(a) Each officer and employee shall file with the village clerk a statement disclosing direct or indirect ownership by the officer or employee or by the spouse or minor children of the officer or employee in any real estate located within the corporate limits of the village. The statement shall include the legal description and common address of the real estate and shall indicate the ownership interest held in the real estate.
(b) For the purposes of this section, the ownership of a beneficial interest in real estate held in a land trust, real estate being purchased by contract or real estate held by a corporation, investment group or partnership in which the officer or employee, or the spouse or minor children of the officer or employee, owns more than a 5% interest, shall be considered real estate.
(c) The real estate in which the officer or employee resides shall be exempt from the provisions of this section, unless the real estate contains more than three residential units.