Illinois Real Estate Exam Practice Question
Which of the following statements correctly describes a standard feature of a buyer agency agreement?
Correct Answer: D
Rationale: A buyer agency agreement establishes a fiduciary relationship with the buyer, meaning the agent is legally obligated to act in the buyer's best interests. This is a standard feature that ensures trust and loyalty in the relationship.
Option A is incorrect because a buyer agency agreement is indeed an employment contract, not merely an option. Option B is misleading; while some agreements may involve a retainer fee, it is not a standard requirement at the time of signing. Option C misrepresents the nature of agency relationships; they are primarily defined by the agreement itself, not solely by the source of compensation.
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