Agency
What is the 'duty of disclosure' owed by an Illinois real estate agent to third parties (not their client)?
AAgents owe no duties to third parties; only to their client
BAgents must disclose to all parties any known material defects or facts about the property that would affect a reasonable person's decision✓ Correct
CAgents must disclose only information required by the Illinois Residential Real Property Disclosure Act
DAgents must disclose their commission amount to all parties
Explanation
While agents owe full fiduciary duties only to their client, they have a duty of honest dealing with all parties. This includes disclosing known material facts about the property (defects, environmental issues) to all parties—even those the agent doesn't represent. This duty to disclose material facts to third parties is separate from and additional to the fiduciary duty of disclosure owed to the agent's own client.
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