Illinois Real Estate Exam Practice Question
An Illinois licensee lists their neighbor’s home for sale. A buyer, whom this same licensee is representing, wishes to make an offer on the house. In this situation, who must provide written consent to the licensee representing both parties?
Correct Answer: C
Rationale: In this scenario, written consent must be obtained from both the seller and the buyer because the licensee is representing both parties in a dual agency situation. This consent ensures transparency and protects the interests of both clients.
Option A, the Department of Financial and Professional Regulation, does not have a role in providing consent for individual transactions. Option B, the sponsoring broker, may oversee the licensee's activities but does not provide consent for dual agency. Option D, the attorney general, is not involved in real estate transactions of this nature. Thus, both the seller and buyer must provide written consent to ensure ethical compliance and protect all parties involved.
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