Environmental
What is 'lead service lines' concern and how does it affect Illinois real estate transactions?
AElectrical service lines containing lead sheathing; regulated under NEC
BWater supply pipes made of lead that can leach lead into drinking water; Illinois requires disclosure and is replacing service lines in many municipalities✓ Correct
CLead-based paint on window frames and exterior services; requires disclosure
DIndustrial lead waste pipes; affects only former factory sites
Explanation
Lead service lines (LSLs) are water supply pipes made of lead connecting the water main to buildings. Lead can leach into drinking water, posing serious health risks especially for children.
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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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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.
Math Concepts
State-Specific Concepts
DRE Regulation
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