Illinois Compiled Statutes 225 Professions, Occupations, and Business Operations: Article 15 - Agency Relationships

• Illinois Real Estate License Act of 2000. - 225 ILCS 454, Section 10-45
  Broker price opinions and comparative market analyses. (a) A broker price opinion or comparative market analysis may be prepared or provided by a real estate...
• Illinois Real Estate License Act of 2000. - 225 ILCS 454, Section 15-5
  Legislative intent. (a) The General Assembly finds that application of the common law of agency to the relationships among real estate brokers and salespersons...
• Illinois Real Estate License Act of 2000. - 225 ILCS 454, Section 15-10
  Relationships between licensees and consumers. Licensees shall be considered to be representing the consumer they are working with as a designated agent for the...
• Illinois Real Estate License Act of 2000. - 225 ILCS 454, Section 15-15
  Duties of licensees representing clients. (a) A licensee representing a client shall: (1) Perform the terms of the brokerage agreement between a broker and the...
• Illinois Real Estate License Act of 2000. - 225 ILCS 454, Section 15-20
  Failure to disclose information not affecting physical condition. No cause of action shall arise against a licensee for the failure to disclose: (i) that...
• Illinois Real Estate License Act of 2000. - 225 ILCS 454, Section 15-25
  Licensee's relationship with customers. (a) Licensees shall treat all customers honestly and shall not negligently or knowingly give them false information. A licensee engaged...
• Illinois Real Estate License Act of 2000. - 225 ILCS 454, Section 15-30
  Duties after termination of brokerage agreement. Except as may be provided in a written agreement between the broker and the client, neither a sponsoring...
• Illinois Real Estate License Act of 2000. - 225 ILCS 454, Section 15-35
  Agency relationship disclosure. (a) A licensee shall advise a consumer in writing of the following no later than beginning to work as a designated agent...
• Illinois Real Estate License Act of 2000. - 225 ILCS 454, Section 15-40
  Compensation does not determine agency. Compensation does not determine agency relationship. The payment or promise of payment of compensation to a licensee is not...
• Illinois Real Estate License Act of 2000. - 225 ILCS 454, Section 15-45
  Dual agency. (a) A licensee may act as a dual agent only with the informed written consent of all clients. Informed written consent shall be...
• Illinois Real Estate License Act of 2000. - 225 ILCS 454, Section 15-50
  Designated agency. (a) A sponsoring broker entering into an agreement with any person for the listing of property or for the purpose of representing...
• Illinois Real Estate License Act of 2000. - 225 ILCS 454, Section 15-55
  No subagency. A broker is not considered to be a subagent of a client of another broker solely by reason of membership or other...
• Illinois Real Estate License Act of 2000. - 225 ILCS 454, Section 15-60
  Vicarious liability. A consumer shall not be vicariously liable for the acts or omissions of a licensee in providing licensed activities for or on...
• Illinois Real Estate License Act of 2000. - 225 ILCS 454, Section 15-65
  Regulatory enforcement. Nothing contained in this Article limits the Department in its regulation of licensees under other Articles of this Act and the substantive rules...
• Illinois Real Estate License Act of 2000. - 225 ILCS 454, Section 15-70
  Actions for damages. (a) In any action brought under this Article 15, the court may, in its discretion, award only actual damages and court...
• Illinois Real Estate License Act of 2000. - 225 ILCS 454, Section 15-75
  Exclusive brokerage agreements. All exclusive brokerage agreements must specify that the sponsoring broker, through one or more sponsored licensees, must provide, at a minimum, the...

Last modified: February 18, 2015