Earlier this month, Governor Pat Quinn signed into law SB 3044, which makes a handful of amendments to the Real Estate License Law and the Appraiser’s Law.
According to the Illinois Association of Realtors, who were a proud lobby behind the passing of the initiative, SB 3044 will protect the ability for licensed Realtors to do a Broker Price Opinion and Comparative Market Analysis for a fee. Previously those actions had been regulated by appraiser license law. However, with the passing of SB 3044, BPOs and CMSs will now fall within the jurisdiction of the Real Estate License Act.
Furthermore, as the IAR explained in its 2014 Legislative Scorecard, the senate bill makes changes to the language of the existing Real Estate License Act to help clarify the legislation and establish specific requirements and definitions regarding CPOs and CMAs.
SB 3044 is scheduled to take effect January 1, 2015.