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Illinois Real Estate Exam

Category - Real Estate

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A form that is usually prepared to allow a real estate licensee to act as an agent for all principle parties to the transaction involved is:

An agreement of sale
An exchange agreement
A loan broker’s statement
A real property securities statement

Explanation

Answer: B. Under an exchange agreement, the real estate licensee acts for both parties. This is one instance where he could earn a commission from each party to the transaction.

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