Would make a profit once she exercises her option

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Question: Jane Mills is moving to Indiana. She needs to sell her home in Illinois. She hires Suzy Smith, a licensed real estate broker, to sell her home. After Suzy has been hired, Suzy finds out that the neighborhood where Jane Mills' property is located is being rezoned commercial. Suzy decides to purchase an option on Jane's home but fails to disclose to Jane that her neighborhood is being rezoned commercial. Suzy decides to exercise her option. Suzy then resells the property to an investor for twice the price she paid to Jane. According to Illinois law, such conduct would be permissible provided that: Suzy gave a cash deposit to the seller Suzy discloses to Jane that her area is being rezoned commercial and that Suzy would make a profit once she exercises her option The real estate contract is in writing and properly signed by all parties Suzy holds the earnest money

Reference no: EM133614690

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