Agency
What is a 'material fact' that must be disclosed by an Illinois real estate agent?
AAny fact that the agent finds interesting about the property
BA fact that would likely affect a reasonable person's decision to purchase or the price they would pay✓ Correct
COnly facts specifically listed on the Illinois Residential Property Disclosure form
DAny fact disclosed by the seller regardless of its significance
Explanation
A material fact is any information that would likely influence a reasonable person's decision to enter into a transaction or affect the price or terms they would agree to. In Illinois, agents must disclose material facts they know about the property, regardless of whether the seller has disclosed them.
Related Illinois Agency Questions
- A subagent in a real estate transaction is:
- In Illinois, which of the following is permissible with written informed consent from both parties?
- The duty of confidentiality in an agency relationship means the agent must:
- If an Illinois seller's agent learns that the buyer has a mortgage pre-approval and is willing to pay significantly more than the listed price, the agent must:
- What is 'multiple representation' in Illinois real estate and what disclosures are required?
- An Illinois seller instructs their listing agent not to disclose that the basement floods every spring. The listing agent should:
- What is 'buyer premium' in Illinois auction sales and how does it affect the agent's role?
- An Illinois listing broker who charges a commission discovers their client-seller intends to misrepresent the condition of the property to the buyer. The broker must:
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →