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Situations with Designated or Dual Agency - Flashcards

Terms in this set (6)

The default agency relationship in Illinois; occurs when a brokerage firm assigns one licensee to represent one client as that client's agent

Dual agency

Occurs when a single entity represents both a buyer and seller in the same real estate transaction

Unintended dual agency

When a dual agency relationship is created without the licensee meaning to do so

Undisclosed dual agency

Representing more than one party in a transaction without fully disclosing the agency relationships to all parties

Single-license dual agency

When the licensee represents both the buyer and seller in a real estate transaction

Dual-license dual agency

When the broker assumes the role of dual agent and designates two agents: one to represent the buyer and one to represent the seller

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