Illinois License Law
Under Illinois law, when must a broker disclose their licensee status to a party in a real estate transaction?
AOnly if asked directly
BOnly at closing
CAt first substantive contact✓ Correct
DOnly when presenting an offer
Explanation
Illinois licensees must disclose their status as a real estate licensee at or before first substantive contact with a member of the public in a real estate transaction. This ensures transparency about the professional's role and potential interests.
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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.
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.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Math Concepts
State-Specific Concepts
License Law
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