77.1k views
3 votes
Under Illinois real estate law, it is required that all clients be given written disclosure of who is their:

a) lawyer.
b) loan officer.
c) subagent.
d) designated agent.

User Ccarton
by
7.3k points

1 Answer

4 votes

Final answer:

Subagent because Illinois real estate law mandates written disclosure to clients about their subagent, ensuring transparency in the agency relationships within a real estate transaction.

Thus The correct option is (c) subagent

Step-by-step explanation:

In Illinois real estate law, clients are required to be given written disclosure of their subagent. A subagent is an agent appointed by the agent (in this case, the designated agent) to assist in representing the client.

The disclosure ensures transparency in the agency relationship and helps clients understand the roles of different parties involved in the real estate transaction.

Real estate transactions often involve multiple agents, including designated agents who represent the client, and subagents who work under the designated agent.

The disclosure requirement for subagents is crucial for clients to be informed about the various individuals involved in the process and to understand the agency relationships.

This disclosure is essential as it impacts how information is shared and confidentiality is maintained throughout the real estate transaction. Clients need to know the scope of representation provided by subagents and how their interests will be safeguarded within the legal framework.

By disclosing the subagent's role in writing, clients can make informed decisions and have a clear understanding of the agency structure in the real estate transaction.

In summary, under Illinois real estate law, the written disclosure requirement pertains to the client's subagent, ensuring transparency and clarity in the agency relationships involved in the real estate transaction.

This legal provision helps build trust between clients and agents, fostering a smoother and more informed real estate experience.

User THE ONLY ONE
by
7.4k points