Jordan Reed is reviewing an Illinois issue in Normal. 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
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
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