Section 8, Unit 1: Seller Agency in Illinois

seller agency

A relationship where the licensee represents the seller in a real estate transaction

signed consent

Before performing any actions as a dual agent, licensees must receive the ____ ____from both the buyers and the sellers. If either party (or both) refuse this, then licensees should refer the party for whom they're not already acting as agent to another licensee.

Refer the customer to another licensee.

If a client would prefer not to act in the capacity of dual agent, if her firm doesn't allow dual agency, or if her clients refuse consent to dual agency, the best thing to do is to _______.

Disclosure and Consent to Dual Agency

Licensees must provide a _________ form to any consumer with whom they sign an agency agreement.

Notice of No Agency

Licensees speaking with unrepresented consumers should first provide them with a ____________ Relationship.

"That's not my area of expertise. You should ask your tax advisor."

Mitch, your seller client, asked you about the tax ramifications of selling his townhome. What's your best response?

Yes. But she must first contact Stan in writing and ask about the type of agreement he has and its expiration date.

Nancy believes that Eric, a seller who has an exclusive right-to-sell agreement with Stan, isn't getting the service he deserves. She wants to solicit the listing from Eric. Is it legal in Illinois for her to do this, and if so, how?

To all parties as soon as possible

Ned is a listing agent who has learned of a material fact related to the transaction. To whom and when must he disclose this information?

Disclosure that the buyer will not have the funds for the down payment unless they sell their current home.

Ned represents Sofia in the sale of her townhome. Luciana represents Sofia's buyer, Arturo. What is Luciana's responsibility to Sophia if Sophia will not have funds for a down payment unless they sell their home?

Notice of no agency

Sadly, the sale with Rob's client falls through, so Jeanette puts Amanda's property back on the market. This time, a couple attending the open house, the Jeffersons, immediately fall in love with the home. They ask Jeanette how they can make an offer as soon as possible, and Jeanette learns they're not represented by a real estate licensee. What's the first written disclosure that Jeanette should make at this point?

The required consent and disclosure may be included in the brokerage agreement.

What is true about dual agency in Illinois?

Seek a sale at the best price at terms acceptable to the seller.

What responsibility does the seller's agent have to the seller?

-Invest your time and energy in marketing and selling the property. -Inform the seller of the responsibility to make all required property condition disclosures. -Negotiate contract terms in accordance with the seller's wishes. -Ensure that the buyer's earnest money is deposited by the contracted deadline. -Communicate all offers and counter-offers to the seller.

You must perform specific tasks for your seller clients (unless the seller's attorney has or will perform these tasks). These tasks include: