During a brokerage meeting in Chicago, Micah Monroe asks whether a person receiving services from a licensee is always a client. What is the best answer under current Illinois law or practice?
Correct Answer
C) No. Some consumers are customers rather than clients, and the full fiduciary-style duties of representation attach only when there is a client relationship.
Illinois distinguishes clients from customers and ties representation duties to the nature of the relationship.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
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.
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- → A Vermont licensee is asked about a designated agency firm appoints separate agents for buyer and seller. What is the best answer?
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