Agency
In Illinois, what is the difference between an 'exclusive right to sell' listing and an 'exclusive agency' listing?
AThey are legally identical in Illinois
BIn an exclusive right to sell, the broker earns a commission regardless of who sells the property; in an exclusive agency, the owner can sell themselves without paying a commission✓ Correct
CAn exclusive agency listing guarantees a higher commission for the broker
DAn exclusive right to sell gives the owner the right to list with multiple brokers
Explanation
In an exclusive right to sell listing, the broker earns the agreed commission if the property sells during the listing period, regardless of who procures the buyer—including if the owner finds the buyer themselves. In an exclusive agency listing, the broker is the exclusive agent but the owner retains the right to sell the property themselves without owing a commission.
Related Illinois Agency Questions
- Which of the following is NOT one of the duties a licensee owes to all parties (clients and customers) under Illinois law?
- In Illinois, the written disclosure of agency representation must be provided to the consumer:
- Under the Illinois Real Estate License Act, a single agent may represent both buyer and seller in the same transaction (dual agency) only if:
- The Illinois Real Estate License Act defines a 'designated agent' as:
- A buyer's agent in Illinois owes which of the following duties to the seller?
- Under Illinois law, a licensee who is working as a buyer's agent and also receives compensation from the seller's side without disclosure is engaging in:
- If an Illinois broker represents both the buyer and seller in the same transaction as a dual agent, the broker MAY NOT do which of the following without the other party's consent?
- What is 'vicarious liability' in the context of Illinois real estate brokerage?
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