Agency
In Illinois, the duty of 'reasonable care and diligence' owed by a real estate agent to their client requires the agent to:
AGuarantee the successful completion of every transaction
BExercise the level of skill and care that a reasonable, competent real estate professional would use in similar circumstances✓ Correct
CPersonally inspect every property before showing it
DProvide a written warranty on the condition of the property
Explanation
The duty of reasonable care and diligence (also called the duty of competence) requires an agent to exercise the skill, care, and knowledge that a reasonably competent real estate professional would apply in similar circumstances. This includes: being knowledgeable about the market, recommending professional inspections, properly preparing and explaining documents, and keeping up with changes in laws and regulations.
Related Illinois Agency Questions
- What is a 'non-exclusive buyer agency agreement' in Illinois?
- In Illinois, the written disclosure of agency representation must be provided to the consumer:
- In Illinois, which of the following is permissible with written informed consent from both parties?
- Ratification in agency law occurs when:
- Which statement best describes a 'subagent' in a real estate transaction?
- A buyer's broker who learns that their client has a maximum budget of $400,000 but the client is offering $360,000 on a property must:
- Which of the following actions by a seller's agent would violate the duty of disclosure to the buyer?
- Which of the following is an example of an agent's implied authority?
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