Agency
A transaction broker in Illinois (if permitted) would be a broker who:
ARepresents both buyer and seller in a full dual agency capacity
BAssists both parties without representing either party as a fiduciary agent✓ Correct
COnly handles the paperwork with no professional obligations to either party
DIs appointed by the court to facilitate a contested estate sale
Explanation
A transaction broker (not a designated agent or dual agent) facilitates a transaction by providing services to both parties without representing either party in a fiduciary capacity. Note that Illinois does not widely use the 'transaction broker' designation — Illinois uses designated agency and dual agency with disclosure.
Related Illinois Agency Questions
- Which of the following best describes the broker's duty of 'disclosure' in an agency relationship?
- An Illinois broker who represents a buyer finds a 'For Sale By Owner' (FSBO) property that matches the buyer's needs. The broker should:
- Illinois law requires that the Disclosure of Information Regarding Real Estate Agency Relationships be:
- A real estate broker's fiduciary duty of loyalty requires the broker to:
- If an Illinois broker represents both the buyer and seller in the same transaction as a dual agent, the broker MAY NOT do which of the following without the other party's consent?
- In Illinois, an agent may not purchase property listed with their firm for themselves or an immediate family member without:
- When a broker's listing expires without a sale, and the property later sells to a buyer who was introduced to the property during the listing period, the original listing broker may still be entitled to a commission if:
- Agency by ratification occurs when:
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