Illinois License Law
What is the Illinois 'First Substantial Contact' requirement for real estate licensees?
AA requirement to provide a business card at first meeting
BA requirement to provide the 'Disclosure of Real Estate Agency Relationships' brochure at the first meaningful contact with a consumer✓ Correct
CA requirement to disclose commission rates at the first contact
DA requirement to verify a buyer's financial pre-approval before showing properties
Explanation
Illinois requires that licensees provide consumers with the 'Disclosure of Real Estate Agency Relationships' brochure (the Illinois agency disclosure form) at the first 'substantive contact'—the point in the relationship where meaningful communication about their specific needs and the agency relationship occurs. This ensures consumers understand the different types of representation before engaging with an agent.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Math Concepts
State-Specific Concepts
Disclosure Requirements
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