Agency
Under Illinois law, when a broker represents a seller, the seller's information that must remain confidential includes:
AThe existence of known defects in the property
BThe seller's motivation for selling, minimum acceptable price, and personal financial situation✓ Correct
CThe seller's identity as the owner of the property
DThe existence of any liens on the property
Explanation
The seller's confidential information that the broker must protect includes the seller's motivation for selling, the minimum price the seller will accept, and personal financial information. These must not be disclosed to buyers or third parties without the seller's consent.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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