Ace the Illinois Leasing Agent Exam 2025 – Lease Out Your Future with Confidence!

The relationship between a real estate licensee and the property owner who hired them is primarily governed by the terms of the contract. This contract outlines the specific duties, responsibilities, and obligations that both parties agree to uphold during their professional relationship.

In real estate transactions, the contractual agreement often defines the scope of services, compensation, and any other critical elements relevant to their working relationship. While the state license act and common law principles provide a framework and regulatory context within which real estate transactions must operate, the specific rights and obligations of the licensee and the property owner are expressly determined by the terms of the contract they enter into. This mutual agreement ensures clarity and understanding between the parties.

Local real estate regulations may influence the broader context of real estate operations and practices in specific areas, but they do not directly dictate the terms of the specific relationship established between a licensee and their client.