The Secretary of State has proposed new administrative rules to the Real Estate License Act, which can be read in full here. Here are the top proposed rules that you should be aware of:
Virtual Offices. Section 1450.610; pages 68-72 of the proposed rules. Tips to follow when you consult with legal counsel about being a virtual office and rules that must be followed by virtual offices can be found at the Illinois REALTORS® blog here.
New Designated Managing Broker Responsibilities and Oversight of 45 Hour Post-License Brokers. Section 1450.705; pages 74-77 of the proposed rules. Designated managing brokers will have additional responsibilities, including the oversight of 45 hour post-licensing education. Find out more here.
Advertising: Team Names & Logos, Office Signs. Sections 1450.715; Pages 77-80 of the proposed rules include:
- Deceptive and misleading advertising includes, but is not limited to, use of terms in a team name that are inherently misleading (e.g., company, realty, real estate, agency, associates, brokers, properties, property), unless the term is followed by the word “team”.
- All advertising must include the sponsoring broker’s name and conform to the following requirements:
- For purposes of this Part, a logo, emblem, label, trademarked image, or similar identification used by the sponsoring broker is not considered a part of the sponsoring broker’s name unless it contains the sponsoring broker’s name.
- Any advertising that meets one of the following shall be considered in compliance with this Part:
- The font size used for the letters in the sponsoring broker’s name is as large or larger than the letters used in the team name or individual licensee name;
- The area, in terms of the height and width containing the sponsoring broker’s name, is as large or larger than the area, in terms of height and width, than that of the team name or individual licensee name; or
- Any logo, emblem, label, trademarked image, or similar identification incorporating the sponsoring broker’s name, is as large or larger than that of the team name or individual licensee name.
- Unprofessional conduct would be expanded to included accessing a property or granting permission to access a property without proper authorization. This has always been address in the REALTOR® Code of Ethics, but now it is included in the Rules for the License Act.
- Upon the death of a designated managing broker, a written request for authorization allowing for the continued operation of the office may be submitted to the Department within 15 days of the loss. The Department may issue a written authorization allowing the continued operation, provided that a licensed managing broker or, in the case of the death or adjudicated disability of a sole proprietor, the representative of the estate, assumes responsibility, in writing, for the operation of the office and agrees to personally supervise the operation of the office. No such written authorization shall be valid for more than 60 days unless extended by the Department for good cause shown and upon written request by the broker or representative.