Illinois Law Compliance

Minimum Service Requirements Under the Real Estate License Act of 2000

Senate Bill 2887, which amended the Illinois Real Estate License Act of 2000 (the Act), was signed by the Governor on August 19, 2004, and includes the following provisions:

The new Section 15-17 of this Act defines the minimum services required in all exclusive brokerage agreements. The sponsoring broker, through its licensee, must provide the following:

1)  Accept delivery of and present to the client all offers and counteroffers to buy, sell or lease the client’s property or the property the client seeks to purchase or lease;

2)  Assist the client in developing, communicating, negotiating, and presenting offers, counteroffers and notices that relate to the offers and counteroffers until a lease or purchase agreement is signed and all contingencies are satisfied or waived; and

3)  Answer the client’s questions relating to the offers, counteroffers, notices and contingencies.