Illinois Real Estate Exam Practice Question
Which of the following is a violation of a property manager’s fiduciary obligations to an owner?
Correct Answer: D
Rationale: A property manager has a fiduciary duty to act in the best interest of the property owner. Failing to verify a tenant's income (Option D) compromises this obligation, as it can lead to financial losses or tenant issues.
Option A, disclosing information about a property's physical defects, is necessary for transparency and upholding safety standards. Option B, providing booklets about lead-based paint, is a legal requirement aimed at protecting tenant health. Option C, accepting a signed lease on the owner’s behalf, is typically within a property manager’s authority, assuming it aligns with the owner's interests.
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