During a brokerage meeting in Oak Park, Casey Owens works with a prospective buyer who is only a customer and asks what Illinois still requires. What is the best answer under current Illinois law or practice?
Correct Answer
A) 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 legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
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