Illinois License Law
Under the Illinois Real Estate License Act, a broker who acts as a dual agent without proper disclosure and consent is subject to:
AA fine of up to $100 paid to IDFPR
BLoss of commission and potential license discipline✓ Correct
COnly a written reprimand from the managing broker
DMandatory additional continuing education only
Explanation
An Illinois broker who engages in dual agency without proper written disclosure and consent from all parties may forfeit their right to a commission and face IDFPR disciplinary action including license suspension or revocation. Dual agency without consent is a serious violation of fiduciary duty and license law.
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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.
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.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
State-Specific Concepts
Continuing EducationLicense Law
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