(225 ILCS 454/15-15)
(Section scheduled to be repealed on January 1, 2020)
Duties of licensees representing clients.
(a) A licensee representing a client shall:
(1) Perform the terms of the brokerage agreement
between a broker and the client.
(2) Promote the best interest of the client by:
(A) Seeking a transaction at the price and terms
stated in the brokerage agreement or at a price and terms otherwise acceptable to the client.
(B) Timely presenting all offers to and from the
client, unless the client has waived this duty.
(C) Disclosing to the client material facts
concerning the transaction of which the licensee has actual knowledge, unless that information is confidential information. Material facts do not include the following when located on or related to real estate that is not the subject of the transaction: (i) physical conditions that do not have a substantial adverse effect on the value of the real estate, (ii) fact situations, or (iii) occurrences.
(D) Timely accounting for all money and property
received in which the client has, may have, or should have had an interest.
(E) Obeying specific directions of the client
that are not otherwise contrary to applicable statutes, ordinances, or rules.
(F) Acting in a manner consistent with promoting
the client's best interests as opposed to a licensee's or any other person's self-interest.
(3) Exercise reasonable skill and care in the
performance of brokerage services.
(4) Keep confidential all confidential information
received from the client.
(5) Comply with all requirements of this Act and all
applicable statutes and regulations, including without limitation fair housing and civil rights statutes.
(b) A licensee representing a client does not breach a duty or obligation to
the client by
showing alternative properties to prospective buyers or tenants, by showing
properties in which
the client is interested to other prospective buyers or tenants, or by making or preparing contemporaneous offers or contracts to purchase or lease the same property. However, a licensee shall provide written disclosure to all clients for whom the licensee is preparing or making contemporaneous offers or contracts to purchase or lease the same property and shall refer to another designated agent any client that requests such referral.
(c) A licensee representing a buyer or tenant client will not be presumed to
have breached a
duty or obligation to that client by working on the basis that the licensee
will receive a higher fee or
compensation based on higher selling price or lease cost.
(d) A licensee shall not be liable to a client for providing false
information to the client if the
false information was provided to the licensee by a customer unless the
licensee knew or should
have known the information was false.
(e) Nothing in the Section shall be construed as changing a licensee's duty
under common law
as to negligent or fraudulent misrepresentation of material information.
(Source: P.A. 96-856, eff. 12-31-09.)