In Illinois, the law of agency defines the rights and duties of the principal and the Agent. It applies to a variety of business transactions.
Both contract law and Real Estate licensing laws — in addition to the law of agency— interpret the relationship between Real Estate Licensees and their clients.
In Illinois, the Real Estate License Act of 2000 is given precedence in defining legal Real Estate agency concepts. Insofar as Real Estate is considered, Illinois is a statutory agency state that has replaced common-law duties with statutory duties.
