Final answer:
Illinois Agency Law requires a written designated agency disclosure before a broker starts working with the consumer, and dual agency must be disclosed in writing, requiring informed consent. There is no mandate for buyers to sign a written agreement with their broker, but it is encouraged for clarity.
Step-by-step explanation:
Under Illinois Agency Law, it is required that a written designated agency disclosure is provided to and signed by the consumer before a broker begins to work on their behalf. This ensures transparency in the relationship between the consumer and the broker. Dual agency, where a broker represents both the buyer and seller in the transaction, must also be disclosed in writing, and the consumer must give informed consent regarding this arrangement. While a listing broker indeed has a responsibility to explain the different types of agency available to a client, this action does not negate the necessity of written disclosures. Furthermore, it is not compulsory for buyers to sign a written agreement with their broker, but it is highly recommended for clarification of the relationship and expectations.