My office in Illinois is being audited by the state. Has any other broker here in IL been audited? What do they check for? Are there any firms (lawyer, accountant, etc.) that can help prepare my office for the audit? Any help or referrals would be appreciated!

Here’s a URL to a 2-page list of some Illinois OBRE audit items:

http://www.illinoisrealtor.org/Member/go...20compliance%22

Maybe the items in the list are the only things audited. Maybe they are only a fraction. I don’t know. You may want to contact the Illinois Association of Realtors. They probably have some useful guides and information regarding compliance and audits.

Besides company and agent licensing, building signage, employment agreements and listing agreements, you may want to review open and closed transaction files. Make sure they aren’t missing required disclosures, addendum, waivers, etc. Make sure the accounting "books" are in order. Make sure the office has up-to-date files for any and all transactions that the office agents are working on. Make sure workers comp insurance is in place for any effected employees. Review your advertising and make sure it doesn't violate any law or regulation. If your office does escrows, the 2-page list identifies some of the escrow audit items.

You’ll want to speak with others who have been audited so that you know how to get prepared, and yet don’t over-prepare. In other words, if you learn on absolutely reliable authority that the OBRE does not review closed transaction files . . . well that would save you a lot of time and effort. But if in doubt, then you should spend extra effort preparing, depending on the penalties for any deficiencies. Getting a list of deficiencies at the end of an audit with a notice to comply within a certain period is one thing. Having your license yanked would be another. So get a sense of what is at stake in the review process.

Not dispensing any legal advice. Only the wisdom that comes with rum and coke.

For what it's worth, there is a lady who runs a consulting buisness for companies that are being audited. Guess where she used to work??? I don't recall her name/number, however if you contact the RWSSC, my local board, at (630) 324 8400 and speak to Connie Pierpont, and explain the situation, she should be able to put you two together. Or go to lynnmadison.com and email Lynn with the same question. Good luck.

I am not in Illinois, but if you have an escrow account, I would think this should be in order. Mishandling an escrow account is the thing that can get you jail time.