Illinois Real Estate Exam Practice Question
A licensee must provide disclosure of licensed status when acting as a principal if
Correct Answer: C
Rationale: A licensee must disclose their licensed status when they have an economic interest in the property to ensure transparency and avoid conflicts of interest. This disclosure protects all parties involved by clarifying the licensee's potential financial motivations.
Option A is incorrect as disclosure is required regardless of whether the other party asks. Option B is not relevant; the lack of errors and omissions insurance does not affect the obligation to disclose licensed status. Option D is also incorrect; familial connections to the property do not necessitate disclosure unless there is a direct economic interest.
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