Illinois Real Estate Exam Practice Question
A Seller's Property Disclosure form states that there are no known material defects with the property, but the listing licensee is aware of asbestos wrapped duct pipes in the basement. The licensee should
Correct Answer: A
Rationale: Disclosing the existence of asbestos to all potential buyers is essential to ensure transparency and protect buyer safety. Asbestos is a known health hazard, and failing to disclose it could lead to legal repercussions for the licensee.
Option B, seeking the seller's permission to disclose, is inadequate since the licensee has an ethical obligation to inform buyers regardless of the seller's wishes.
Option C, suggesting a home inspection, shifts responsibility away from the licensee and does not fulfill the duty to disclose known hazards directly.
Option D, advising the seller to wrap the pipes, does not address the immediate need for disclosure and may not be a practical or effective solution for potential buyers.
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