What Should I Do When Representing Myself in a Transaction?

In Illinois, real estate agents must adhere to specific legal requirements when representing themselves in a real estate transaction, whether they are buying or selling property. The Illinois Real Estate License Act of 2000 (as amended) establishes clear guidelines to prevent conflicts of interest, maintain transparency, and protect the public. Here’s an overview of the critical requirements and duties that a real estate agent must follow when they are acting as their own agent in a transaction.

Disclosure of Licensee Status**

• When scheduling showings- indicate in showing notes you are a licensed real estate agent

• On the MLS on your listing indicate agent owned

• When signing any agreement/contract, after your signature put (Illinois licensed real estate agent)

• Secure the signature of the other party with the Disclosure of Personal Interest

  
  

Conflict of Interest**

Compliance with Ethical Standards**

Limitations on Dual Agency**

YOU CANNOT PRACTICE DUAL AGENCY ON YOUR OWN TRANSACTION Use the NO AGENCY DISCLOSURE WITH ANYONE WHO IS UNREPRESENTED

Written Agreements and Forms**

Even when representing themselves, agents must follow all the standard procedures for documentation, which includes: A BUYER AGENCY AGREEMENT MUST BE COMPLETED WHEN REPRESENTING YOURSELF!

Supervision by Sponsoring Broker**

Listing agreements and buyer agreements must be approved BEFORE going on the market or viewing properties