reglab/housing_qa huggingface dataset:
225 ILCS 454/10-15
2021 Illinois Compiled Statutes|Chapter 225 - PROFESSIONS, OCCUPATIONS, AND BUSINESS OPERATIONS|225 ILCS 454/ - Real Estate License Act of 2000.|Article 10 - Compensation And Business Practices

(Section scheduled to be repealed on January 1, 2030)Sec. 10-15. No compensation to persons in violation of Act; compensation  to unlicensed  persons; consumer.(a) No compensation may be paid to any unlicensed person in exchange for the  person  performing licensed activities in violation of this Act.(b) No action or suit shall be instituted, nor recovery therein be had, in  any court of this State  by any person for compensation for any act done or service performed, the doing  or performing of  which is prohibited by this Act to other than licensed managing brokers, brokers,  or residential leasing agents unless  the person was duly  licensed hereunder as a managing broker,  broker, or residential leasing agent under this Act at the time that any such  act was done or service  performed that would give rise to a cause of action for compensation.(c) A licensee may offer compensation, including prizes, merchandise,  services, rebates,  discounts, or other consideration to an unlicensed person who is a party to a  contract to buy or sell  real estate or is a party to a contract for the lease of real estate, so long  as the offer complies with  the provisions of subdivision (35) of subsection (a) of Section 20-20 of this  Act.(d) A licensee may offer cash, gifts, prizes, awards, coupons, merchandise,  rebates or chances  to win a game of chance, if not prohibited by any other law or statute,  to a consumer as an  inducement to that consumer to use the services of the licensee even if the  licensee and consumer  do not ultimately enter into a broker-client relationship so long as the offer  complies with the  provisions of subdivision (35) of subsection (a) of Section 20-20 of this Act.(e)   A licensee shall not pay compensation to an unlicensed person who is not or will not become a party to a real estate transaction in exchange for a referral of real estate services.(f)   Nothing in this Section shall be construed as waiving or abrogating the provisions of the Real Estate Settlement Procedures Act (RESPA), 88 Stat. 1724. (Source: P.A. 100-831, eff. 1-1-19; 101-357, eff. 8-9-19.)
225 ILCS 454/10-20
2021 Illinois Compiled Statutes|Chapter 225 - PROFESSIONS, OCCUPATIONS, AND BUSINESS OPERATIONS|225 ILCS 454/ - Real Estate License Act of 2000.|Article 10 - Compensation And Business Practices

(Section scheduled to be repealed on January 1, 2030)Sec. 10-20. Sponsoring broker; employment agreement.(a) A licensee may perform activities as a licensee only for his or her  sponsoring broker.  A  licensee must have only one sponsoring broker at any one time.(b) Every broker who employs licensees or has an independent contractor  relationship with a  licensee shall have a written employment or independent contractor agreement with each such licensee.  The  broker having  this written employment or independent contractor agreement with the licensee must be that licensee's  sponsoring broker.(c) Every sponsoring broker must have a written employment or independent contractor agreement with  each licensee the  broker sponsors.  The agreement shall address the employment or independent  contractor  relationship terms, including without limitation supervision,  duties, compensation, and  termination process.(d) (Blank).(e) Notwithstanding the fact that a sponsoring broker has an employment or independent contractor  agreement with a  licensee, a sponsoring broker may pay compensation directly to a business entity  solely owned by that  licensee that has been formed for the purpose of receiving compensation earned  by the licensee.  A business entity that receives compensation from a sponsoring broker as provided for in this subsection (e) shall  not be required to be  licensed under this Act and must either be owned solely by the licensee or by the licensee together with the licensee's spouse, but only if the spouse and licensee are both licensed and sponsored by the same sponsoring broker or the spouse is not also licensed.  (Source: P.A. 100-831, eff. 1-1-19; 101-357, eff. 8-9-19.)
225 ILCS 454/10-25
2021 Illinois Compiled Statutes|Chapter 225 - PROFESSIONS, OCCUPATIONS, AND BUSINESS OPERATIONS|225 ILCS 454/ - Real Estate License Act of 2000.|Article 10 - Compensation And Business Practices

