What is one responsibility of an Illinois real estate broker in a transaction?

One responsibility of an Illinois real estate broker is to deliver escrow money to the buyer as part of their fiduciary duties. When a real estate transaction occurs, brokers are often entrusted with handling funds that require careful management to ensure a smooth process. This includes the responsibility of making sure that any earnest money or escrow funds are properly collected and delivered to the designated escrow account as soon as possible, thereby ensuring that both parties are protected during the transaction.

This duty is critical as it not only safeguards the buyer's earnest money but also helps maintain the integrity of the transaction itself. Prompt and accurate handling of funds supports the trust and professionalism essential in real estate dealings. The role of the broker often extends to providing a secure environment where both buyers and sellers can operate with confidence.

In contrast, selling a personal home without disclosing license status would violate ethical standards and state regulations. Advertising a property without the owner's permission is legally and ethically questionable and could lead to liabilities for the broker. Explaining legal points in a contract is typically not a function assigned to brokers, as this could be considered practicing law without a license, potentially putting both the broker and the client at risk. Thus, the correct answer highlights a key duty of brokers in maintaining their professional obligations during