Illinois Real Estate Exam Practice Question
According to the Illinois Residential Real Property Disclosure Act, a buyer may terminate a contract if the
Correct Answer: A
Rationale: Under the Illinois Residential Real Property Disclosure Act, a buyer has the right to terminate a contract if the seller fails or refuses to provide the required disclosure prior to closing. This ensures that buyers are informed about the property's condition before finalizing the purchase.
Option B is incorrect; while a material defect is important, it does not automatically grant the buyer the right to terminate without the disclosure being provided first. Option C is misleading; a seller's lack of occupancy does not inherently affect the buyer's rights regarding contract termination. Option D, while relevant, does not specifically address the requirement for disclosure, which is essential for the buyer's informed decision-making.
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