In March 2026, Skyler Foster works with a prospective buyer who is only a customer and asks what Illinois still requires. What is the most accurate answer under current Illinois rules?
Correct Answer
B) The licensee must treat the customer honestly, avoid false information, and disclose latent material adverse facts actually known and not discoverable by a reasonably diligent inspection.
Illinois imposes meaningful duties to customers, including honesty and disclosure of certain latent material adverse facts actually known by the licensee.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
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