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Code · Illinois · Chapter 770 — LIENS · Act 15

Sec. 5. Definitions.

150 words·~1 min read·/il/chapter-770/act-15/5

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Sec. 5. Definitions. As used in this Act:
"Commercial real estate" means any real estate located in Illinois other than
(i)real estate containing one to 6 residential units,
(ii)real estate on which no buildings or structures are located, or
(iii)real estate classified as farmland for assessment purposes under the Property Tax Code. Commercial real estate shall not include single family residential units such as condominiums, townhouses, or homes in a subdivision when sold, leased, or otherwise conveyed on a unit by unit basis even though these units may be part of a larger building or parcel of real estate containing more than 6 residential units.
"Real estate", "broker", and "employee" are defined as in the Real Estate License Act of 2000.
"Interest in commercial real estate" shall include, without limitation, any interest in a land trust as defined in Section 15-1205 of the Code of Civil Procedure.
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