1. The Illinois Residential Real Property Disclosure Act applies to the sale of:
Answer & explanation
Answer: B. Section 5 defines residential real property as one to four residential dwelling units, including cooperative and condominium units.
contracts
Illinois Residential Real Property Disclosure Act
765 ILCS 77 requires most sellers of one-to-four-unit residential property, including condo and co-op units, to complete every item of a 24-statement disclosure report and deliver it before signing a contract. The seller discloses material defects of which the seller has actual knowledge but need not investigate. If a material defect is first disclosed after the contract, the buyer may terminate within five business days. A land trust beneficiary counts as the seller. Suits must be filed within one year of possession, occupancy, or recording.
- Exam tip
- '1-4 units, before contract, 1 year to sue.' Foreclosure, estate, co-owner, spouse, government, and never-occupied new construction transfers are exempt.
- Example
- Sellers remember a known cracked sewer line after signing. They must supplement in writing, and the buyers may terminate within 5 business days of receiving it.
Related terms & state variants
Sources
Source verification pending. Confirm current requirements with your state regulator.
Last verified: 2026-10-23