Bill > HB3452

This bill amends the Real Estate License Act of 2000 to add new requirements for real estate licensees representing sellers or landlords. Specifically, the bill mandates that such licensees must now share property information with other licensed agents representing potential buyers or tenants, respond to inquiries about the property, make the property available for showings, and publicly advertise or market the property within one calendar day of signing a brokerage agreement. The only exception is if the seller or landlord completes a detailed opt-out form from the Department of Financial and Professional Regulation. This opt-out form requires the seller or landlord to explicitly request withholding the property from public marketing and acknowledge potential negative consequences, such as reduced property exposure and fewer potential offers. The bill aims to increase transparency and market visibility for property listings while providing property owners with an option to limit public advertising if they have specific reasons for doing so. The new provisions are part of the existing legal framework that outlines the general duties of real estate licensees, which include promoting the client's best interests, maintaining confidentiality, and exercising reasonable skill and care in providing brokerage services.

Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3452&GAID=18&DocTypeID=HB&SessionID=114&GA=104