A sponsored licensee plans to represent both the buyer and the seller in the same real estate transaction. Under Illinois law, which requirement must be satisfied before the licensee may proceed as a dual agent?
Correct Answer
D) Informed written consent must be obtained from all clients before the licensee may act as a dual agent.
Under 225 ILCS 454/15-45, dual agency is permissible in Illinois only when all clients have provided informed written consent prior to the licensee acting in that capacity. This is a mandatory statutory requirement with no verbal or after-the-fact substitute.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
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.
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