State: Laws and Rules Regulating Real Estate Practice

Question 1

What’s the chief function of Illinois real estate licensing laws?

Answer 1

Ensure that consumers are protected

Question 2

What does the Illinois Timeshare Lien and Security Interest Act do?

Answer 2

The Timeshare Lien and Security Interest Act makes it easier for timeshare managers to assess liens against timeshare ownership interests when there are unpaid fees, etc.

Question 3

What is the Illinois transfer tax and what does each county charge?

Answer 3

$.50 and counties $.25 per $500 (add whatever city tax).

Question 4

In Illinois, when two or more parties own the land, what’s the permitted homestead exemption for their property?

Answer 4

$30k

Question 5

A landlord who rents five or more units in one building should provide a written cost of repairs within _______ days of the tenant vacating.

Answer 5

30 days

Question 6

What does the Illinois Plat Act mandate?

Answer 6

that land subdivided into fewer than five acres, it must be surveyed, and the plat map must be recorded.