Illinois License Law
Under the Illinois Real Estate License Act, a licensee who engages in 'fraud' in a real estate transaction faces potential:
AOnly a civil lawsuit from the aggrieved party
BIDFPR disciplinary action including license revocation, plus potential civil and criminal liability✓ Correct
COnly a written reprimand from IDFPR if it is a first offense
DMandatory mediation through the Illinois Association of REALTORS
Explanation
Fraud in a real estate transaction is among the most serious violations an Illinois licensee can commit. It can result in IDFPR disciplinary action including license revocation, civil liability to the injured party (including punitive damages), and potential criminal prosecution for fraud or theft.
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