ILLINOIS REAL ESTATE PRACTICE
EXAM / ACTUAL EXAM
Fee simple - Answer--Also called fee simple absolute or indefeasible fee, this fee estate is the most
complete form of ownership without limitations or conditions
Life estate - Answer--Grants possession and limited ownership of the property to a person for the
duration of the recipients life or the life of another person
Fee simple qualified estate - Answer--Also called fee simple defeasible estate. 3 different types
Few simple precedent - Answer--Ownership (title) won't pass from one person to another until a
particular condition is met.
Feesimple condition subsequent - Answer--The grantor (the original owner) can reclaim property if some
condition isn't met after title has passed to the next owner. It's an actual transfer of ownership with a
condition.
The right to reclaim the property is known as the right of entry, and a specific action to reclaim the
property must be taken.
Fee simple determinable - Answer--Title remains with the new owner as long as any conditions of
ownership are being met. Ownership reverts back to original owner without having to take any action.
,Life estate - Answer--Grants possession and limited ownership of the property to a person for the
direction of the recipients life or the life of another person. Has a time limit.
Ordinary life estate - Answer--A state in which the length of time of the
estate interest is the lifetime of the person receiving the life estate
Remainderman - Answer--Someone entitled to the remainder interest in an estate
Life estate pur Autre vie - Answer--French for another life, the length of this life estate is for the lifetime
of a third-party rather than the person actually receiving the life estate.
Homestead - Answer--Grants the family home a certain level of protection from creditors during the
homeowners lifetime
Dower - Answer--Right of a wife to a portion of real property that is owned by her husband, after he dies
and even if he leaves it to someone else in his will
Curtsey - Answer--Right of a husband to a portion of real property that is owned by his wife after she
dies and even if she leaves it to someone else in her will
Community property - Answer--Right of a spouse, and titling them to one half interest in real property
that was acquired during a marriage
Leasehold interest or estate - Answer--The tenants interest in the real property
Leased fee interest or a state - Answer--The owner or landlord's interest in the real property. Landlord
holds title to the property.
,Littoral rights - Answer--The rights commonly granted to owners of property the border a bay, a large
lake, the ocean, or a sea. Water is not navigable so you own to the centerline
Riparian Rights - Answer--The rights of property owners who only and abutting rivers and streams.
Means you live on navigable rivers and streams so you have rights to the waters edge and the use of the
water.
Doctrine of prior appropriation - Answer--places the right to control water resources in the hands of the
state rather than the individual property owners
Surface rights - Answer--Rights to do whatever is legally permitted on the surface of the property
Real property - Answer--Land, improvements, and all the rights of ownership
Bundle of rights - Answer--Overall theory of the rights property owners have
Reversion - Answer--When a property interest automatically returns to you, comes back,
Remainder Interest - Answer--Conveys the rights to a third-party, if thestate and after you die.
Tenancy - Answer--Having an interest in a piece of real estate...also having an ownership interest in a
property.
Tenancy in severalty - Answer--Also sole ownership, no one has an ownership interest in the property
except the one owner.
, Tenancy in common - Answer--Ownership in which two or more people on a property together. The land
itself is not physically divided. The percentage of ownership does not need to be equal. One owner can
sell his share without permission of the other owners. If one owner dies her share goes to her heirs, not
to the other owners.
Joint tenancy - Answer--Ownership for two or more people with for unities; 1. unity of interest (equal
shares), 2. Unity of possession, 3. Unity of time (all owners take possession at the same time...if one
joint tenant sells their interest then new partner is a tenant in common. Also, joint tenant can sell
without permission of other joint tenants.
4.unity of title-all the joint tenants name are on the title.
Right of survivorship - Answer--In joint tenancy, if one of the joint tenants dies, the other tenants
automatically take title to the deceased tenants interest in the property.
In tenancy in common, the owner can leave their share to heirs...the other owners don't have any rights
to her share of the property.
Tenancy by the entirety - Answer--Form of coownership specifically geared towards protecting the
interests of married couples by providing a right of survivorship. Each spouse has an undivided and
equal interest in the property. Upon death of one spouse,
Trustor - Answer--The person who owns the property and creates the trust and conveys it to the trustee
Trustee - Answer--The person who receives the property or who manages the trust and administers it on
behalf of the beneficiary
Beneficiary - Answer--The person who receives the benefits of the property/trust
Syndicate - Answer--Two or more people or companies joining for a real estate investment, usually does
multiple real estate investments or projects or a series of individual projects over a period of time.