(Section scheduled to be repealed on January 1, 2030)Sec. 10-25. Expiration of brokerage agreement. No licensee shall obtain any written brokerage agreement that does not either provide  for automatic  expiration within a definite period of time or provide the client with a right to terminate the agreement annually by giving no more than 30 days' prior written notice.  Any written brokerage agreement not containing such a provision   shall be void.  When the license of any sponsoring broker is  suspended or revoked,  any  brokerage agreement with the sponsoring broker shall be deemed to expire upon  the effective date  of the suspension or revocation.  (Source: P.A. 98-531, eff. 8-23-13.)
225 ILCS 454/10-27
2021 Illinois Compiled Statutes|Chapter 225 - PROFESSIONS, OCCUPATIONS, AND BUSINESS OPERATIONS|225 ILCS 454/ - Real Estate License Act of 2000.|Article 10 - Compensation And Business Practices

(Section scheduled to be repealed on January 1, 2030)Sec. 10-27.     Disclosure of licensee status.     Each licensee shall disclose,  in writing, his or her status as a licensee to all parties in a transaction  when the licensee is selling, leasing, or purchasing any interest, direct or  indirect, in the real estate that is the subject of the transaction.    (Source: P.A. 91-245, eff. 12-31-99.)
225 ILCS 454/10-35
2021 Illinois Compiled Statutes|Chapter 225 - PROFESSIONS, OCCUPATIONS, AND BUSINESS OPERATIONS|225 ILCS 454/ - Real Estate License Act of 2000.|Article 10 - Compensation And Business Practices

(Section scheduled to be repealed on January 1, 2030)Sec. 10-35. Internet and related advertising.(a) Licensees intending to sell or share consumer information gathered from or through the Internet or other electronic communication media, including, but not limited to, social media and digital forums, shall disclose that intention to consumers in a timely and readily apparent manner.(b) A licensee using Internet or other similar electronic advertising media must not:(1) use a URL or domain name that is deceptive or     misleading;(2) deceptively or without authorization frame     another sponsoring broker's or multiple listing service website; or(3) engage in phishing or the deceptive use of     metatags, keywords or other devices and methods to direct, drive or divert Internet traffic or otherwise mislead consumers.  (Source: P.A. 101-357, eff. 8-9-19.)
225 ILCS 454/10-40
2021 Illinois Compiled Statutes|Chapter 225 - PROFESSIONS, OCCUPATIONS, AND BUSINESS OPERATIONS|225 ILCS 454/ - Real Estate License Act of 2000.|Article 10 - Compensation And Business Practices

(Section scheduled to be repealed on January 1, 2030)Sec. 10-40. Company policy.    Every brokerage company or entity, other than a sole proprietorship with no other sponsored licensees, shall adopt a company or office policy dealing with topics such as:(1) the agency policy of the entity;(2) fair housing, nondiscrimination and harassment;(3) confidentiality of client information;(4) advertising;(5) training and supervision of sponsored licensees;(6) required disclosures and use of forms;(7) handling of risk management matters; and(8) handling of earnest money and escrows.These topics are provided as an example and are not intended to be inclusive or exclusive of other topics.   (Source: P.A. 96-856, eff. 12-31-09.)
225 ILCS 454/10-45
2021 Illinois Compiled Statutes|Chapter 225 - PROFESSIONS, OCCUPATIONS, AND BUSINESS OPERATIONS|225 ILCS 454/ - Real Estate License Act of 2000.|Article 10 - Compensation And Business Practices

(Section scheduled to be repealed on January 1, 2030)Sec. 10-45. Broker price opinions and comparative market analyses.(a) A broker price opinion or comparative market analysis may be prepared or provided by a real estate broker or managing broker for any of the following:(1) an existing or potential buyer or seller of an     interest in real estate;(2) an existing or potential lessor or lessee of an     interest in real estate;(3) a third party making decisions or performing due     diligence related to the potential listing, offering, sale, option, lease, or acquisition price of an interest in real estate; or(4) an existing or potential lienholder or other     third party for any purpose other than as the primary basis to determine the market value of an interest in real estate for the purpose of a mortgage loan origination by a financial institution secured by such real estate.(b) A broker price opinion or comparative market analysis shall be in writing either on paper or electronically and shall include the following provisions:(1) a statement of the intended purpose of the broker     price opinion or comparative market analysis;(2) a brief description of the interest in real     estate that is the subject of the broker price opinion or comparative market analysis;(3) a brief description of the methodology used to     develop the broker price opinion or comparative market analysis;(4) any assumptions or limiting conditions;(5) a disclosure of any existing or contemplated     interest of the broker or managing broker in the interest in real estate that is the subject of the broker price opinion or comparative market analysis;(6) the name, license number, and signature of the     broker or managing broker that developed the broker price opinion or comparative market analysis;(7) a statement in substantially the following form:"This is a broker price opinion/comparative market     analysis, not an appraisal of the market value of the real estate, and was prepared by a licensed real estate broker or managing broker who was not acting as a State certified real estate appraiser."; and(8) such other items as the broker or managing broker     may deem appropriate. (Source: P.A. 101-71, eff. 7-12-19.)
225 ILCS 454/10-50
2021 Illinois Compiled Statutes|Chapter 225 - PROFESSIONS, OCCUPATIONS, AND BUSINESS OPERATIONS|225 ILCS 454/ - Real Estate License Act of 2000.|Article 10 - Compensation And Business Practices

