Agency
What are the core fiduciary duties owed by an Illinois real estate agent to their client?
AHonesty, transparency, and value maximization only
BLoyalty, obedience to lawful instructions, disclosure, confidentiality, reasonable care and diligence, and accounting✓ Correct
CCommission disclosure, MLS access, and buyer pre-qualification
DNegotiation, inspection coordination, and closing attendance
Explanation
Illinois real estate agents owe clients six core fiduciary duties: (1) Loyalty—placing the client's interests first; (2) Obedience—following lawful instructions; (3) Disclosure—revealing all material facts; (4) Confidentiality—protecting client information; (5) Reasonable care and diligence—using professional skills; and (6) Accounting—properly handling client funds. These duties run from agent to client and are higher than the general duty of honesty owed to all parties.
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Key Terms to Know
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.
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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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