Illinois Real Estate Exam Practice Question
An Illinois sponsored licensee acting as a buyer’s agent has prepared an offer for the client and delivered it to the listing agent. After presenting the offer to the seller, the listing agent calls the buyer’s agent and says the seller would accept the offer if the brokerage fee were reduced by $1000. The listing agent is willing to reduce their share by $500 and asks the buyer’s agent to do the same. Which of the following is the best action for the buyer’s agent to take?
Correct Answer: C
Rationale: In this scenario, discussing the issue with the designated managing broker is the most appropriate action. It ensures that the buyer’s agent adheres to ethical standards and legal obligations while addressing the proposed changes to the commission structure.
Option A, writing a check to the seller, could violate fiduciary duties and create conflicts of interest. Option B, writing a check to the buyer, may also lead to ethical concerns and is not a standard practice in real estate transactions. Option D, showing alternative properties, does not address the immediate issue of the offer and could delay the transaction unnecessarily. Engaging the managing broker promotes transparency and compliance.
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