Environmental
What is 'asbestos' and what are the disclosure requirements in Illinois real estate transactions?
AA type of mold; must be tested and remediated before any sale
BA fire-resistant mineral used in building materials before 1980; presence may require disclosure and professional assessment✓ Correct
CA soil contaminant; automatically disqualifies a property for FHA financing
DA water additive; not typically a concern in residential real estate
Explanation
Asbestos is a naturally occurring fire-resistant mineral used extensively in building materials (insulation, floor tiles, ceiling tiles) before 1980. When disturbed, it can release fibers that cause serious lung disease.
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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.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Math Concepts
State-Specific Concepts
Disclosure Requirements
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