Question

Guaranteed sales plans in Illinois require that the agreement be in writing, the agent show financial capability to perform, and:

a) A minimum 90-day listing period.
b) That the seller buy a house from the agency guaranteeing the sale.
c) The agent market the house in the normal way, unless waived by the seller.
d) All of the above.

Answer 1

Guaranteed sales plans in Illinois must include a written agreement, financial capability of the agent, and the requirement that the agent markets the house normally, unless waived by the seller.

Step-by-step explanation:

The question pertains to the requirements for guaranteed sales plans in Illinois. As per these requirements, such agreements must be in writing, and the agent must demonstrate financial capability to perform the guarantee. Moreover, the correct answer to the options given is: c) The agent market the house in the normal way, unless waived by the seller. This means that even with a guaranteed sales plan, the expectation is for the property to be marketed as usual unless the seller has specifically agreed to waive this requirement. This practice is similar to service contracts and warranties offered in other large purchases, like cars and appliances, where sellers offer additional assurances to buyers for repair or replacement for a set time period.