Illinois Real Estate Practice Exam

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Prepare for the Illinois Real Estate Test. Practice with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

A man wants to sell his property in another state. The agent he hires practices real estate in that state. If the agent makes an offer on the property for herself, the agent should:

Disclose the change in zoning and the resulting increase in value.
Keep the information to herself
Conceal the offer from the seller
Proceed with the purchase without any notice

The correct answer is: Disclose the change in zoning and the resulting increase in value.

The correct choice emphasizes the importance of full disclosure in real estate transactions, particularly when an agent is acting in a dual capacity, both as a representative of the seller and as a potential buyer. By disclosing the change in zoning and the resulting increase in value, the agent ensures that the seller is fully informed about all relevant factors that could impact the property's value and sale. This transparency is crucial for maintaining trust and ensuring that the seller can make a well-informed decision regarding the offer. Agents have a fiduciary duty to act in the best interests of their clients, which includes providing all material information that could influence their clients' decisions. Failure to disclose such information may not only breach this duty but can also lead to legal repercussions for the agent. Thus, by properly disclosing the information regarding zoning changes, the agent is upholding ethical standards and protecting both their professional integrity and the interests of the seller.