(Section scheduled to be repealed on January 1, 2030)

221 words·~1 min read·/il/chapter-225/act-454/1-20

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 15-35. Agency relationship disclosure.

(a)A licensee acting as a designated agent shall advise a consumer in writing, no later than beginning to work as a designated agent on behalf of the consumer, of the following:

(1)That a designated agency relationship exists, unless there is written agreement

between the sponsoring broker and the consumer providing for a different agency relationship; and

(2)The name or names of the designated agent or agents on the written disclosure, which

must be included as part of a brokerage agreement or be a separate document, a copy of which is retained by the sponsoring broker for the licensee and company records, and a copy of which must be provided to the consumer or client.

(b)The licensee representing the consumer shall discuss with the consumer the sponsoring broker's compensation policy, including the terms of compensation and any amounts offered to cooperating brokers who represent other parties in a transaction.

(c)A licensee shall disclose in writing to a customer that the licensee is not acting as the agent of the customer at a time intended to prevent disclosure of confidential information from a customer to a licensee, but in no event later than the preparation of an offer to purchase or lease real property.