Agency
Illinois law requires a licensee to provide a written Agency Disclosure form to a consumer:
AOnly when a written offer to purchase is submitted
BAt the first substantive discussion about a specific property✓ Correct
COnly when representing buyers
DAt the time of closing
Explanation
Illinois requires licensees to provide the written Disclosure of Representation form (agency disclosure) at the time of the first substantive contact about a specific property. This ensures consumers understand who the licensee represents before sharing confidential information.
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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.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Math Concepts
State-Specific Concepts
Disclosure Requirements
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