Under Illinois law, when must a licensee present the dual-agency disclosure form to a client?
Correct Answer
A) At the time the brokerage agreement is entered into, though the client may sign the consent at any point before the licensee actually begins acting as a dual agent.
Under 225 ILCS 454/15-45, the dual-agency disclosure form must be presented to the client at the time the brokerage agreement is entered into. However, the client's signature providing consent may be obtained at that time or at any later point, as long as it occurs before the licensee actually begins functioning as a dual agent. This two-step framework ensures early disclosure while allowing flexibility in when formal consent is executed.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
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.
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