HB4964 104TH GENERAL ASSEMBLY

LRB104 18342 AAS 31782 b

104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB4964

Introduced , by Rep. Lilian Jiménez

SYNOPSIS AS INTRODUCED:

225 ILCS 454/15-15

Amends the Real Estate License Act of 2000. Requires a licensee representing a seller of residential real estate to share information on the property with any licensees representing prospective buyers, respond to inquiries from any licensees representing prospective buyers, make the property available for showing to prospective buyers, and, within one calendar day of the start date of any brokerage agreement authorizing the licensee to sell the client's property, publicly advertise or market the listed property for sale on an Internet platform or website accessible to the public and any real estate licensees representing prospective buyers unless the seller completes and signs a disclosure and opt-out form prescribed by the Department of Financial and Professional Regulation. Effective immediately.

A BILL FOR

AN ACT concerning regulation.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Real Estate License Act of 2000 is amended by changing Section 15-15 as follows:

(225 ILCS 454/15-15)

(Section scheduled to be repealed on January 1, 2030)

Sec. 15-15. Duties of licensees representing clients.

(a) A licensee representing a client shall:

(1) Perform the terms of the brokerage agreement between a broker and the client.

(2) Promote the best interest of the client by:

(A) Seeking a transaction at the price and terms stated in the brokerage agreement or at a price and terms otherwise acceptable to the client.

(B) Timely presenting all offers to and from the client, unless the client has waived this duty.

(C) Disclosing to the client material facts concerning the transaction of which the licensee has actual knowledge, unless that information is confidential information. Material facts do not include the following when located on or related to real estate that is not the subject of the transaction: (i) physical conditions that do not have a substantial adverse effect on the value of the real estate, (ii) fact situations, or (iii) occurrences and acts at the property.

(D) Timely accounting for all money and property received in which the client has, may have, or should have had an interest.

(E) Obeying specific directions of the client that are not otherwise contrary to applicable statutes, ordinances, or rules.

(F) Acting in a manner consistent with promoting the client's best interests as opposed to a licensee's or any other person's self-interest.

(G) A licensee representing a seller of residential real estate shall:

(i) share information on the property with any licensees representing prospective buyers;

(ii) respond to inquiries from any licensees representing prospective buyers;

(iii) make the property available for showing to prospective buyers; and

(iv) within one calendar day of the start date of any brokerage agreement authorizing the licensee to sell the client's property, publicly advertise or market the listed property for sale on an Internet platform or website accessible to the public and any real estate licensees representing prospective buyers unless the seller completes and signs a disclosure and opt-out form prescribed by the Department that includes, but is not limited to:

(aa) the seller's request in writing that the listing firm withhold the seller's property from all public marketing or advertising identified by the seller; and

(bb) the seller's acknowledgment in writing that: (I) real estate licensees representing prospective buyers may not be aware that the seller's property is available for sale; (II) the seller's property will not be displayed on Internet platforms or websites that are used by the public to search for property listings; (III) real estate licensees and prospective buyers may not be aware of the terms and conditions under which the seller is offering the property for sale; and (IV) the reduction in exposure of the listed property may reduce the number of offers to purchase the listed property and negatively impact the seller's ability to sell the listed property at terms favorable to the seller.

(3) Exercise reasonable skill and care in the performance of brokerage services.

(4) Keep confidential all confidential information received from the client.

(5) Comply with all requirements of this Act and all applicable statutes and regulations, including without limitation fair housing and civil rights statutes.

(b) A licensee representing a client does not breach a duty or obligation to the client by showing alternative properties to prospective buyers or tenants, by showing properties in which the client is interested to other prospective buyers or tenants, or by making or preparing contemporaneous offers or contracts to purchase or lease the same property. However, a licensee shall provide written disclosure to all clients for whom the licensee is preparing or making contemporaneous offers or contracts to purchase or lease the same property and shall refer to another designated agent any client that requests such referral.

(c) A licensee representing a buyer or tenant client will not be presumed to have breached a duty or obligation to that client by working on the basis that the licensee will receive a higher fee or compensation based on higher selling price or lease cost.

(d) A licensee shall not be liable to a client for providing false information to the client if the false information was provided to the licensee by a customer unless the licensee knew or should have known the information was false.

(e) Nothing in the Section shall be construed as changing a licensee's duty under common law as to negligent or fraudulent misrepresentation of material information.

(Source: P.A. 101-357, eff. 8-9-19.)

Section 99. Effective date. This Act takes effect upon becoming law.