Agency
An Illinois listing agent has a duty of confidentiality. Which of the following information about the seller is the agent REQUIRED to disclose to buyers?
AThe seller's minimum acceptable price
BThe seller's motivation for selling (divorce, job relocation)
CKnown material defects in the property that affect its value or habitability✓ Correct
DThe seller's financial condition
Explanation
While a listing agent must maintain the seller's confidential information (such as motivation to sell and minimum price), the agent still has a duty to disclose known material defects to all parties, including buyers. Material defects (structural problems, water infiltration, environmental hazards, etc.) must be disclosed even if the seller instructs the agent not to. The duty to disclose material defects overrides the duty of confidentiality to the seller.
Related Illinois Agency Questions
- What is the primary difference between an exclusive right-to-sell listing and an exclusive agency listing in Illinois?
- Which of the following is NOT one of the duties a licensee owes to all parties (clients and customers) under Illinois law?
- Agency by ratification occurs when:
- Which of the following actions by a seller's agent would violate the duty of disclosure to the buyer?
- A buyer's agent in Illinois owes which of the following duties to the seller?
- If an Illinois broker represents both the buyer and seller in the same transaction as a dual agent, the broker MAY NOT do which of the following without the other party's consent?
- The duty of 'accounting' in an agency relationship requires a real estate agent to:
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