What is commonly referred to as the Act in Illinois real estate is actually?

What is the standard for agency representation in Illinois?

Designated agency is standard in Illinois. The Act requires that at the beginning of the agency relationship: – The client receives documentation in writing that a designated agency relationship exists. – The written confirmation shows the name of the designated agent.

What are acts called that are performed by an agent on a customer’s behalf that are clerical or informative in nature?

“Ministerial acts” means those acts that a licensee may perform for a consumer that are informative or clerical in nature and do not rise to the level of active representation on behalf of a consumer.

When a licensee represents a person what type of relationship is established?

Terms in this set (59) When a licensee works FOR a principal that person is a CLIENT. A working relationship has been established between the licensee and the client and the client allows the licensee to represent him or her.

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In which of these situations is a licensee acting as a dual agent?

Real estate licensing laws permit dual agency only if the buyer and the seller are informed and consent to the licensee’s representation of both in the same transaction. A buyer comes into a real estate broker’s office and asks the broker to represent her while searching for a home in the $190,000-$200,000 price range.

Is a dual agent a good idea?

The bottom line is that dual agency is certainly a good thing for the agent but is typically a negative scenario for both the buyer and seller, as neither party is getting fair representation. This is an especially negative arrangement for inexperienced buyers and sellers who really need professional guidance.

What should you do if you feel the offer is not in the seller’s best interest?

seek the sellers’ acceptance rather than a counteroffer. If you believe for whatever reason that the offer is not in the seller’s best interest, .

Does Keller Williams allow dual agents?

“Dual agency” is legally created when we as agents represent both seller and buyer and also when agents of our broker, Keller Williams Integrity Realty – Roseville, represent both parties. … When it does, such a legal relationship is proper as long as both seller and buyer agree to dual agency in writing.

What listing agreement is most commonly used?

An exclusive right-to-sell listing is the most commonly used contract. With this type of listing agreement, one broker is appointed the sole seller’s agent and has exclusive authorization to represent the property.

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What do you call an agent that is legally authorized to act on the behalf of another party quizlet?

proxy. an agent legally authorized to act on behalf of another party.

What is the relationship called when a principal allows a licensee to represent him or her?

The principal-agent relationship is an arrangement in which one entity legally appoints another to act on its behalf. In a principal-agent relationship, the agent acts on behalf of the principal and should not have a conflict of interest in carrying out the act.

What is the person who is empowered to act on behalf of another called?

An agent, in legal terminology, is a person who has been legally empowered to act on behalf of another person or an entity. An agent may be employed to represent a client in negotiations and other dealings with third parties. The agent may be given decision-making authority.

What are the two categories of duties?

Understand that the agent owes the principal two types of duties: a special duty—the fiduciary duty—and other general duties as recognized in agency law. Recognize that the principal owes the agent duties: contract, tort, and workers’ compensation.