Disclosures Flashcards
At what point do you need to provide the designated agency disclosure to a perspective seller?
Upon first substantive contact.
Kevin is an Illinois sponsoring broker. RaeAnn is one of Kevin’s sponsored licensees. RaeAnn is representing the Bothwells as a listing agent. TJ, also one of Kevin’s sponsored licensees, is representing James, who’s buying the Bothwell’s house. Under Illinois licensing law, who is a designated agent?
Both RaeAnn and TJ
Carlos is representing the seller of a duplex in Chicago. A buyer approaches him about purchasing the property, which would put Carlos in the position of being a dual agent. What’s true about this scenario?
Carlos can only act as a dual agent if both the seller and the buyer consent to it.
Tiffany Wendling is a broker in Illinois. Her sponsoring broker is Carson Brooks, whose brokerage business name is Brooks Realty, Inc., and is located in Peoria, Illinois. Which of these describes the items that must appear on the home page of Tiffany’s website, according to the Real Estate License Act of 2000?
Tiffany Wendling, Broker at Brooks Realty, Inc., Peoria, IL
Dirk is a licensee who lives in one half of the duplex he owns and rents out the other half. He’s placing an advertisement to find a tenant. What does he need to disclose in the ad?
That he is a licensed real estate professional
In which of these situations is Derek, the licensee representing Jorge and Ramah, responsible for completing and providing a written property disclosure to buyers?
Never. Sellers, not the licensee, must complete the Illinois Residential Real Property Disclosure Report.
Monica is acting as a listing agent for her friend, Brian. She and Brian met when they both began attending a support group for those living with HIV. Which of the following best represents an action Monica should take?
Monica cannot tell others about Brian’s HIV status.
Tom and Rosanne are interested in a property, but before making an offer, they want to make sure there aren’t any registered sex offenders living in the neighborhood. Which statement is most accurate?
It’s up to the buyer to perform due diligence and research whether sex offenders live in the area. Licensees can direct clients to the state’s registry.
Which of these is a NOT material defect that a licensee would be required to disclose?
The interior walls of the home are dirty and need to be repainted.
