Property Management
What is 'rent control' and what is its status in Illinois?
ARent control is permitted and widely used in Illinois municipalities
BIllinois has a state law (Rent Control Preemption Act) prohibiting municipalities from enacting rent control ordinances; municipalities cannot regulate rental rates✓ Correct
COnly Chicago has the authority to implement rent control in Illinois
DRent control is a federal program that supersedes Illinois state law
Explanation
Illinois's Rent Control Preemption Act (1997) expressly prohibits local governments from enacting rent control ordinances. No Illinois municipality can regulate the amount of rent landlords may charge.
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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.
Fair Housing ActFederal law prohibiting discrimination in the sale, rental, or financing of housing based on race, color, national origin, religion, sex, disability, and familial status.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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