Agency
Which of the following best describes 'dual agency' in Illinois?
ATwo brokers from different firms representing the same client
BOne brokerage representing both the buyer and the seller in the same transaction✓ Correct
CA managing broker supervising two designated agents
DAn agent holding both a broker and managing broker license
Explanation
Dual agency in Illinois occurs when one brokerage firm represents both the buyer and the seller in the same transaction. Illinois law requires written disclosure and consent from both parties before a dual agency relationship can exist.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Math Concepts
State-Specific Concepts
Broker Supervision
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