(Section scheduled to be repealed on January 1, 2030)Sec. 10-50. Guaranteed sales plans.(a)   As used in this Section, a "guaranteed sales plan" means a real estate purchase or sales plan whereby a licensee enters into one or more conditional or unconditional written contracts with a seller, one of which is a brokerage agreement, and wherein the person agrees to purchase the seller's property within a specified period of time, at a specific price, in the event the property is not sold in accordance with the terms of a brokerage agreement to be entered into between the sponsoring broker and the seller.(b)   A person who offers a guaranteed sales plan to consumers is engaged in licensed activity under this Act and is required to have a license.(c)   A licensee offering a guaranteed sales plan shall provide the details, including the purchase price, and conditions of the plan, in writing to the party to whom the plan is offered prior to entering into the brokerage agreement.(d)   A licensee offering a guaranteed sales plan shall provide to the party to whom the plan is offered evidence of sufficient financial resources to satisfy the commitment to purchase undertaken by the broker in the plan.(e)   A licensee offering a guaranteed sales plan shall undertake to market the property of the seller subject to the plan in the same manner in which the broker would market any other property, unless the agreement with the seller provides otherwise.(f)   The licensee may not purchase seller's property until the period for offering the property for sale has ended according to its terms or is otherwise terminated.(g)   Any licensee who fails to perform on a guaranteed sales plan in strict accordance with its terms shall be subject to all the penalties provided in this Act for violations thereof and, in addition, shall be subject to a civil fine payable to the party injured by the default in an amount of up to $25,000.  (Source: P.A. 101-357, eff. 8-9-19.)
225 ILCS 454/10-55
2021 Illinois Compiled Statutes|Chapter 225 - PROFESSIONS, OCCUPATIONS, AND BUSINESS OPERATIONS|225 ILCS 454/ - Real Estate License Act of 2000.|Article 10 - Compensation And Business Practices

(225 ILCS 454/10-55)(Section scheduled to be repealed on January 1, 2030)Sec. 10-55. Designated managing broker responsibility and supervision.(a)    A designated managing broker shall be responsible for the supervision of all licensees associated with a designated managing broker's office.  A designated managing broker's responsibilities include implementation of company policies, the training of licensees and other employees on the company's policies as well as on relevant provisions of this Act, and providing assistance to all licensees in real estate transactions. The designated managing broker shall be responsible for, and shall supervise, all special accounts of the company.(b)   A designated managing broker's responsibilities shall further include directly handling all earnest money, escrows, and contract negotiations for all transactions where the designated agent for the transaction has not completed his or her 45 hours of post-license education, as well as the approval of all advertisements involving a licensee who has not completed his or her 45 hours of post-license education. Licensees that have not completed their 45 hours of post-license education shall have no authority to bind the sponsoring broker.  (Source: P.A. 101-357, eff. 8-9-19.)
225 ILCS 454/Art. 15 heading
2021 Illinois Compiled Statutes|Chapter 225 - PROFESSIONS, OCCUPATIONS, AND BUSINESS OPERATIONS|225 ILCS 454/ - Real Estate License Act of 2000.|Article 15 - Agency Relationships

 ARTICLE 15.      AGENCY RELATIONSHIPS
225 ILCS 454/15-5
2021 Illinois Compiled Statutes|Chapter 225 - PROFESSIONS, OCCUPATIONS, AND BUSINESS OPERATIONS|225 ILCS 454/ - Real Estate License Act of 2000.|Article 15 - Agency Relationships

