Amends the Property Tax Code. Provides that, at each residential real estate closing, the closing agent shall present the purchaser with a copy of the application for the general homestead exemption. Provides that the purchaser shall complete the application and any associated affidavits at the time of the closing, and the closing agent shall transmit those documents to the chief county assessment officer. Provides that the chief county assessment officer shall continue to apply the exemption until the county recorder informs the chief county assessment officer that the property has been sold, transferred, or conveyed or until the chief county assessment officer otherwise becomes aware that the property no longer qualifies for the exemption.