Real Estate Agency (Ch. 11) Flashcards
1
Q
Disclosure
A
Keep the principal informed of all facts
Disclosure document must be signed twice by seller and buyer
2
Q
Illinois now a statutory Agency State?
A
Yes
3
Q
Latent Defect
A
A defect that cannot be discovered under normal visual inspection
4
Q
Dual Agency
A
One agent handles both sides of a deal. Must have agreement between two parties
5
Q
Fiduciary/Statutory Responsibilities of an angent
A
Care Obedience Loyalty Disclosure Accounting Confidentiality
