According to Illinois law, who must sign a listing agreement involving a married couple?

Prepare for the Illinois Broker Reciprocity Exam. Use flashcards and multiple-choice questions complete with hints and explanations. Ace your exam!

In Illinois, a listing agreement is a contract between a property owner and a real estate broker, and it is essential for both spouses to sign this agreement when the property is jointly owned. This requirement stems from the legal principle that both partners in a marriage have equal rights to the property they own together. By signing the listing agreement, both spouses are acknowledging and agreeing to the terms set forth by the broker, ensuring that both have a say in the transaction and its implications.

Furthermore, having both signatures protects the broker and the buyers. It ensures that the broker has the authority to market and sell the property without the risk of future disputes that could arise from one spouse objecting to the transaction after it has commenced. This requirement also serves to respect the legal rights of both parties involved in the ownership of the property.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy