Illinois Real Estate Exam Practice Question
A licensee listed a house for $187,500, and a dual agency does not exist. A buyer is willing to offer $184,000. The licensee explains that the seller will take no less than $186,500. The buyer agrees to offer $186,500. Did the licensee act properly?
Correct Answer: D
Rationale: Disclosing the seller's minimum acceptable price undermines the negotiation process and could lead to a breach of fiduciary duty. A licensee must maintain confidentiality regarding the seller's negotiating position.
Option A is incorrect as revealing the lowest price can harm the seller's bargaining power. Option B misinterprets the licensee's role; they should facilitate negotiations without influencing the buyer unduly. Option C suggests the licensee should have accepted the first offer, which is inappropriate, as they must represent the seller's interests by seeking the best possible price.
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