Environmental
Illinois requires carbon monoxide detectors in residential properties. When must a CO detector be installed in a dwelling unit?
AOnly in new construction after 2010
BIn all dwelling units that contain a fossil fuel-burning appliance, fireplace, or attached garage✓ Correct
COnly in single-family homes with basements
DOnly if the building has more than 4 units
Explanation
Illinois law (Carbon Monoxide Alarm Detector Act) requires carbon monoxide detectors in all dwelling units that contain or are connected to a fossil fuel-burning appliance (furnace, water heater, stove), a fireplace, or have an attached garage. This requirement applies to both owner-occupied and rental properties.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
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