Illinois Compiled Statutes - Full Text

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Illinois Compiled Statutes - Full Text

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225 ILCS 454/15-15

    (225 ILCS 454/15-15)
    (Section scheduled to be repealed on January 1, 2030)
    Sec. 15-15. 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 and acts at the property.
            (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. 101-357, eff. 8-9-19.)