Which type of agency relationship is NOT recognized in Illinois?
Correct Answer
C) Transaction brokerage
Illinois does not recognize transaction brokerage as a form of agency. Licensees must represent either the buyer, seller, or both as a disclosed dual agent.
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Related Topics & Key Terms
Related Topics:
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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- → 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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