Illinois Real Estate Exam Practice Question
Property owners who live in Florida decide to sell the Illinois duplex they own. The property has been managed by a property manager. Their listing agent tells the owners they must complete a Residential Real Property Disclosure Report in compliance with the Illinois Residential Real Property Disclosure Act, but they do not know anything about the current condition of the property. What should the property owner do?
Correct Answer: D
Rationale: Filling out the form to the best of their knowledge is essential, as it fulfills legal obligations under the Illinois Residential Real Property Disclosure Act. Property owners are required to disclose known issues, even if they are out of state.
Option A is incorrect; being out of state does not exempt them from legal responsibilities. Option B is misleading; while the agent can assist, they cannot accurately complete the form without firsthand knowledge of the property’s condition. Option C, while thorough, may not be necessary if the owners have no knowledge of issues, as the disclosure should reflect their awareness, not an inspector's findings.
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