Which practice is legal in Illinois regarding real estate transactions?

In Illinois, giving referral fees to other licensees is a legal and accepted practice in real estate transactions. This practice allows licensed real estate professionals to collaborate and share compensation for referrals made to one another. It fosters cooperation within the industry and can ultimately benefit consumers by ensuring they receive quality service from knowledgeable professionals.

The other options present practices that may infringe on regulations or ethical standards. Offering finder's fees directly to consumers can create conflicts of interest and may violate the guidelines set by real estate governing bodies. Using a lottery to sell properties is typically not allowed as it can be considered a form of gambling, which is heavily regulated. Indicating a "standard commission" can be misleading as commissions can vary widely and should not be misrepresented; thus, it falls into a grey area of transparency and ethical practice. Therefore, the practice of giving referral fees to other licensed agents aligns with regulatory standards and is a recognized method of fostering professional relationships within the industry.