Under current Illinois law, when must the dual-agency disclosure form be presented to a client?
Correct Answer
A) At the time the brokerage agreement is entered into, though the client may sign the form any time before the licensee begins acting as a dual agent.
Under the Illinois Real Estate License Act (225 ILCS 454), the dual-agency disclosure form must be presented to the client at the time the brokerage agreement is entered into, although the client's signature on the consent may be obtained at any time before the licensee actually begins acting as a dual agent. This separates timely disclosure from the moment consent must be in hand.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
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