Under the Illinois Real Estate License Act of 2000, which statement most accurately describes when a written brokerage agreement is required?
Correct Answer
D) A sponsoring broker who enters a brokerage relationship for the purpose of listing property or representing a buyer, seller, landlord, or tenant in a transaction must set out the terms of that relationship in a written brokerage agreement.
Under 225 ILCS 454/15-75, whenever a sponsoring broker enters a brokerage relationship — whether to list property for a seller or landlord, or to represent a buyer or tenant — the terms of that relationship must be set forth in a written brokerage agreement. This requirement is not limited by property type, transaction stage, or client history.
Why This Is the Correct Answer
Why the Other Options Are Wrong
Deep Analysis of This Agency Question
Background Knowledge for Agency
Real World Application in Agency
Related Topics & Key Terms
Key Terms:
More Agency Questions
Which duty requires an agent to keep the principal informed of all material facts?
Under agency law in Nevada, dual agency is:
Under agency law in Hawaii dual agency is:
All correctly describe listing brokers and property managers except:
A New York dual agent must have:
- → Vermont requires agency disclosure:
- → Vermont real estate licensees are regulated by the:
- → Under California law, dual agency is:
- → Listing broker learns prospective buyer owes delinquent child support. Which duty requires disclosure to seller?
- → Under agency law in NH, disclosed dual agency is:
- → If a 16-year-old emancipated minor wishes to sell real property, their broker may:
- → All of the following actions create an agency relationship, except:
- → An agency relationship in real estate is terminated in multiple ways. All of the following are likely to be the cause of termination of an agency relationship, except:
- → Real estate brokers are required to have written employment contracts with:
- → A licensed real estate salesperson is primarily responsible to: