Updated April 23, 2024
An Illinois real estate agent listing agreement is a contract that outlines the conditions under which an agent is permitted to sell an owner’s residential or commercial property. The contract will specify the desired sales price along with the commission given to the agent upon the fulfillment of their obligations. In the case of an “exclusive right to sell” agreement, the agent will be the sole individual authorized to sell the property and collect a commission from the transaction. However, the seller and agent may agree on an alternate listing type such as an “open listing” which can aid the seller by drastically reducing the brokerage fees typically associated with an exclusive listing agreement.
Agency Disclosure Form – No standardized form. When a licensee agrees to work as a designated agent for a buyer or seller, the licensee must supply the individual with a written disclosure explaining the designated agent relationship. The required information can be mentioned in the brokerage agreement or included in a separate document. Illinois REALTORS® have supplied the Disclosure of Designated Agency which is permitted for use in this circumstance.[1]
Dual Agency – Legal in Illinois. Real estate agents may only act as a dual agent with the informed written consent of each party. A consent agreement must be drafted by the agent and signed by the buyer and seller.[2]
Laws – Administrative Code Section 1450.770
Residential Real Property Disclosure Report – Must be completed by the seller and given to the buyer before the execution of a purchase agreement. However, if the seller has neither lived in the property nor managed the property, they are exempt from the property disclosure requirement.[3][4]
Search a Licensee – Search for the license information of a real estate agent in Illinois.
Realtor Versions
Chicago Association of Realtor Version (Revised 08/2015)
Illinois Association of Realtors Version (Revised 05/2019)
MainStreet Association of Realtors Version (Revised 04/2014) – PDF