In Illinois, if a sponsored licensee completes a transaction but leaves the sponsoring broker before commission is received, who has the legal right to the commission?
Correct Answer
D) Determined by the written agreement between broker and licensee
Illinois law requires that compensation arrangements be governed by written agreements between the sponsoring broker and sponsored licensee.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
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.
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