Competition and Real Estate by State
||Limits choice of brokerage services
||Allows brokers to offer rebates to consumers
Illinois's minimum service provision requires real estate brokers entering into exclusive brokerage agreements to accept and present offers and counteroffers and answer their clients' questions in every real estate transaction.
In 2008, a bill prohibiting broker rebates was introduced into the General Assembly. The Department of Justice wrote a letter on February 21, 2008 opposing the bill. The bill was not voted out of committee.
In 2009, a bill was introduced in the General Assembly that would extend the life of the minimum services statute until 2020. On March 9, 2009, the Department of Justice wrote a letter opposing renewal of this provision of the Illinois Real Estate Licensing Act. The legislature passed the bill in October 2009.
Learn more about:
Brokerage services: Discount Brokers Can Make Selling a Home Less Costly
Rebates: Rebates Make Buying a Home Less Expensive
Related documents on the Internet:
Illinois Real Estate License Act of 2000
Letter to Illinois General Assembly Re: Effects of House Bill 4313 (prohibiting broker rebates) on competition
Letter to Illinois Senate on Proposed Amendment to Illinois Real Estate License Act of 2000