Agency
What is the primary difference between an exclusive right-to-sell listing and an exclusive agency listing in Illinois?
AAn exclusive agency listing requires MLS submission; exclusive right-to-sell does not
BUnder exclusive right-to-sell, the broker earns a commission regardless of who finds the buyer; under exclusive agency, the seller can find their own buyer without owing a commission✓ Correct
CExclusive agency listings expire after 30 days; exclusive right-to-sell can last indefinitely
DThere is no difference; both require the seller to pay commission
Explanation
The key difference: In an exclusive right-to-sell listing, the broker earns a commission no matter who procures the buyer — including the seller themselves. In an exclusive agency listing, the broker has exclusive rights to represent the seller, but the seller may find their own buyer and avoid paying a commission to the broker.
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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.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Math Concepts
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