(Section scheduled to be repealed on January 1, 2030)Sec. 15-5. Legislative intent.(a) The General Assembly finds that application of the common law of agency  to the  relationships among licensees under this Act and consumers of real  estate brokerage  services has resulted in misunderstandings and consequences that have been  contrary to the best  interests of the public.  The General Assembly further finds that the real  estate brokerage industry  has a significant impact upon the economy of the State of Illinois and that it is in the best interest of  the public to provide codification of the relationships between licensees under this Act   and consumers of real estate brokerage services in order to prevent detrimental misunderstandings  and misinterpretations of the relationships by consumers, managing brokers, and brokers and  thus promote and provide stability in the real estate market.  This Article 15  is enacted to govern the  relationships between consumers of real estate brokerage services and licensees under this Act   to the extent not governed by an individual written  agreement between a  sponsoring broker and a consumer, providing that  there is a relationship other than designated agency.  This  Article 15 applies to  the exclusion of the common law concepts of principal and agent and to the  fiduciary duties, which  have been applied to managing brokers, brokers, and real estate  brokerage services.(b) The General Assembly further finds that this Article 15 is not intended  to  prescribe or affect  contractual relationships between managing brokers and brokers and the broker's  affiliated licensees.(c) This Article 15 may serve as a basis for private rights of action and  defenses by sellers, buyers,  landlords, tenants, managing brokers, and brokers.  The  private rights of action,  however, do not extend to any other Articles  of this  Act.  (Source: P.A. 101-357, eff. 8-9-19.)
225 ILCS 454/15-10
2021 Illinois Compiled Statutes|Chapter 225 - PROFESSIONS, OCCUPATIONS, AND BUSINESS OPERATIONS|225 ILCS 454/ - Real Estate License Act of 2000.|Article 15 - Agency Relationships

(Section scheduled to be repealed on January 1, 2030)Sec. 15-10. Relationships between licensees and consumers. Licensees shall be considered to be representing the consumer they are working  with as a  designated agent for the consumer unless there is a written agreement between the sponsoring broker and the consumer providing that there is a different relationship.      (Source: P.A. 101-357, eff. 8-9-19.)
225 ILCS 454/15-20
2021 Illinois Compiled Statutes|Chapter 225 - PROFESSIONS, OCCUPATIONS, AND BUSINESS OPERATIONS|225 ILCS 454/ - Real Estate License Act of 2000.|Article 15 - Agency Relationships

(Section scheduled to be repealed on January 1, 2030)Sec. 15-20.         Failure to disclose information not affecting physical  condition.  No cause of action shall arise against a licensee for the failure  to disclose:  (i) that an occupant of the property was afflicted with Human Immunodeficiency  Virus (HIV) or any other medical condition;  (ii) that the property was the site of an act or occurrence that had no effect  on the physical condition of the property or its environment or the structures  located thereon;  (iii) fact situations on property that is not the subject of the transaction;  or  (iv) physical conditions located on property that is not the subject of the  transaction that do not have a substantial adverse effect on the value of the  real estate that is the subject of the transaction.    (Source: P.A. 91-245, eff. 12-31-99; 92-16, eff. 6-28-01.)
225 ILCS 454/15-25
2021 Illinois Compiled Statutes|Chapter 225 - PROFESSIONS, OCCUPATIONS, AND BUSINESS OPERATIONS|225 ILCS 454/ - Real Estate License Act of 2000.|Article 15 - Agency Relationships

(Section scheduled to be repealed on January 1, 2030)Sec. 15-25. Licensee's relationship with customers. Licensees shall treat all customers honestly and shall not negligently  or knowingly give  them false information.  A licensee engaged by a seller client shall timely  disclose to customers  who are prospective buyers all latent material adverse facts pertaining to the  physical condition of  the property that are actually known by the licensee and that could not be  discovered by a  reasonably diligent inspection of the property by the customer.  A licensee  shall not be liable to a  customer for providing false information to the customer if the false  information was provided to  the licensee by the licensee's client and the licensee did not have actual  knowledge that the  information was false.  No cause of action shall arise on behalf of any person  against a licensee for  revealing information in compliance with this Section.    (Source: P.A. 101-357, eff. 8-9-19.)
225 ILCS 454/15-30
2021 Illinois Compiled Statutes|Chapter 225 - PROFESSIONS, OCCUPATIONS, AND BUSINESS OPERATIONS|225 ILCS 454/ - Real Estate License Act of 2000.|Article 15 - Agency Relationships

