Agency
What is 'express agency' versus 'implied agency' in Illinois real estate?
AExpress agency is faster; implied agency takes longer to establish
BExpress agency is created by explicit written or oral agreement; implied agency arises from the parties' conduct without a formal agreement✓ Correct
CExpress agency requires a written contract; implied agency is the same as dual agency
DThey are legally different in commercial but identical in residential transactions
Explanation
Express agency is created by a clear, explicit agreement—typically a written listing agreement or buyer representation agreement. Implied agency arises from the parties' conduct and actions, even without a formal agreement. In Illinois, performing services typical of an agent-client relationship can create an implied agency. This is why agents must be careful about the services they provide before a formal agency agreement is signed.
Related Illinois Agency Questions
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- The duty of 'accounting' in an agency relationship requires a real estate agent to:
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