Customer-level Services

Question 1

If a licensee is working with a third party or a customer, the licensee is responsible for adhering to state and federal ___ laws.

Answer 1

Consumer protection laws

Question 2

If a licensee is working with a third party or a customer, the licensee is responsible for adhering to ___ requirements imposed by professional associations and state regulators

Answer 2

ethical

Question 3

Illinois courts have long held that contractual principal-agent relationship as defined in a listing agreement or buyer agency agreement gives the seller or buyer a cause of action against the licensee who breaches ___ duties to the client.

Answer 3

Fiduciary

Question 4

Does Illinois license law set forth duties that licensees owe to third-party customers, including third-party customers who are buyers or sellers?

Answer 4

No

Question 5

If a principal orders their agent to misrepresent material facts to the opposite party, will the agent’s duty of loyalty to their principal protect them from any liability for any monetary loss that the opposite party suffered from as a result of the misrepresentation?

Answer 5

No

Question 6

___ may be imposed when the licensee is aware of facts that tend to indicate they are making a false statement

Answer 6

Liability

Question 7

A seller tells their agent that “the roof was replaced last year,” however the agent has good reason to believe that this statement is false. What should the agent do?

Answer 7

Attempt to find the truth and pass the correct information to the buyer

Question 8

If a client provides their licensee with false information, and the licensee does not have knowledge that the information they were provided is false, and there is no reason to believe the licensee acted negligently, will the licensee be held liable to the customer?

Answer 8

No

Question 9

Illinois courts have ruled that a ___ cannot eliminate rights given to a consumer.

Answer 9

contract