Illinois Compiled Statutes 225 ILCS 454/15-35 – Agency relationship disclosure
Current as of: 2024 | Check for updates
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(a) A licensee acting as a designated agent shall advise a consumer in writing, no later than beginning to work as a designated agent on behalf of the consumer, of the following:
(1) That a designated agency relationship exists,
(1) That a designated agency relationship exists,
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unless there is written agreement between the sponsoring broker and the consumer providing for a different agency relationship; and
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(2) The name or names of the designated agent or
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agents on the written disclosure, which can be included in a brokerage agreement or be a separate document, a copy of which is retained by the sponsoring broker for the licensee.
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(b) The licensee representing the consumer shall discuss with the consumer the sponsoring broker’s compensation and policy with regard to cooperating with brokers who represent other parties in a transaction.
(c) A licensee shall disclose in writing to a customer that the licensee is not acting as the agent of the customer at a time intended to prevent disclosure of confidential information from a customer to a licensee, but in no event later than the preparation of an offer to purchase or lease real property.
Terms Used In Illinois Compiled Statutes 225 ILCS 454/15-35
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(c) A licensee shall disclose in writing to a customer that the licensee is not acting as the agent of the customer at a time intended to prevent disclosure of confidential information from a customer to a licensee, but in no event later than the preparation of an offer to purchase or lease real property.