Environmental
What is 'mold' and what are a landlord's obligations regarding it in Illinois?
AA cosmetic issue only; landlords have no legal obligation to address it
BA fungal growth that can cause health problems; landlords must address it as part of the implied warranty of habitability✓ Correct
CA problem only in properties built before 1980; subject to special Illinois law
DAn issue requiring Illinois EPA approval before remediation
Explanation
Mold is a fungal growth that thrives in moisture and can cause respiratory problems and other health issues. Illinois landlords have an obligation to provide habitable premises, which includes addressing significant mold problems.
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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.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Math Concepts
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