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§ 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. 1 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. 2
“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. 3
Cite this article: FindLaw.com - Illinois Statutes Chapter 770. Liens § 15/5. Definitions - last updated January 01, 2019 | https://codes.findlaw.com/il/chapter-770-liens/il-st-sect-770-15-5/
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