Illinois Real Estate Broker Exam — All Questions
← Back to practice3 questions
A licensee representing a seller owes the seller fiduciary duties. Which duty requires the licensee to keep the seller's confidential information private even after the transaction closes?
- a.Obedience
- b.Confidentiality✓
- c.Accounting
- d.Disclosure
The duty of confidentiality obligates the agent to protect the principal's confidential information, and this duty generally survives the end of the agency relationship. Obedience and accounting address different obligations.
A single brokerage represents both the buyer and the seller in the same transaction with informed written consent. This is known as:
- a.Single agency
- b.Designated agency by default
- c.A subagency
- d.Dual agency✓
Dual agency occurs when one brokerage represents both parties in the same transaction and requires informed written consent from both. The agent's ability to advocate fully for either side is limited.
An agency relationship in real estate is most commonly created by:
- a.An express agreement such as a listing or buyer-representation agreement✓
- b.Recording a deed
- c.Payment of a commission
- d.The multiple listing service
Agency is typically created by an express agreement, such as a signed listing or buyer-representation agreement, that authorizes the licensee to act on the client's behalf. Payment of commission alone does not create agency.