Property Ownership
Under the Illinois Condominium Property Act, what vote is typically required for a condominium association to pass a special assessment above a certain threshold?
ASimple majority of the board of managers
BA majority or supermajority vote of unit owners as specified in the declaration and bylaws✓ Correct
CUnanimous consent of all unit owners
DApproval by the Illinois Department of Financial and Professional Regulation
Explanation
The Illinois Condominium Property Act provides that special assessments may require a majority or supermajority vote of unit owners (depending on the amount and the association's declaration and bylaws). The board of managers may have authority to levy special assessments up to certain limits without owner approval, but larger assessments typically require unit owner approval. This protects unit owners from excessive assessments imposed solely by the board.
Related Illinois Property Ownership Questions
- A buyer's broker purchases a home for a client and takes title in the broker's name as a nominee. This practice is:
- Real property generally includes all of the following EXCEPT:
- Which of the following is a general (involuntary) lien that attaches to all real property owned by the debtor in a county?
- A property tax exemption for homeowners in Illinois is known as the:
- A mortgage lien's priority in Illinois is generally determined by:
- In Illinois, what is a tax deed?
- What is a condominium in Illinois?
- Under Illinois law, a 'right of first refusal' in a real estate context means:
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →