Principles, Property, and Land Use Practice Question
Question
A seller is preparing to list a home for the Illinois Real Estate Broker Exam involving market value and Illinois broker licensing structure. Which response best applies the rule? (Item 75)
Answer choices
- A. Escrow or closing staff automatically assume all brokerage agency and disclosure duties.
- B. The client’s preference eliminates the need to disclose known material facts.
- C. Identify the probable price under normal market conditions in a way that fits Illinois exam practice.
- D. The party who complains first automatically receives the remedy requested.
Correct Answer
C. Identify the probable price under normal market conditions in a way that fits Illinois exam practice.
Explanation
The correct answer is C because market value requires candidates to identify the probable price under normal market conditions. The Illinois reference keeps the scenario tied to state licensing practice, while the other options rely on unsafe assumptions about oral custom, escrow, client preference, independent licensee authority, or ignoring written duties.
Question details
- Difficulty: medium
- Domain: Principles, Property, and Land Use
- Objective: market value