(Section scheduled to be repealed on January 1, 2030)

333 words·~2 min read·/il/chapter-225/act-454/1-23

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

Sec. 15-50. Brokerage agreements; designated agency.

(a)A sponsoring broker entering into a brokerage relationship with any person for the listing of property or for the purpose of representing any person in the buying, selling, exchanging, renting, or leasing of real estate shall set forth the terms of that relationship in a written brokerage agreement. The brokerage agreement shall specifically designate those licensees employed by or affiliated with the sponsoring broker who will be acting as legal agents of that person to the exclusion of all other licensees employed by or affiliated with the sponsoring broker. A sponsoring broker entering into an agreement under the provisions of this Section shall not be considered to be acting for more than one party in a transaction if the licensees are specifically designated as legal agents of a person and are not representing more than one party in a transaction.

(a-5) Nothing in this Section prevents a client from seeking to enforce an oral agreement. The absence of a written agreement does not create an affirmative defense

(i)to the existence, or lack thereof, of an agreement between the parties; or

(ii)as to whether licensed activity was performed under this Act. This Section does not prevent a court from imposing legal or equitable remedies.

(b)A sponsoring broker designating affiliated licensees to act as agents of clients shall take ordinary and necessary care to protect confidential information disclosed by a client to the designated agent.

(c)A designated agent may disclose to the designated agent's sponsoring broker or persons specified by the sponsoring broker confidential information of a client for the purpose of seeking advice or assistance for the benefit of the client in regard to a possible transaction. Confidential information shall not be disclosed by the sponsoring broker or other specified representative of the sponsoring broker unless otherwise required by this Act or requested or permitted by the client who originally disclosed the confidential information.