Agency
Illinois law requires that the Disclosure of Information Regarding Real Estate Agency Relationships be:
AProvided verbally at any time during the transaction
BProvided in writing at or before the first substantive contact✓ Correct
CFiled with IDFPR within 30 days of the first client meeting
DNotarized and recorded at the county recorder's office
Explanation
Illinois requires the agency disclosure to be provided in writing at or before first substantive contact with a consumer (buyer or seller). It must be signed by the consumer acknowledging receipt, though a consumer's refusal to sign does not prevent the broker from proceeding.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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