The following is a portion of Senate Bill 2887 that explains the law:
In Section 15-75 of the Illinois Real Estate License Act of 2000, the term "Exclusive Brokerage Agreement" is defined. All exclusive brokerage agreements must specify that the sponsoring broker, through one or more sponsored licensees, must provide at a minimum, the following services:
(1) accept delivery of and present to the client, offers and counteroffers to buy, sell or lease the client’s property or the property the client seeks to purchase or lease;
(2) assist the Seller in developing, communicating, negotiating, and presenting offers, counteroffers, and notices that relate to the offers and counteroffers until a lease or purchase agreement is signed and all contingencies are satisfied or waived; and
(3) answer the Seller’s questions relating to the offers, counteroffers, notices and contingencies.
Metro Realty, Inc. is in complete compliance with the above. Offers submitted by buyer brokers must be emailed to our office. We confirm receipt. Upon receipt of an offer, the offer is reviewed by our office and forwarded to the Seller for review and counteroffer response. We assist the Seller during the negotiation process and are actively engaged in the negotiation process.
Buyer Brokers are directed on the MLS to submit offers as follows:
ALL offers to be emailed to the Listing Office at firstname.lastname@example.org per the Illinois Real Estate License Act of 2000. No exceptions to this request. All property details provided by Seller; buyer must verify. Metro Realty, Inc. does not hold earnest money. Earnest money will be held as mutually agreed to by the parties as part of the transaction.