Illinois License Law
Under Illinois law, when must a broker disclose to all parties that they are a licensee if they are purchasing property for themselves?
AOnly if asked directly by the seller
BBefore submitting an offer or entering into a contract✓ Correct
COnly at the time of closing
DDisclosure is not required when purchasing for personal use
Explanation
Illinois requires that a licensed real estate broker who is purchasing property for their own account must disclose their licensed status to the seller (or buyer if selling) before submitting an offer or entering into a contract. This prevents the licensee from gaining an unfair advantage through their professional knowledge without the other party being aware of their expertise.
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