Real Estate Agency
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| Agency | show 🗑
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| show | defines the rights and duties of the principal and the agent.
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| Agent | show 🗑
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| Brokerage Agreement | show 🗑
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| show | Person or entity that a licensee represents in a real property transaction.
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| show | Payment made to a person or entity for executing services for a client or customer.
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| Consumer | show 🗑
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| Confidential Information | show 🗑
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| show | person for whom licensee is providing services but is not represented by the licensee in an agency relationship.
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| Ministerial Acts | show 🗑
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| An Agent works for a client and with a customer. | show 🗑
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| show | agent's trust and confidence means the real estate licensee owes the principal certain duties which form the common law of agency COLD AC = Care; Obedience; Loyalty, Disclosure, Accounting & Confidentiality.
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| IL Residential Real Property Disclosure form | show 🗑
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| show | if the disclosure form is delivered after offer has been accepted, the buyer has 3 days to cancel the contract. If seller learns of a new problem after contract signed, he has up & until closing to disclose it. Can not cancel. Comp may be negotiated.
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| show | In IL, all funds entrusted to a licensee must be deposited in a special escrow account by the next business day following the signing of a sales contract. Escrow account transactions must be kept on file for at least 5 years.
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| show | Conversion is the practice of using those funds as licensee's own money is illegal.
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| Statements of opinion are permissible only as long as they are offered as opinions without any intention to deceive. | show 🗑
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| show | exaggeration of a property's benefits.
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| Fraud | show 🗑
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| show | parties formally express their intention to establish an agency and state its terms and conditions.
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| show | relationship between a buyer and a sponsoring broker. Similar to a listing agreement, stipulates resp. that the buyer expects.
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| Real Estate License Act 2000 | show 🗑
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| Implied Agency | show 🗑
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| Compensation | show 🗑
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| show | Death or incapacity of either party
Destruction or condemnation of the property;
Expiration of the terms of the agency;
Mutual agreement by all parties to the contract;
Breach by one of the parties.
By operation of law
Completion of agreement
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| Universal Agent | show 🗑
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| General Agent | show 🗑
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| Special Agent | show 🗑
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| Designated Agent | show 🗑
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| Buyer Agency | show 🗑
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| show | agent represents two principals in the same transaction. Requires equal loyalty to two separate principals at the same time.
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| show | Law permits dual agency so long as buyer and seller are informed and consent to the licensee representation of both in the same transaction.
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Created by:
Denise Setchel
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