Before an Illinois licensee takes any action as a dual agent, what presentation and signature timing for the client disclosure must be satisfied?
Correct Answer
A) It must be presented at the time the brokerage agreement is entered into, but the client may sign it any time before the licensee actually begins acting as a dual agent.
Under 225 ILCS 454 and the Illinois Real Estate License Act, the dual-agency disclosure form must be presented to the client when the brokerage agreement is entered into. However, the client's signature is not required at that exact moment — it must be obtained before the licensee actually begins functioning as a dual agent. This two-step timing rule allows flexibility in signing while ensuring the client has received the disclosure early in the relationship.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
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