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, the designated agent shall provide written disclosure, physically or electronically, to those clients and, upon request by the clients, refer the clients to another designated agent.
(Source: Amended at 45 Ill. Reg. 2851, effective February 23, 2021)