Illinois Real Estate Exam Practice Question
A seller is offering his property for sale in as-is condition. A buyer enters into a contract with the seller and has the home inspected. The inspection reveals a latent defect known to, but not disclosed by, the seller. The buyer
Correct Answer: A
Rationale: A buyer can void the contract due to the seller's failure to disclose a latent defect, as sellers are legally obligated to reveal known issues, regardless of an "as-is" condition. Option B is incorrect; while buyers can negotiate repairs, they cannot unilaterally reduce the sales price based solely on undisclosed defects. Option C misunderstands the legal obligations of sellers; "as-is" does not exempt them from disclosing known issues. Option D is also wrong, as buyers cannot compel sellers to make repairs after the contract is signed, particularly when the property is sold as-is.
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