Fair Housing
Under the Illinois Human Rights Act, fair housing protections apply to which types of housing transactions?
AOnly the sale of single-family homes
BOnly rental transactions involving 5 or more units
CSales, rentals, financing, and brokerage services for virtually all residential real estate✓ Correct
DOnly commercial real estate transactions
Explanation
The Illinois Human Rights Act's fair housing provisions apply broadly to sales, rentals, financing, and brokerage services for virtually all residential real estate, with very limited exceptions. Unlike federal law (which has an exemption for owner-occupied buildings with 4 or fewer units), Illinois provides broader coverage.
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Key Terms to Know
Net Operating Income (NOI)
The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Fair Housing ActFederal law prohibiting discrimination in the sale, rental, or financing of housing based on race, color, national origin, religion, sex, disability, and familial status.
SteeringAn illegal practice where a real estate agent directs buyers toward or away from certain neighborhoods based on the buyer's race, religion, national origin, or other protected characteristics.
BlockbustingAn illegal practice of inducing homeowners to sell by claiming that the entry of minority groups will lower property values.
Math Concepts
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