Amendments to the association’s bylaws were voted on by the membership on August 21st at the Summer Soiree and Annual Business Meeting. All amendments were approved.
While many of the changes in this review are minor or administrative in nature, there are two substantive amendments.
What Was Updated?
The first amendment is to Article 18, which is the section in our bylaws related to Multiple Listing Service. This change was driven by industry practice changes following the NAR Settlement. The new wording updates focus on the responsibility of MLS participants to work together by sharing listing information and representing buyers and tenants through the MLS. All references to offers of cooperating compensation have been removed. These changes help ensure our practices stay transparent, fair and aligned with current MLS rules.
The second amendment is to Article 13, which discusses the Nominating Committee. This amendment would establish our Secretary/Treasurer as a standing member of the Nominating Committee. The goal of this change is to preserve institutional knowledge and promote balanced representation during nominations.
The remaining proposed revisions are intended to improve clarity and consistency in defined terms, update references to our policy and procedure manual, and ensure our language accurately reflects our purpose and aligns with our policies. These changes were proposed to remove ambiguity throughout our bylaws.
Review the complete version of the revised bylaws here.
Background on Bylaws
The Chicago Association of REALTORS® regularly conducts a thorough review of its Bylaws to ensure they remain accurate, relevant and in alignment with industry standards, governing documents and applicable laws. Regular review is critical to maintaining a strong governance framework, allowing us to proactively address changes in the real estate industry, ensure consistency in our policies and keep our governing documents clear and enforceable.
Review the summary of proposed changes here.
Review the current bylaws here.