Which of the following statements about dual agency consent and designated agency under Illinois law is NOT correct?
Correct Answer
D) A licensee who verbally discloses dual agency to both clients satisfies the consent requirement, even without a written disclosure form.
Under 225 ILCS 454, Illinois law requires informed written consent from all clients before a licensee may act as a dual agent. Verbal disclosure alone does not satisfy this requirement. The written dual-agency disclosure form is mandatory, and oral acknowledgment by the clients is insufficient to meet the statute's consent standard.
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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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