Agency
The fiduciary duty of 'reasonable care' owed by an Illinois broker to their client requires the broker to:
AGuarantee the outcome of every transaction
BExercise the level of skill, care, and diligence that a reasonably competent real estate professional would exercise✓ Correct
CPerform legal analysis of all documents on behalf of the client
DEnsure the property appraises at or above the contract price
Explanation
The duty of reasonable care requires the broker to apply the skill, competence, and diligence of a reasonably competent real estate professional. This includes staying current on market conditions, properly advising clients, and avoiding errors that a competent professional should avoid — but it does not guarantee specific outcomes.
Related Illinois Agency Questions
- Under Illinois law, the agency disclosure document must be provided:
- Ratification in agency law occurs when:
- Which statement best describes a 'subagent' in a real estate transaction?
- What is 'seller disclosure' versus 'agent disclosure' in Illinois real estate?
- In Illinois, the purpose of the agency disclosure requirement is to ensure that:
- What does it mean when an Illinois listing broker offers 'buyer agent cooperation' in the MLS?
- An agent is approached by a third party who offers the agent money to reveal their client's confidential negotiating position. The agent must:
- A real estate broker's fiduciary duty of loyalty requires the broker to:
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