IL Real Estate Law Flashcards

IL Real Estate Law Flashcards All items acquired after the marriage are considered marital property.Condominium Property Act General, involuntary liens that last seven years and can be renewed for another seven. A writ of execution must be obtained by creditor to direct the sheriff to seize and sell as much of the owner's property as necessary to satisfy the lien.Commercial Real Estate Broker Lien Act Ruled that a clause relieving an agent to buyer's will is included in a brokerage agreement may not be sustainable in court.Managing Brokers Pay off municipal bonds and are billed annually over 20-30 years. If it is billed for existing infrastructure, they are tax deductible.Mechanic's Liens Real Estate License Act of 2000Governs real estate law in IL. Run by IDFPR.Up to $500 fineMinimum Service in a Brokerage Agreement Agency TerminationDate must be specified in brokerage agreement contract.Agent is relieved of all duties except confidentiality and accounting for any money used in the transaction.

60 daysNotice of Termination: Month to Month Tenancy

Any accusations and a licensee's license is suspended or revoked after judgment, unless an appeal is active.Radon Awareness Act Conducted every FOUR yearsAnnual Sale Helps property owners with such an issue Good Funds Amendment Subdividers must register with the state. The act regulates offering and sale of 25+ lot divided, unimproved land.Equal Opportunity Housing May not exceed one month's rent or $1200 Community Association of Manager Licensing and Disciplinary Act Detectors must be within 15 feet of all bedrooms Leaking Underground Storage Tank Fund Title insurance agents or escrowees may not make disbursements at closing if the account has more than $50k Closing Statement Preparation

Same as period to period estateNotice of Termination: Year to Year Tenancy

Must achieve appropriate license within 90 days of receiving that title.Section 10-40 of Real Estate Act of 2000 Buyer only pays for current taxes, not liens. The previous owner may not bid.Special Assessments/Improvement Taxes

30 daysNotice of Termination: Week to Week Tenancy

Duty of AccountingAll contract copies must be delivered within 24 hours to every signer. Conversions and commingling escrow accounts is forbidden.Has to do with internetBrokers and firms may not use misleading domain names, may not frame another

brokerage, and my not deceptively use keywords Unsolicited Faxes

IL Consumer Fraud & Deceptive Parties Act Prohibits any misrepresentation, deception, fraud and/or concealment of material facts. If defendant is found guilty, they have to pay the plaintiff's court costs and any damages.-All brokers selling timeshares must be licensed unless they sell less than EIGHT timeshares per year.-Each purchaser must be given a PUBLIC OFFERING STATEMENT that includes times of ownership and percentages of financial responsibility-The owner may void their title within FIVE days, and has to receive a refund within TWENTY days Illinois Principal Meridians The seller bears any and all loss before title passes to buyer and all earnest money is returned.Deed Requirements Each state must register Mortgage Loan Originators (MLO), a company/person who takes residential mortgage loans by phoneMust be licensed and have 8 hours of continuing education per year.Holdover Tenancy LL must remedy within 90 days, or 30 days in homes with small children or pregnant women. It is considered a misdemeanor crime to abate.Residential Leasing Agents SECOND: From Indiana to KankakeeTHIRD: From Cairo to

RockfordFOURTH: From Beardstown to Wisconsin

Illinois Plat Act Uses the North American Vertical Datum of 1988 Real Estate Tax Exemptions -Schools, Religious institutions, cemeteries, charitable institutions, government buildings-Homeowners $6k-Seniors $5k-Improvements up to $75k on the home Illinois Reassessments -Published in newspaper-Sells the lien(s) on a property, not the property itself-Purchasers of lien(s) receive a certificate of purchase that turns into a tax deed-There is a 2.5 year redemption period for original owners Forfeiture Sale Allows sponsoring brokers to place a lien on property for the commission owed.Express Contracts -Any accrued interest must be placed in a separate account -Both parties' signatures are required for release-All money must be deposited by end of the next business day-Records must be produced within 24 hours of requests-Reconciliations must be completed within 10 days of bank receipt Uniform Vendor and Purchaser Risk Act Munaj v. Baird & WarnerReal Estate licensees are not required to discover latent defects in a property according to this ruling.Agency RelationshipW. E. Erickson v. Chicago Title Insurance CoandZimmerman v. Northfield Real Estate, Inc.

• Grantor2. Grantee3. Recital of Consideration4. Granting

Clause5. Legal Description of Property6. Exceptions7.Grantor signature8. Delivery and acceptance9. Grantee's

present address Secure & Fair Enforcement for Mortgage Licensing Act -Accept delivery of and present all offers and counteroffers-Assist in negotiating, developing and