Agency
The duty of 'obedience' that an Illinois agent owes a client means the agent must:
AFollow all client instructions regardless of legality
BFollow all lawful instructions of the client, even if the agent disagrees with the strategy✓ Correct
CObey the managing broker's instructions above the client's
DComply with all competing offers presented by other brokers
Explanation
The fiduciary duty of obedience requires the agent to follow all lawful instructions of the client, even when the agent disagrees with the strategy. For example, if the seller instructs the agent to hold out for a specific price, the agent must respect that decision.
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Key Terms to Know
Fiduciary Duty
The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
Math Concepts
State-Specific Concepts
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