Logan Turner is reviewing an Illinois issue in Oak Park. The person works with a prospective buyer who is only a customer and asks what Illinois still requires. Which statement best applies?
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
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
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