Agency
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?
APresent offers and counteroffers to both parties
BHelp both parties understand the purchase contract
CDisclose the seller's minimum acceptable price to the buyer✓ Correct
DInform both parties of the closing timeline
Explanation
In a disclosed dual agency, the broker may facilitate the transaction and assist both parties, but may NOT disclose confidential information—such as the seller's minimum acceptable price or the buyer's maximum willingness to pay—to the other party without that party's consent. Confidentiality is one of the key limitations of dual agency.
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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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