Which document must a seller provide for a buyer to know the condition of a property before purchase in Illinois?

Prepare for the Illinois Broker Reciprocity Exam. Use flashcards and multiple-choice questions complete with hints and explanations. Ace your exam!

The correct response is the Residential Real Property Disclosure Report. In Illinois, this document is mandated by law and plays a crucial role in property sales. It is designed to inform potential buyers of the condition of the property and disclose any known issues or defects that might affect the property's value or livability.

Sellers are required to fill out this form, which includes various questions about the property, such as the status of the roof, plumbing, heating systems, and any history of water damage or pest infestations. By presenting this report to prospective buyers, sellers ensure transparency and allow buyers to make informed decisions based on the disclosed information.

This disclosure is part of Illinois' effort to protect buyers and promote honest dealings in real estate transactions. Providing this document aids in setting expectations for the buyer regarding the property's condition and can help mitigate legal issues down the road if undisclosed problems arise after the sale.

In contrast, while the Property Inspection Report is also vital, it is not required by law; it often occurs after a buyer makes an offer contingent on such an inspection. The Real Estate Purchase Agreement is a contract for the sale itself, and the Title Insurance Policy protects against past title issues, but neither directly provides details about the property's current condition. Thus,

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