Agency
In Illinois, 'informed consent' to dual agency must include:
AOnly the seller's verbal agreement
BWritten disclosure explaining what dual agency means, the limitations on fiduciary duties in dual agency, and signed acknowledgment from both buyer and seller✓ Correct
CAgreement from the buyer only, as the seller consented in the listing agreement
DApproval from the local real estate board
Explanation
For dual agency to be lawful in Illinois, both the buyer and seller must give informed written consent. This means the licensee must explain what dual agency means—that the same agent (or firm) represents both parties, that the agent cannot provide undivided loyalty to either, and the limitations this creates. Both parties must sign an acknowledgment. Verbal consent is insufficient. This disclosure is typically made early in the relationship before confidential information is shared.
Related Illinois Agency Questions
- What is the 'duty of loyalty' owed by an Illinois real estate agent to their principal?
- Which of the following is NOT one of the duties a licensee owes to all parties (clients and customers) under Illinois law?
- An agent who continues to represent a client after their authority has been terminated is acting as:
- An Illinois seller's agent who works for a brokerage that also has the buyer's agent in the same transaction owes the buyer the duty of:
- A real estate broker's fiduciary duty of loyalty requires the broker to:
- Which of the following best describes 'dual agency' in Illinois?
- A listing broker discovers that the property has an underground storage tank that has not been disclosed. The broker's duty requires:
- Under Illinois law, a written buyer-broker agreement is:
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