Practice Quiz

Illinois Real Estate Exam

Category - Real Estate

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A property is not listed for sale. A person who wants the property executes an offer to purchase it through a real estate agent and gives the broker a $5,000 check as a deposit. The broker:
  1. Can accept the check on behalf of the property owner provided he presents the offer directly to the seller as the seller’s agent
  2. Cannot accept the check
  3. Can accept the check as the exclusive agent of the buyer
  4. None of the above
Explanation
Answer: C. You can accept the check as exclusive agent for the buyer, but you have no listing with the seller.
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