Agency
A buyer's agent in Illinois owes which of the following duties to the seller?
ALoyalty and confidentiality
BAccounting and full disclosure of all client information
CHonest dealing and disclosure of material facts about the property✓ Correct
DFiduciary duties equal to those owed the buyer
Explanation
While a buyer's agent owes fiduciary duties to the buyer, they still owe the seller (and all parties) honest dealing and disclosure of material facts about the property. A buyer's agent must not misrepresent or conceal material defects.
Related Illinois Agency Questions
- Which of the following is NOT one of the duties a licensee owes to all parties (clients and customers) under Illinois law?
- A 'net listing' in Illinois is problematic because:
- An Illinois broker who represents a buyer finds a 'For Sale By Owner' (FSBO) property that matches the buyer's needs. The broker should:
- The duty of 'accounting' in an agency relationship requires a real estate agent to:
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- The Illinois Real Estate License Act defines a 'designated agent' as:
- Ratification in agency law occurs when:
- An agent who has express authority can bind their principal because:
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