Illinois License Law
Under the Illinois Real Estate License Act of 2000, what is the consequence for a licensee who fails to disclose a material fact about a property?
AA warning letter from IDFPR
BSuspension or revocation of license and possible civil liability✓ Correct
CA mandatory continuing education course
DAutomatic referral to the ethics board
Explanation
Failure to disclose material facts is a serious violation under the Illinois Real Estate License Act. IDFPR may suspend or revoke the licensee's license, and the licensee may also face civil liability to the harmed party. Material facts include anything that would affect a buyer's decision to purchase or the price they would pay.
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