Agency
An Illinois broker who is representing a seller and finds a buyer who is unrepresented may work with the buyer as a:
ABuyer's agent, owning full fiduciary duties to the buyer
BSeller's agent providing ministerial assistance to the unrepresented buyer while maintaining loyalty to the seller✓ Correct
CDual agent, combining seller's and buyer's agency simultaneously without disclosure
DNeutral mediator between the parties
Explanation
A seller's agent may work with an unrepresented buyer by continuing to represent the seller while providing the buyer with ministerial assistance (providing information about the property and transaction process, facilitating paperwork). The broker must disclose they represent the seller and cannot provide the buyer with fiduciary-level advocacy.
Related Illinois Agency Questions
- What is 'respondeat superior' in the context of Illinois real estate brokerage?
- An Illinois seller's agent who works for a brokerage that also has the buyer's agent in the same transaction owes the buyer the duty of:
- Under Illinois law, a broker who discloses a client's confidential information to a third party without the client's consent has violated the duty of:
- In Illinois, the written disclosure of agency representation must be provided to the consumer:
- In Illinois, which of the following is permissible with written informed consent from both parties?
- A buyer who works with multiple brokers looking at different properties simultaneously but has not signed a buyer representation agreement with any of them most likely has which type of relationship with each broker?
- Which of the following best describes the broker's duty of 'disclosure' in an agency relationship?
- Which of the following would be considered a latent defect requiring disclosure in Illinois?
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