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IL Real Estate Chapter 5- AGENCY RELATIONSHIPS QUESTIONS WITH ANSWERS. $10.49   Add to cart

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IL Real Estate Chapter 5- AGENCY RELATIONSHIPS QUESTIONS WITH ANSWERS.

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IL Real Estate Chapter 5- AGENCY RELATIONSHIPS QUESTIONS WITH ANSWERS.

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  • September 27, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MLBPA
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IL Real Estate Chapter 5- AGENCY
RELATIONSHIPS QUESTIONS WITH
ANSWERS.

AGENT ANS - A generic term use to describe one person who is contracted to represent a client
(principal).



AGENCY ANS - Relationship between a real estate broker or licensee, represents a consumer in a real
property transaction. (directly or or affiliated licensee).



BROKERAGE ANS - The bringing together of parties interested in making a real estate transaction.



CLIENT/PRINCIPAL ANS - A person who has entered into an agency relationship w/ a licensee & with
whom there is a written contract.



FIDUCIARY ANS - A person in a position of trust, held by law (common law) to high standards of good
faith and loyalty.



OLD CAR ANS - Agent's responsibilities to the principal (Client).

1.) Obedience- Agent must follow the legal instructions of the principal.

2.) Loyalty- Agent must put the principal's interests above no other including their own.

3.) Disclosure- Agent must disclose any material fact that could potentially affect someone's buying
decision on a home.

4.) Confidentiality- Agent can neither reveal confidential information nor take advantage of such info.

5.) Accountability- Money received in an agency relationship is received on behalf of the principal, not
the agent.

6.) Reasonable skill and care- Agents must always use reasonable, care, skill, and diligence when acting
on behalf of a client.

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