Under Illinois law, which of the following best describes a seller's duty to disclose known material defects when listing a residential property?
Correct Answer
B) The seller must complete the Residential Real Property Disclosure Report disclosing only those conditions the seller actually knows about at the time of the report.
Under 765 ILCS 77/20, the seller's disclosure obligation is limited to conditions the seller has actual knowledge of at the time the Residential Real Property Disclosure Report is completed. The report is not a warranty or guarantee against unknown defects — it reflects the seller's current, actual knowledge of the listed conditions.
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Related Topics & Key Terms
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Related Concepts
Environmental hazards disclosure involves informing buyers about environmental contamination or hazards affecting or potentially affecting a property, including underground storage tanks, contaminated soil, hazardous waste, and proximity to Superfund sites.
Flood zone disclosure requires informing buyers whether a property is located in a designated flood zone as mapped by FEMA. Properties in high-risk flood zones may require mandatory flood insurance.
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.
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