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Illinois · State License Law — free study notes for the real estate licensing exam.
🏛️ State License Law 📍 IllinoisIllinois uses DESIGNATED AGENCY as the default representation model under the Real Estate License Act of 2000. This means the sponsoring broker (the brokerage) names a specific licensee as the designated agent for a given client, and that agent owes full fiduciary-style statutory duties to that client. Because agency is designated to individual licensees rather than the whole firm, the same brokerage can represent both buyer and seller in a transaction through different designated agents without it automatically becoming undisclosed dual agency.
Yes. State License Law is a scored domain on the Illinois real estate licensing exam, and this topic appears in the state license-law portion.
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Illinois applies its own license law on top of the national portion. This page covers the Illinois rules specifically, which is what the state section of your exam tests.