EXAM / ACTUAL EXAM
Fee simple - Answer--Also called fee simple absolute or indefeasible fee, this fee estate is the most
complete form of ownership without limitations or conditions
Life estate - Answer--Grants possession and limited ownership of the property to a person for the
duration of the recipients life or the life of another person
Fee simple qualified estate - Answer--Also called fee simple defeasible estate. 3 different types
Few simple precedent - Answer--Ownership (title) won't pass from one person to another until a
particular condition is met.
Feesimple condition subsequent - Answer--The grantor (the original owner) can reclaim property if some
condition isn't met after title has passed to the next owner. It's an actual transfer of ownership with a
condition.
The right to reclaim the property is known as the right of entry, and a specific action to reclaim the
property must be taken.
Fee simple determinable - Answer--Title remains with the new owner as long as any conditions of
ownership are being met. Ownership reverts back to original owner without having to take any action.
,Life estate - Answer--Grants possession and limited ownership of the property to a person for the
direction of the recipients life or the life of another person. Has a time limit.
Ordinary life estate - Answer--A state in which the length of time of the
estate interest is the lifetime of the person receiving the life estate
Remainderman - Answer--Someone entitled to the remainder interest in an estate
Life estate pur Autre vie - Answer--French for another life, the length of this life estate is for the lifetime
of a third-party rather than the person actually receiving the life estate.
Homestead - Answer--Grants the family home a certain level of protection from creditors during the
homeowners lifetime
Dower - Answer--Right of a wife to a portion of real property that is owned by her husband, after he dies
and even if he leaves it to someone else in his will
Curtsey - Answer--Right of a husband to a portion of real property that is owned by his wife after she
dies and even if she leaves it to someone else in her will
Community property - Answer--Right of a spouse, and titling them to one half interest in real property
that was acquired during a marriage
Leasehold interest or estate - Answer--The tenants interest in the real property
Leased fee interest or a state - Answer--The owner or landlord's interest in the real property. Landlord
holds title to the property.
,Littoral rights - Answer--The rights commonly granted to owners of property the border a bay, a large
lake, the ocean, or a sea. Water is not navigable so you own to the centerline
Riparian Rights - Answer--The rights of property owners who only and abutting rivers and streams.
Means you live on navigable rivers and streams so you have rights to the waters edge and the use of the
water.
Doctrine of prior appropriation - Answer--places the right to control water resources in the hands of the
state rather than the individual property owners
Surface rights - Answer--Rights to do whatever is legally permitted on the surface of the property
Real property - Answer--Land, improvements, and all the rights of ownership
Bundle of rights - Answer--Overall theory of the rights property owners have
Reversion - Answer--When a property interest automatically returns to you, comes back,
Remainder Interest - Answer--Conveys the rights to a third-party, if thestate and after you die.
Tenancy - Answer--Having an interest in a piece of real estate...also having an ownership interest in a
property.
Tenancy in severalty - Answer--Also sole ownership, no one has an ownership interest in the property
except the one owner.
, Tenancy in common - Answer--Ownership in which two or more people on a property together. The land
itself is not physically divided. The percentage of ownership does not need to be equal. One owner can
sell his share without permission of the other owners. If one owner dies her share goes to her heirs, not
to the other owners.
Joint tenancy - Answer--Ownership for two or more people with for unities; 1. unity of interest (equal
shares), 2. Unity of possession, 3. Unity of time (all owners take possession at the same time...if one
joint tenant sells their interest then new partner is a tenant in common. Also, joint tenant can sell
without permission of other joint tenants.
4.unity of title-all the joint tenants name are on the title.
Right of survivorship - Answer--In joint tenancy, if one of the joint tenants dies, the other tenants
automatically take title to the deceased tenants interest in the property.
In tenancy in common, the owner can leave their share to heirs...the other owners don't have any rights
to her share of the property.
Tenancy by the entirety - Answer--Form of coownership specifically geared towards protecting the
interests of married couples by providing a right of survivorship. Each spouse has an undivided and
equal interest in the property. Upon death of one spouse,
Trustor - Answer--The person who owns the property and creates the trust and conveys it to the trustee
Trustee - Answer--The person who receives the property or who manages the trust and administers it on
behalf of the beneficiary
Beneficiary - Answer--The person who receives the benefits of the property/trust
Syndicate - Answer--Two or more people or companies joining for a real estate investment, usually does
multiple real estate investments or projects or a series of individual projects over a period of time.