(Section scheduled to be repealed on January 1, 2030)Sec. 15-30.     Duties after termination of brokerage agreement.     Except as may be provided in a written agreement between the broker and the  client, neither a  sponsoring broker nor any licensee affiliated with the sponsoring broker owes  any further duties to  the client after termination, expiration, or completion of performance of the  brokerage agreement,  except:(1) to account for all moneys and property relating     to the transaction; and(2) to keep confidential all confidential information     received during the course of the brokerage agreement.   (Source: P.A. 91-245, eff. 12-31-99.)
225 ILCS 454/15-35
2021 Illinois Compiled Statutes|Chapter 225 - PROFESSIONS, OCCUPATIONS, AND BUSINESS OPERATIONS|225 ILCS 454/ - Real Estate License Act of 2000.|Article 15 - Agency Relationships

(Section scheduled to be repealed on January 1, 2030)Sec. 15-35. Agency relationship disclosure.(a) A licensee acting as a designated agent shall advise a consumer in writing, no later than beginning to work as a designated agent on behalf of the consumer, of the following:(1) That a designated agency relationship exists,     unless there is written agreement between the sponsoring broker and the consumer providing for a different agency  relationship; and(2) The name or names of his or her designated agent     or agents on the written disclosure, which can be included in a brokerage agreement or be a separate document, a copy of which is retained by the real estate brokerage firm for the licensee.(b) The licensee representing the consumer shall discuss with the consumer the sponsoring broker's compensation and policy with regard to  cooperating with  brokers who represent other parties in a transaction.(c) A licensee shall disclose in writing to a customer that the licensee is  not acting as the agent  of the customer at a time intended to prevent disclosure of confidential  information from a  customer to a licensee, but in no event later than the preparation of an offer  to purchase or lease real  property.  (Source: P.A. 101-357, eff. 8-9-19.)
225 ILCS 454/15-40
2021 Illinois Compiled Statutes|Chapter 225 - PROFESSIONS, OCCUPATIONS, AND BUSINESS OPERATIONS|225 ILCS 454/ - Real Estate License Act of 2000.|Article 15 - Agency Relationships

(Section scheduled to be repealed on January 1, 2030)Sec. 15-40.     Compensation does not determine agency.     Compensation does not determine agency relationship.  The payment or promise of  payment of  compensation to a licensee is not determinative of whether an agency  relationship has been created  between any licensee and a consumer.    (Source: P.A. 91-245, eff. 12-31-99.)
225 ILCS 454/15-50
2021 Illinois Compiled Statutes|Chapter 225 - PROFESSIONS, OCCUPATIONS, AND BUSINESS OPERATIONS|225 ILCS 454/ - Real Estate License Act of 2000.|Article 15 - Agency Relationships

(Section scheduled to be repealed on January 1, 2030)Sec. 15-50. Designated agency.(a) A sponsoring broker entering into an agreement with any person for the  listing of property  or for the purpose of representing any person in the buying, selling,  exchanging, renting, or leasing  of real estate shall specifically designate those licensees employed by or  affiliated with the  sponsoring broker who will be acting as legal agents of that person to the  exclusion of all other  licensees employed by or affiliated with the sponsoring broker.  A sponsoring  broker entering into  an agreement under the provisions of this Section shall not be considered to be  acting for more than  one party in a transaction if the licensees specifically designated as legal  agents of a person are not  representing more than one party in a transaction.(b) A sponsoring broker designating affiliated licensees to act as agents of clients shall take  ordinary and necessary care to protect confidential information disclosed by a client to his or her  designated agent.(c) A designated agent may disclose to his or her sponsoring broker or  persons specified by the  sponsoring broker confidential information of a client for the purpose of  seeking advice or  assistance for the benefit of the client in regard to a possible transaction.  Confidential information  shall not be disclosed by the sponsoring broker or other specified  representative of the sponsoring  broker unless otherwise required by this Act or requested or permitted  by the client who  originally disclosed the confidential information.  (Source: P.A. 101-357, eff. 8-9-19.)