Illinois Real Estate Practice Exam

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What happens if the owner fails to pay fees and interest within 30 days after notification following a property forfeiture?

Annual Sale
Appropriation
Forfeiture Sale
Tax Sale

The correct answer is: Forfeiture Sale

If the owner fails to pay fees and interest within 30 days after being notified following a property forfeiture, the property will undergo a forfeiture sale. This process is initiated when a property has already been forfeited due to unpaid taxes or other financial obligations, and the owner has not remedied the situation within the specified timeframe. During the forfeiture sale, the property is typically sold to recover the amounts owed, including any outstanding taxes, fees, and interest that may have accrued. This sale provides a mechanism for local governments to recoup losses due to non-payment while also transferring ownership of the property to a new buyer. Understanding the implications of a forfeiture sale is important in real estate practice, especially in Illinois, where property taxes are critical sources of revenue for local governments. Being aware of the timeline and options available to property owners can help avoid the loss of property due to failure to meet financial obligations.