Practice Quiz

Illinois Real Estate Exam

Category - Real Estate

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A broker who is hired by an owner to sell his property must reveal all significant and material information to the principal. Which of the following would be considered material information and must be revealed?
  1. The new lender will require the buyer to maintain an impound account
  2. Agent’s knowledge that a better offer to purchase is imminent
  3. The prospective buyer is of oriental descent
  4. None of the above
Explanation
Answer: B. The existence of a better offer that is imminent could very well be a material fact to the seller. If would probably influence his decision on a present offer.
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