Kale Realty Policy for Agents Selling Their Own Properties

In Illinois, real estate agents must adhere to specific legal requirements when representing themselves in a real estate transaction, whether they are buying or selling property. The Illinois Real Estate License Act of 2000 (as amended) establishes clear guidelines to prevent conflicts of interest, maintain transparency, and protect the public. Here’s an overview of the critical requirements and duties that a real estate agent must follow when they are acting as their own agent in a transaction.

Kale Realty agents who are selling their own properties must adhere to the following policies to ensure compliance, transparency, and proper brokerage oversight:

1. Brokerage Visibility & Compliance

• Agents must provide Kale Realty with visibility to their listing.

• All listing paperwork and transaction documents must be submitted through DotLoop for brokerage records and compliance.

• Listing agreements and buyer agreements must be approved BEFORE going on the market or viewing properties

  
  

2. Adherence to Off-Market Listing Policy

• If the property is not entered into the MLS, it CANNOT be advertised anywhere (social media, flyers, personal websites, etc.).

• If the property is listed in the Private Listing Network (PLN) in connectMLS, it may not be advertised anywhere except private closed facebook groups 

• Listings must be entered into connectMLS within:

  • 48 hours of the listing date, OR

  • 24 hours of public advertising, whichever comes first.

    
    

3. No Blind Advertising

• It must be clear to the public that the agent is a licensed real estate professional sponsored by Kale Realty.

• Any advertising (social media, print, flyers, signs, websites, etc.) must include the agent’s license status and Kale Realty affiliation.

• No misleading or ambiguous marketing is permitted.

  
  

4. Non-Compliance & Penalties

• Failure to follow these guidelines will result in compliance action, which may include fines or additional brokerage oversight.

  
  

5.  Fees 

Standard fees to Kale Applies.  Remember doing your own deals carries the highest risk of lawsuits.  Need to make sure you run them though the office to confirm compliance.  All transaction fees go towards your CAP of $6,000. 

6.  E & O 

Does not cover personal transactions

7.  No Dual Agency

YOU CANNOT PRACTICE DUAL AGENCY ON YOUR OWN TRANSACTION Use the NO AGENCY DISCLOSURE WITH ANYONE WHO IS UNREPRESENTED

8.  Disclosure of Licensee Status

• When scheduling showings- indicate in showing notes you are a licensed real estate agent

• On the MLS on your listing indicate agent owned

• When signing any agreement/contract, after your signature put (Illinois licensed real estate agent)

• Secure the signature of the other party with the Disclosure of Personal Interest

9.  Written Agreements and Form

Even when representing themselves, agents must follow all the standard procedures for documentation, which includes: A BUYER AGENCY AGREEMENT MUST BE COMPLETED WHEN REPRESENTING YOURSELF!  You also need listing modification forms for price changes, etc. when representing yourself.

Agent Signature and Date: