During a brokerage meeting in Rockford, Parker Lopez asks when the dual-agency disclosure form must be presented to a client. What is the best answer under current Illinois law or practice?
Correct Answer
C) It must be presented when the brokerage agreement is entered into, although the client may sign then or any time before the licensee acts as a dual agent.
Illinois ties presentation of the dual-agency disclosure form to the brokerage-agreement stage, even though signing may occur later so long as it happens before dual agency actually begins.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
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.
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