Agency
In Illinois, which of the following is permissible with written informed consent from both parties?
AFailing to disclose a known material defect
BCommingling client escrow funds
CDual agency — representing both buyer and seller in the same transaction✓ Correct
DNet listings
Explanation
Illinois permits dual agency (representing both buyer and seller) provided both parties give their written informed consent. Even in a dual agency relationship, the broker must still treat both parties honestly.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
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