Illinois Real Estate Broker Exam — All Questions
AllProperty OwnershipLand Use Controls and RegulationsValuation and Market AnalysisFinancingContractsAgencyProperty DisclosuresTransfer of TitlePractice of Real EstateProperty ManagementReal Estate CalculationsIllinois Real Estate License ActIllinois Disclosures
1 questions
Illinois Disclosures
The Illinois Residential Real Property Disclosure Act generally requires a seller of residential property to:
- a.Complete a written report of known material defects✓
- b.Provide the lender's appraisal report to the buyer
- c.Guarantee that the property is free of all defects
- d.Obtain a certificate of occupancy before listing it
The Illinois Residential Real Property Disclosure Act requires sellers of most residential property to complete a disclosure report of known material defects. The seller discloses known conditions but does not guarantee the property is defect-free.