Common law of agency to real estate brokers

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Reference no: EM133615213

Question

The Legislative General Assembly found that the application of the common law of agency to real estate brokers, Licensees and consumers of brokerage services had resulted in misunderstandings. This resulted in consequences contrary to the best interests of the public. Concerning the "Law of Agency" all of the following are true, except: The Illinois Real Estate Act was therefore amended to limit the number of individuals who could obtain a real estate license The intent of the agency law is to promote and provide stability in the real estate market The Legislature found that it was in the best interests of the public to provide codification of the relationships between real estate brokers and Licensees and consumers of real estate brokerage services The law was enacted to prevent detrimental misunderstandings and misinterpretations of the relationships by consumers, real estate brokers, and Licensees.

Reference no: EM133615213

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