Agency
What is 'transaction brokerage' or 'facilitating brokerage' in Illinois?
AWhen a broker handles all aspects of a transaction without representing either party
BA form of dual agency where full fiduciary duties are owed to both parties
CNon-agency representation where the broker assists both parties with the transaction without advocacy for either✓ Correct
DA brokerage that specializes in foreclosure transactions
Explanation
Transaction brokerage (sometimes called facilitating or non-agency) is a relationship where a broker assists both parties in completing a transaction without serving as an agent or advocate for either party. The broker owes duties of honesty and disclosure but not full fiduciary duties.
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- Which of the following is NOT one of the duties a licensee owes to all parties (clients and customers) under Illinois law?Agency
- An agent who is representing both the buyer and seller in the same transaction without full written consent from both parties has committed:Agency
- If an Illinois broker represents both the buyer and seller in the same transaction as a dual agent, the broker MAY NOT do which of the following without the other party's consent?Agency
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.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
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.
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