Illinois leasing agent chapter 1 Exam Questions With 100% Correct Answers

Illinois leasing agent chapter 1 Exam Questions With 100% Correct Answers Real estate license act 2000 - answerThe body of law that governs the rights and duties of principles, agents and third parties. Agent - answerOne who acts as an intermediary on behalf of others for a fee or commission. Confidential information - answerPersonal information about a client or information that of disclosed could compromise the transaction. Dual agency - answerRepresenting both parties in a transaction. Attorney - answerOne authorized by law to represent another in court and to prepare documents defining or transferring rights in property. Fiduciary - answerOne who acts as a trustee or who has a legal duty to act in a confidential manner on behalf of another. Contemporaneous agency - answerAn agent representing more than one buyer or renter for the same property. Escrow - answerFunds held on behalf of a principal to a transaction or some other party. Customer - answerA person or entity whom a licensee is providing services but is not represented by the licensee. Law of agency - answerState law enacted to protect the public from fraud, dishonesty and incompetence in the purchase and sale, lease, or rental of real estate. Client - answerTh principal in a transaction represented by a agent. The principal could be a seller, potential buyer, owner, or potential renter. Mimimun services - answerA provision of the real estate act that requires a licensee to provide the mimimun services of presenting, negotiating, and explaining a contract to a client that is exclusively represented by the licensee. Ministerial act - answerActs informative by nature and do not rise to the level of active representation. Principal - answerThe client in a transaction the person for whom the agent works.