Agency
What is 'seller disclosure' versus 'agent disclosure' in Illinois real estate?
AThey refer to the same thing; sellers and agents have identical disclosure duties
BSellers must disclose known property defects; agents must disclose their agency relationship and any material facts they discover✓ Correct
COnly agents are required to make disclosures; sellers are exempt
DOnly sellers are required to make disclosures; agents only need to provide contract forms
Explanation
In Illinois, sellers have a duty to disclose known material defects under the Residential Real Property Disclosure Act (using the standard form). Agents have a separate duty to disclose their agency relationship (through the Disclosure of Representation form) and to disclose any material facts about the property that they discover—even if the seller hasn't disclosed them.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Math Concepts
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