Agency
What is 'informed consent' in the context of an Illinois dual agency relationship?
AThe buyer and seller signing the same purchase agreement
BBoth the buyer and seller understanding and agreeing in writing to the dual agency after full disclosure of what it means✓ Correct
CIDFPR's approval of a brokerage's dual agency policy
DThe managing broker's approval of each dual agency transaction
Explanation
For dual agency in Illinois, both the buyer and seller must provide informed written consent. This means both parties must understand that the agent represents them simultaneously, that this creates inherent conflicts of interest, that the agent cannot fully advocate for either party, and that they have the right to seek independent representation. Consent must be given voluntarily and with full understanding.
Related Illinois Agency Questions
- What is the 'procuring cause' doctrine in real estate?
- In Illinois, an agent may not purchase property listed with their firm for themselves or an immediate family member without:
- Ratification in agency law occurs when:
- A broker representing a seller receives an offer that they personally believe is too low. The broker must:
- A buyer who works with multiple brokers looking at different properties simultaneously but has not signed a buyer representation agreement with any of them most likely has which type of relationship with each broker?
- The concept of 'apparent authority' in agency law can bind a principal when:
- An Illinois seller's agent discovers that the property has a water intrusion problem not disclosed on the property disclosure form. The agent must:
- An Illinois seller's agent who works for a brokerage that also has the buyer's agent in the same transaction owes the buyer the duty of:
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →