Illinois License Law
What is the Illinois 'Residential Real Property Disclosure Act' and who must comply?
AA federal law requiring disclosure of all property defects; applies nationwide
BAn Illinois law requiring sellers of residential real property to disclose known material defects using a standard form before a contract is signed✓ Correct
CAn IDFPR regulation requiring all licensees to disclose their commission in writing
DA Chicago ordinance applying only to properties within city limits
Explanation
The Illinois Residential Real Property Disclosure Act requires sellers (not agents) of residential real estate to complete a standard disclosure form listing known material defects affecting the property. The form must be provided to prospective buyers before they sign a contract.
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Key Terms to Know
Net Operating Income (NOI)
The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Math Concepts
State-Specific Concepts
Disclosure Requirements
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