues affecting your Illinois real estate business and answers to your questions. There must be at least 100 attendees expected in order to use this new service—call the Legal Team at 217-529-2600 to schedule a visit for your office.
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YOUR REAL ESTATE LICENSE
New IDFPR Portal for License Transfers
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A new Illinois Department of Financial and Professional Regulation web portal allows licensees and managing brokers to deactivate or transfer licenses—reinforcing the importance of independent contractor agreements between licensees and sponsoring brokers.
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Did the Brokers in Your Office Renew their License by the April 30 Deadline?
Get a handy "what's next" Q&A for Illinois broker licensees—and their managing brokers—from our education and legal experts.
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ADVOCACY
REALTOR® Advocacy Stops More Fees, Taxes and Red Tape on Real Estate
We can count many wins for our members in the March Primary Election, including stopping three home rule attempts. Home rule basically hands over a blank check to local governments. We get involved in these local races because they are less costly and have great impact to the business of real estate.
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SHARE THIS
Mortgage Resources for Summer Selling Season
One of the most highly shared consumer resources on our social media this spring selling season has been a home financing resources list – download and share it!
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Discounts on Errors & Omissions Insurance
20-year member benefit partner of the Illinois REALTORS®
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