A licensee intends to represent both the buyer and seller in the same transaction. Under Illinois law, what is required before the licensee may act as a dual agent?
Correct Answer
B) Informed written consent from all clients must be obtained before the licensee may act as a dual agent.
Under 225 ILCS 454/15-45, a licensee may act as a dual agent only with the informed written consent of all clients. Verbal consent does not satisfy this statutory requirement, and consent must be secured before dual agency begins — not at a later stage of the transaction.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
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