Illinois Real Estate Exam Practice Question
A buyer is looking in several different cities for land to purchase for a shopping center. The buyer has decided to hire several real estate licensees, each representing the buyer in that licensee's city. Which type of agreement would protect the buyer from owing multiple commissions?
Correct Answer: C
Rationale: Choosing a nonexclusive buyer-agency agreement allows the buyer to work with multiple agents without the obligation to pay multiple commissions. This arrangement provides flexibility, as the buyer can engage several licensees in different cities while ensuring that only the agent who successfully facilitates the purchase receives a commission.
Option A, exclusive agency representation, would require the buyer to pay a commission to one agent even if they find the property themselves, which does not protect against multiple commissions. Option B, nonexclusive right-to-lease, is irrelevant as it pertains to leasing rather than purchasing property. Option D, exclusive right to sell, is designed for sellers, not buyers, and would not apply in this scenario.
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