Event held in Chicagoland to keep real estate professionals updated

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Attendees at the June 24, 2022, event hosted by the Association of South Asian Real Estate Professionals in Chicagoland. Photo: ASARP

The Association of South Asian Real Estate Professionals, ASARP,  in Chicagoland held a celebratory-cum-educational event June 24, 2022, for professionals in the field to keep them updated on any new regulations.

All businesses are going through very rapid changes in post COVID pandemic era, and real estate regulations are being constantly revised for enhancing standards of professional ethics and services to the community, ASARP said in a press release.

Higher levels of professionalism are the primary aim,  explained Laurie Murphy, director of the Illinois Department of Financial & Professional Regulation, IDFPR, Real Estate Division.

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Shirin Marvi, president of ASARP explained the role being played by ASARP in enhancing the impact of South Asian community in U.S. and globally. Pradeep B Shukla and Harsha Shukla introduced Lynn Madison, a prominent real estate educator in the country.

Madison emphasized how fundamental change in approach causes old ways of thinking and doing things to become irrelevant.

She explained the details and possible consequences of Antitrust Lawsuit against disclosure and payment of buyer broker compensation on sale contracts. While the outcome might not affect the real estate community much, it would change the way the brokerages represent their role on different contracts.

Madison also highlighted updates on lock box regulations, way non-realtor licensees are to be treated, changes to MLS rules and Code for 2022, interpretation of ‘net compensation’ rules and so on.

Murphy informed attendees of management and updates of real estate division of IDFPR and gave a brief introduction to the organization. She also outlined the top ten violations that affect licensees, which organizers said was very interesting.  Of these, failure to file and/or to pay taxes is at the top, followed by unprofessional conduct and false advertising.

Sunita Kakarlapudi introduced Lynette Mock, director, Member Outreach at Main Street Organization of Realtors.

Mock updated the members on ‘Gap Appraisal Addendum’ where appraisal values do not conform to the agreed sale price. She advised members to take maximum benefit of Ombudsman Program to avoid detailed litigation.

Mock also explained that though unauthorized access and misleading advertising have been major issues for penalties and fines imposed by the Association, the membership should take utmost care to avoid such pitfalls.

Other scheduled speakers, including Kate Sax, Paul Chawla and Al- Haroon Hussain, decided to make their presentations at the next meeting due to a time overrun.

Board members of ASARP present at the meeting included Bhailal Patel, Kanti Patel, Raj Patel, T.R. Vishwanathan, Sunita Kakarlapudi, Bimal Pandhi, Harsha Shukla, Vasanti Bhatt and Nick Verma.

As a part of the plan to popularize Indian cuisine, this program ended with flavors of Gujarat and Karnataka.

Pradeep B Shukla briefed the members about proposed delegation of real estate members to attend NAR- India’s convention on August 6th and 7th and the next program of ASARP on August 26th that is being organized jointly with Main Street Association of Realtors to cover topics on Yoga and Ayurveda, being presented by Anu Malhotra and Umangi Patel, experts in their respective fields.

 

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