Agency
An agent who is representing both the buyer and seller in the same transaction without full written consent from both parties has committed:
ANegligence
BUndisclosed dual agency, which is illegal✓ Correct
CA technical violation with no serious consequences
DAn error that can be corrected retroactively
Explanation
Undisclosed dual agency — representing both buyer and seller without their full written informed consent — is illegal in Illinois and can result in license suspension or revocation, voidance of contracts, and civil liability.
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Key Terms to Know
Dual Agency
A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Math Concepts
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