Agency
When an Illinois real estate agent represents a buyer and the seller is unrepresented, the agent's relationship to the seller is best described as:
ADual agent representing both parties
BA customer relationship—the agent owes the seller minimum duties of honesty and disclosure of known material facts but no fiduciary duties✓ Correct
CA subagent of the seller's interests
DA neutral mediator between both parties
Explanation
When a buyer's agent works with an unrepresented seller, the seller is a 'customer' (not a client). The buyer's agent owes the seller minimum non-fiduciary duties: honesty, fair dealing, and disclosure of known material facts that affect the property's value. The agent's full fiduciary duties (loyalty, confidentiality, obedience, reasonable care, and accounting) are owed exclusively to the buyer-client.
Related Illinois Agency Questions
- The fiduciary duty of 'reasonable care' owed by an Illinois broker to their client requires the broker to:
- In Illinois, the written disclosure of agency representation must be provided to the consumer:
- Agency by ratification occurs when:
- What is 'informed consent' required for in an Illinois designated agency situation?
- In Illinois, the duty of 'reasonable care and diligence' owed by a real estate agent to their client requires the agent to:
- What is the 'duty of disclosure' owed by an Illinois real estate agent to third parties (not their client)?
- In Illinois, what is the difference between an 'exclusive right to sell' listing and an 'exclusive agency' listing?
- What is 'informed consent' in the context of an Illinois dual agency relationship?
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