Sawyer Owens is reviewing an Illinois issue in Chicago. The person works with a prospective buyer who is only a customer and asks what Illinois still requires. Which statement best applies?
Correct Answer
C) 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
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.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
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