Agency
What is 'informed consent' required for in an Illinois designated agency situation?
AOnly the buyer needs to give informed consent; the seller's consent is automatic
BBoth buyer and seller must give written informed consent to the designated agency arrangement after understanding that the managing broker and brokerage may be dual agents✓ Correct
CInformed consent is not required for designated agency in Illinois
DOnly the managing broker needs to consent to designated agency arrangements
Explanation
For designated agency in Illinois, both buyer and seller must provide written informed consent after understanding the arrangement. While designated agents represent only one party, the managing broker and brokerage hold information about both parties. Parties must understand this and consent to proceed. The designated agents provide full fiduciary representation within this structure.
Related Illinois Agency Questions
- What is 'puffing' and how does it differ from misrepresentation in Illinois?
- A buyer's agent who negotiates a transaction is entitled to a commission from:
- Under Illinois law, the agency disclosure document must be provided:
- If an Illinois seller's agent learns that the buyer has a mortgage pre-approval and is willing to pay significantly more than the listed price, the agent must:
- In Illinois, what is a 'listing agreement' and what type of agency does it create?
- A real estate broker's fiduciary duty of loyalty requires the broker to:
- Under Illinois law, a broker who represents a buyer in a residential transaction must:
- An Illinois seller signs a 'net listing' agreement, under which the broker keeps anything above a specified net amount as commission. Net listings are:
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →