Illinois Real Estate Exam Practice Question
Under the Illinois Real Estate License Act of 2000, designated agency
Correct Answer: C
Rationale: Designated agency is a specific type of agency relationship where a real estate broker assigns different agents to represent the interests of buyers and sellers within the same transaction. This practice is indeed allowed under the Illinois Real Estate License Act of 2000, making option C incorrect.
Option A is misleading; designated agency must be explicitly stated in the agency agreement rather than being merely implied. Option B incorrectly limits designated agency to buyers, whereas it applies to both buyers and sellers. Option D also misrepresents the concept, as designated agency is not restricted solely to sellers. Thus, understanding the framework of designated agency is essential for compliance with the Act.
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