Did you know that on Monday, when new Federal Aviation Administration rules take effect, it will be cheaper for real estate professionals to operate a drone for commercial purposes?
According to a video produced by the National Association of REALTORS® (“Window to the Law: FAA Issues Drone Rules”), REALTORS® will be able to purchase a “Remote Pilot Certificate with a Small UAS Rating” for about $150 rather than pursuing a more expensive pilot’s license.
Other FAA rule changes will require drone operators to keep the device in sight at all times and prohibit night operation. Want to know more? See the presentation by Lesley Walker, senior counsel with the NAR.
Is a remote pilot airman’s certificate required for the commercial use of drones in Illinois?
Illinois REALTORS® who listened to this morning’s member-only Legal Webinar were told that the certificate is required, were given a definition for commercial use and were reminded that state and local laws would also have to be followed, too. Legal Hotline Attorney Betsy Urbance and Transaction Helpline Attorney Jeffrey Baker said that in the city of Chicago, for example, when all the aspects of local laws involving drones (also known as small Unmanned Aircraft Systems) are considered, it is difficult to find places to legally operate drones commercially.
Tweaking TRID laws?
Baker said the Consumer Financial Protection Bureau (CFPB) is proposing changes to “smooth out the wrinkles” in TILA-RESPA Integrated Disclosure (TRID) law rather than to make other substantive changes. For example, although TRID initially focused more attention on the protection of private information, the CFPB recently clarified that lenders involved with real estate transactions could share closing disclosures with REALTORS®.
Baker noted that it could be awhile before the proposed changes become effective and REALTORS® notice changes taking full effect. They also provided historical perspective on the Gramm-Leach-Biley Act and its impact on preserving the confidentiality of non-public information.
For more information on these subjects, plus a review of the basics of contract law, REALTORS® can log in and download the webinar or listen to the audio-only version.
While Legal Hotline Attorney Betsy Urbance has been the most visible face of Illinois REALTORS®’ Legal Services for almost 22 years, she says teamwork has been a key part of helping association members during that time. Among those playing key roles is Jeffrey T. Baker, Transaction Helpline Attorney.
In the July issue of Illinois REALTOR®, Urbance credits numerous colleagues from Sorling Northrup, the association’s law firm, with providing answers for members’ questions. Read “Legal Services team uses Hotline, Helpline and more to reach members” to find out more about their colleagues, the resources they use and the way technology has helped them.
See a variety of photos from other REALTOR® events and activities, too. Read the July edition of Illinois REALTOR® magazine.
The July edition of DR Legal News is out, and this edition has a legal review of HUD guidelines for using criminal background checks for tenants; five legal case studies; and successes by the local GAD team in fighting proposed ordinances that would increase the cost of doing business and owning property in Illinois.
NOTE: A link to an article on FAA drone rules and their impact on real estate is currently unavailable due to a server issue, but will be available as soon as possible. Illinois REALTORS® apologizes for the inconvenience.
An important question for Illinois REALTORS® is whether they are covered by Errors & Omissions (E & O) insurance. If so, they should not hesitate to ask insurance providers questions in advance of any claims, so they have a better understanding of their E & O policy. For example, are there circumstances under which the deductible might be waived?
The value of insurance providers as resources to REALTORS® was just one of the specific suggestions emphasized during the Illinois REALTORS® Legal Webinar Thursday morning, “Insurance Coverage and Products for Real Estate Brokers.” Legal Hotline Attorney Betsy Urbance and Transaction Helpline Attorney Jeff Baker informed members about the major sections of the CNA policy endorsed by Illinois REALTORS®, and suggested members shop for E & O insurance or perform a review of their particular policy.
They also spoke about commercial general liability insurance and cyber liability insurance policies.
In addition to the insurance discussion, the webinar offered members:
- recommendations from the Department of Housing and Urban Development (HUD) about ways to avoid problems using information from criminal background checks when determining eligibility for rental housing;
- a progress report on Federal Aviation Administration rules approval for commercial drone use; and
- an explanation about the continuing requirements to protect non-public, private information (NPI) of your clients.
For more information on this member-only benefit, REALTORS® can log in and download the webinar or listen to the audio-only version.