Contracts
In Illinois, a listing agreement is required to include all of the following EXCEPT:
AA specific termination date
BThe listing price
CThe commission or compensation structure
DThe names of all persons who may purchase the property✓ Correct
Explanation
Illinois law requires listing agreements to include a definite termination date (no open-ended listings), the listing price, the compensation structure, and the signatures of all owners. The names of potential purchasers need not be included in the listing agreement.
Related Illinois Contracts Questions
- What is an 'escalation clause' in an Illinois real estate offer?
- The 'meeting of the minds' in contract law refers to:
- A 'subordination clause' in a lease agreement means:
- In Illinois, if a buyer's earnest money check is returned for insufficient funds, the broker should:
- Which of the following is a 'bilateral contract'?
- Which party in a real estate contract is called the 'offeree' when a buyer submits an offer to purchase?
- A 'merger' of contract rights occurs in real estate when:
- A purchase and sale agreement in Illinois that has an inspection contingency typically allows the buyer to:
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →