Which law serves as a framework for real estate transactions in Illinois?

The Illinois Real Estate License Act of 2000 serves as the framework for real estate transactions in the state. This law regulates the practice of real estate brokerage, including the licensing of real estate professionals such as brokers and salespersons. It establishes the standards and requirements for obtaining and maintaining a real estate license, which is essential for anyone involved in the buying, selling, or leasing of property in Illinois.

This act not only outlines the responsibilities and ethical conduct expected from real estate agents but also ensures that transactions are conducted fairly and lawfully. By setting forth guidelines for professional behavior and consumer protection, the act plays a crucial role in the overall real estate market in Illinois.

The other options, while relevant to specific aspects of real estate or property management, do not provide the comprehensive regulatory framework for real estate transactions as the Illinois Real Estate License Act does. For instance, the Illinois Business Transactions Act deals with general business contracts and transactions but does not focus specifically on real estate. Similarly, the Illinois Landlord and Tenant Act governs the relationship between landlords and tenants, while the Illinois Mortgage Act relates to mortgage lending and financing. None of these provide the overarching regulatory structure that the Real Estate License Act offers for real estate transactions.