Agency
In Illinois, what is a 'listing agreement' and what type of agency does it create?
AA contract between buyer and seller; creates no agency relationship
BA contract between a seller and a brokerage authorizing the brokerage to market the property; creates an agency relationship with the seller✓ Correct
CA contract between two brokerages to cooperate on a sale; creates dual agency
DAn MLS registration form; creates a non-agency relationship
Explanation
A listing agreement is a contract between a seller (principal) and a real estate brokerage (agent) authorizing the brokerage to market and sell the property. It creates an agency relationship where the brokerage owes fiduciary duties to the seller. The listing agreement specifies the listing price, duration, compensation, and the parties' obligations.
Related Illinois Agency Questions
- What is the 'procuring cause' doctrine in real estate?
- A buyer who works with multiple brokers looking at different properties simultaneously but has not signed a buyer representation agreement with any of them most likely has which type of relationship with each broker?
- In Illinois, which of the following is permissible with written informed consent from both parties?
- What is a 'fiduciary' and why does this standard apply to Illinois real estate agents?
- The duty of 'obedience' in a fiduciary relationship requires an agent to:
- A 'net listing' in Illinois is problematic because:
- An Illinois broker who represents a buyer finds a 'For Sale By Owner' (FSBO) property that matches the buyer's needs. The broker should:
- The duty of confidentiality in an agency relationship means the agent must:
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