Agency
If an Illinois seller's agent learns that the buyer has a mortgage pre-approval and is willing to pay significantly more than the listed price, the agent must:
ADisclose this information to the seller immediately✓ Correct
BKeep this information confidential to protect the buyer
COnly disclose the information if the seller specifically asks
DInclude the information in the MLS listing
Explanation
However, in practice, if this information came from the buyer directly, and the agent represents the seller (not the buyer), they owe the seller this information. The buyer's confidential motivations would be disclosed to the seller as it serves the seller's interests, which is the seller's agent's duty.
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Key Terms to Know
Pre-Approval
A lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
Math Concepts
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