Environmental
What is 'Illinois Radon Awareness Act' and what does it require for residential property sales?
AIt requires sellers to test for radon and remediate if levels exceed 4 pCi/L before selling
BIt requires sellers to provide buyers with information about radon and recommend testing, particularly for homes with basements✓ Correct
CIt requires all Illinois builders to install passive radon mitigation systems
DIt is a federal law; Illinois has no specific radon law
Explanation
The Illinois Radon Awareness Act requires sellers of residential property to provide buyers with state-approved information about radon risks and the importance of testing. Illinois recommends testing all homes, especially those with basements or below-grade spaces, as radon levels can vary significantly even in adjacent homes.
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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.
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