(225 ILCS 454/15-5)
(Section scheduled to be repealed on January 1, 2030)
Sec. 15-5. Legislative intent.
(a) The General Assembly finds that application of the common law of agency
to the
relationships among licensees under this Act and consumers of real
estate brokerage
services has resulted in misunderstandings and consequences that have been
contrary to the best
interests of the public. The General Assembly further finds that the real
estate brokerage industry
has a significant impact upon the economy of the State of Illinois and that it is in the best interest of
the public to provide codification of the relationships between licensees under this Act
and consumers of real estate brokerage services in order to prevent detrimental misunderstandings
and misinterpretations of the relationships by consumers, managing brokers, and brokers and
thus promote and provide stability in the real estate market. This Article 15
is enacted to govern the
relationships between consumers of real estate brokerage services and licensees under this Act
to the extent not governed by an individual written
agreement between a
sponsoring broker and a consumer, providing that
there is a relationship other than designated agency.
This
Article 15 applies to
the exclusion of the common law concepts of principal and agent and to the
fiduciary duties, which
have been applied to managing brokers, brokers, and real estate
brokerage services.
(b) The General Assembly further finds that this Article 15 is not intended
to
prescribe or affect
contractual relationships between managing brokers and brokers and the broker's
affiliated licensees.
(c) This Article 15 may serve as a basis for private rights of action and
defenses by sellers, buyers,
landlords, tenants, managing brokers, and brokers. The
private rights of action,
however, do not extend to any other Articles
of this
Act.
(Source: P.A. 101-357, eff. 8-9-19.)
|