Agency
In Illinois, may a buyer's agent receive compensation from the seller (via the listing broker's commission split) while still representing the buyer?
ANo, receiving any compensation from the seller automatically creates a dual agency
BYes, as long as the buyer is informed of and consents to the compensation arrangement✓ Correct
COnly if the total commission does not exceed 3%
DOnly in commercial transactions, not residential
Explanation
In Illinois, a buyer's agent may receive compensation from the seller (typically as a commission split from the listing broker's total commission) while still representing the buyer. This is the standard practice in most residential transactions.
Related Illinois Agency Questions
- Which of the following would constitute a material fact that a seller's agent must disclose to a buyer in Illinois?
- In Illinois, the duty of 'accounting' in a fiduciary relationship requires the agent to:
- An Illinois listing broker who charges a commission discovers their client-seller intends to misrepresent the condition of the property to the buyer. The broker must:
- What is 'puffing' and how does it differ from misrepresentation in Illinois?
- In Illinois, what is the concept of 'undisclosed dual agency' and why is it prohibited?
- In Illinois, the written disclosure of agency representation must be provided to the consumer:
- What is 'apparent authority' in Illinois real estate agency?
- In Illinois, if a buyer's agent shows their client a property listed by their own brokerage, what must occur?
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