Agency
A broker who makes an error on a purchase contract (not intentional misrepresentation) may be liable for:
ANothing, as honest mistakes are not actionable
BNegligent misrepresentation if they had a duty to know the correct information✓ Correct
CFraud, even without intent to deceive
DOnly disciplinary action by IDFPR with no civil liability
Explanation
Even without intent to deceive, a broker may be liable for negligent misrepresentation if they provided false information without reasonable care or exercising the competence required of a licensed professional. The broker has a duty to know information within their expertise or to acknowledge when they do not know.
Related Illinois Agency Questions
- Under Illinois law, a written buyer-broker agreement is:
- What is the primary difference between an exclusive right-to-sell listing and an exclusive agency listing in Illinois?
- What does it mean when an Illinois listing broker offers 'buyer agent cooperation' in the MLS?
- In Illinois, the purpose of the agency disclosure requirement is to ensure that:
- The concept of 'apparent authority' in agency law can bind a principal when:
- In Illinois, if a buyer's agent shows their client a property listed by their own brokerage, what must occur?
- An agent is approached by a third party who offers the agent money to reveal their client's confidential negotiating position. The agent must:
- An Illinois broker who represents a buyer finds a 'For Sale By Owner' (FSBO) property that matches the buyer's needs. The broker should:
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →