
Chapter 10 License Law Real Estate Agency Relationships Form


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People also ask
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What creates an agency relationship in real estate?
When a real estate broker and a principal enter into an employment contract authorizing the broker to act on behalf of the principal, an actual agency relationship is created. (Civil Code § 2299).
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What relationship does a seller have to the licensee in a buyer agency relationship?
In a buyer agency relationship, what relationship does the seller have to the licensee? The seller is the licensee's customer.
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Who does the licensee represent in a seller agency relationship in Illinois?
Licensees shall be considered to be representing the consumer they are working with as a designated agent for the consumer unless there is a written agreement between the sponsoring broker and the consumer providing that there is a different relationship.
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What is a buyer agency relationship?
Buyer Agency: The agency relationship that exists between a buyer principal and his or her buyer's agent. Principal: One of the parties to a transaction. For example, the buyer and seller are principals in a transaction for the purchase of real estate. A principal may also be referred to as a client.
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When must a listing agent disclose his or her agency relationship?
(d) The selling agent shall provide the disclosure form to the buyer as soon as practicable prior to execution of the buyer's offer to purchase, except that if the offer to purchase is not prepared by the selling agent, the selling agent shall present the disclosure form to the buyer not later than the next business ...
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What is a person that has a legal agency relationship with the licensee called?
What is the name given to a person with whom the licensee has a legal agency relationship? The client.
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When a licensee represents a person what type of relationship is established?
Such representation is called agency." In an agency relationship, the principal delegates to the agent the right to act on his or her behalf, and to exercise some degree of discretion while so acting.
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What agency relationship requires the informed consent of both parties (buyer and seller)?
Because of the potential for conflicts of interest in a dual-agency relationship, all parties must give their informed consent. Disclosed dual agency is legal in most states, but often requires written consent from all parties.
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