Each of the following statements about the Illinois Residential Real Property Disclosure Act is accurate EXCEPT:
Correct Answer
D) A seller who becomes aware of a new material defect after delivering the original report may withhold a supplemental disclosure if the seller believes the buyer is unlikely to inquire about the condition.
Option B is the false statement. Under the Illinois Residential Real Property Disclosure Act (765 ILCS 77/35), a seller who acquires knowledge of a material defect after delivering the original report is required to provide a written supplemental disclosure. The obligation is triggered by the seller's knowledge of the condition — the seller has no discretion to withhold the supplement based on whether the buyer is likely to ask about it.
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Related Topics & Key Terms
Key Terms:
Related Concepts
HOA disclosure requires informing buyers about the existence, rules, fees, financial health, and restrictions of a homeowners association governing the property. This information helps buyers understand their obligations before purchase.
The Lead-Based Paint Disclosure is a federally mandated disclosure required for all residential properties built before 1978. Sellers and landlords must disclose known lead-based paint hazards and provide the EPA pamphlet "Protect Your Family From Lead in Your Home."
A material defect is a condition that significantly affects the value, desirability, or safety of a property and that would likely influence a reasonable buyer's decision to purchase or the price they would pay.
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