Subject Index Real Estate Law

On December 20, 2013, the Illinois First District Appellate Court, as a matter of first impression, held that the sole member of a limited liability company (LLC) that sold a condominium unit was not personally liable for alleged frauds committed by that LLC.

The Illinois Department of Financial and Professional Regulation adopted amendments regarding real estate appraiser licensing. 68 Ill. Adm. Code 1455 (eff. Dec. 31, 2013).

The General Not For Profit Corporation Act of 1986 has been amended to impose new requirements on nonprofit corporations organized for the ownership or administration of a residential cooperative property.

Applicants for registration as title insurance agents will now have new requirements as part of their application. Whether the applicant is a person, firm, or other type of business organization, they must submit a signed and notarized affidavit affirming that the applicant, or any member, officer, or manager thereof, has never been convicted of or pled guilty to a felony, or a misdemeanor related to thievery or dishonesty.

Employees of the Illinois Department of Transportation ("IDOT") without a state real estate appraisal license may now perform valuation waivers if they have: (1) completed at least forty-five hours of course work in real estate appraisal; and (2) have had at least two years of experience in a field "closely related to real estate."

A person holding a valid license under the Auction License Act (225 ILCS 407/5 et seq.) and a valid real estate auction certification under newly added section 5-32 of the Real Estate License Act of 2000 (225 ILCS 454/5-32) may now conduct real estate auctions.

To record a document affecting a real property interest, not including documents solely related to easements for water, sewer, electricity, gas, telephone, or other public services, the filer of the document (excluding a state agency, local government, or school district) will be charged $1 per document by the recorder. 55 ILCS 5/3-5018.

Newly enacted regulatory provisions, effective March 29, 2013, authorize the Illinois Housing Development Authority to adopt rules implementing the responsibilities of the State Housing Appeals Board (the "Board") under the Affordable Housing Planning and Appeal Act, 310 ILCS 67/60.

On January 22, 2013, the Illinois Appellate Court, First District, held that a levy sale of an undivided half-interest in a single-family home for $120,000 less than its appraised value was not unconscionable or unjust.

Illinois lawmakers have amended the Property Tax Code by adding section 15-173.