FREE IL Bar Real Property Questions and Answers
How are property taxes assessed in Illinois?
In Illinois, property taxes are generally assessed based on the property's fair market value, with assessment levels varying by county.
What is required for a valid real estate contract in Illinois?
Written contract with offer, acceptance, consideration, and legal capacity. Under the Statute of Frauds, real estate contracts in Illinois must be in writing and include these elements to be enforceable.
What is the homestead exemption in Illinois?
A law protecting a portion of a primary residence's equity from creditors. In Illinois, the homestead exemption allows a homeowner to protect up to $15,000 ($30,000 for married couples) of their home’s value from certain creditors.
What is the doctrine of adverse possession in Illinois?
In Illinois, adverse possession requires continuous, open, notorious, exclusive, and adverse use of the property for 20 years.
Which type of deed provides the highest level of protection for the buyer in Illinois?
A general warranty deed in Illinois provides the highest protection as it guarantees the grantor’s title against any defects, both before and during the grantor’s ownership.