Agency
What is a 'non-exclusive buyer agency agreement' in Illinois?
AAn agreement where the buyer can work with multiple agents simultaneously without obligation
BAn agreement where a buyer works with a broker without exclusivity; the buyer can also work with other brokers or find their own property✓ Correct
CAn agreement where the agent shares compensation with multiple co-buyers' agents
DAn agreement where the agent is not required to show the buyer all properties
Explanation
A non-exclusive buyer agency agreement allows a buyer to retain a broker while also working with other brokers or finding a property independently. The representing broker typically earns a commission only if they are the procuring cause of the buyer's eventual purchase.
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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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