Illinois General Assembly - Illinois Compiled Statutes

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770 ILCS 15/5

(770 ILCS 15/5) (from Ch. 82, par. 655)

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.

(Source: P.A. 91-245, eff. 12-31-99.)