Ace the Illinois Real Estate Broker Post-License Exam 2025 – Unlock Your Next Career Chapter!

Question: 1 / 400

What are "material facts" in a real estate transaction?

Facts that are not necessary to disclose

Facts that could influence a buyer's decision and must be disclosed

Material facts in a real estate transaction are those facts that could influence a buyer's decision to proceed with the purchase. These are significant details that, if known, might affect the value of the property, the buyer's willingness to purchase, or the terms of the sale. For example, issues related to structural integrity, zoning changes, environmental concerns, or previous damage are all considered material facts. The obligation to disclose these facts is grounded in the principles of transparency and fairness in the real estate market, ensuring that buyers make informed decisions.

This understanding stems from the legal expectation that sellers and their agents act in good faith and disclose any information that could be crucial to the buyer's evaluation of the property. The correct response emphasizes the importance of these disclosures, aligning with ethical practices within real estate transactions.

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Facts known only to the seller

Limited to the price of the property

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