Illinois Real Estate Exam Practice Question
If an Illinois real estate licensee has an ownership interest in a property being sold and has failed to inform the purchaser of such interest, the licensee
Correct Answer: C
Rationale: A real estate licensee must disclose any ownership interest in a property being sold to ensure transparency and protect the interests of all parties involved. Failing to do so constitutes an illegal act, as it violates ethical standards and legal requirements in real estate transactions.
Option A is incorrect because the inability to collect a commission stems from the lack of disclosure rather than the ownership itself. Option B is misleading; while unethical behavior may occur, it also constitutes an illegal act due to the failure to disclose. Option D is incorrect as any undisclosed ownership interest, regardless of percentage, breaches legal obligations.
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