Land Use & Zoning
What is a 'conservation easement' and how is it used in Illinois?
AA government easement for public conservation of shorelines
BA voluntary legal agreement where a landowner restricts development of their property to protect conservation values, typically in exchange for tax benefits✓ Correct
CA required buffer zone around protected wetlands in Illinois
DAn easement required by the Illinois Department of Natural Resources for all rural property
Explanation
A conservation easement is a voluntary legal agreement between a landowner and a land trust or government agency that permanently restricts development and use of the property to protect conservation values (habitat, scenic views, farmland). In exchange, the landowner may receive significant income, estate, and property tax benefits.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
EasementA non-possessory right to use another person's land for a specific purpose.
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.
Math Concepts
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