Property Ownership
The Illinois Condominium Property Act requires that the condominium association maintain which of the following?
AA reserve fund for major repairs and replacements of common elements✓ Correct
BA full-time on-site property manager
CAn escrow account for all individual unit mortgages
DAn annual appraisal of each unit's market value
Explanation
The Illinois Condominium Property Act requires condominium associations to maintain an adequate reserve fund for major repairs and replacement of common elements, such as roofs, elevators, and parking lots. Inadequate reserves are a significant concern for buyers of condominium units.
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