TITLE 68: PROFESSIONS AND OCCUPATIONS
CHAPTER VIII: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
SUBCHAPTER b: PROFESSIONS AND OCCUPATIONS
PART 1450 REAL ESTATE LICENSE ACT OF 2000
SECTION 1450.830 DISCLOSURE OF CONTEMPORANEOUS OFFERS


 

Section 1450.830  Disclosure of Contemporaneous Offers

 

"Contemporaneous offers" under Section 15-15(b) of the Act shall be offers to purchase or lease on behalf of 2 or more clients represented by the same designated agent for the same real estate parcel or unit that the designated agent knows or has reason to know will be taken under consideration by the owners or owners' representative at the same time. If there are contemporaneous offers from 2 or more clients of a designated agent, written disclosure shall be provided to the clients of the designated agent and referrals of clients to other designated agents shall be completed, if requested by the client.

 

(Source:  Amended at 40 Ill. Reg. 12588, effective September 2, 2016)