Overview & Summary

Question 1

A fee simple estate may be held in ___, where the title is held by one individual or entity

Answer 1

Severalty

Question 1

What are the 3 basic ways a fee simple estate may be held?

Answer 1

1) Severalty
2) Co-ownership
3) Trust

Question 2

A fee simple estate may be held in ___, where the title is held by two or more individuals or entities

Answer 2

Co-ownership

Question 3

A fee simple estate may be held in ___, where a third individual holds title for the benefit of another

Answer 3

Trust

Question 4

Which type of ownership means that the title is held by one person or legal entity?

Answer 4

Ownership in severalty

Question 5

Under ___, title can be held concurrently by more than one person or legal entity in several ways

Answer 5

Co-ownership

Question 6

___ provides that each party holds a separate title but shares possession of the whole property with other owners

Answer 6

Tenancy in common

Question 7

In tenancy in common, each owner has separate ___.

Answer 7

Interests

Question 8

Upon death of a tenant in common, their interest passes to…

Answer 8

any legal heirs

Question 9

When 2 or more parties hold title to real estate in Illinois, they do so as ___ by default unless they express another intention

Answer 9

Tenants in common

Question 10

___ indicates 2 or more owners with the right of survivorship

Answer 10

Joint tennancy

Question 11

The four unities of joint tenancy are…

Answer 11

1) Possession
2) Interest
3) Time
4) Title

Question 12

___ is a type of joint tenancy between spouses

Answer 12

Tenancy by the entirety

Question 13

Tenancy by the entirety is only applied to the ___ on a property held by a married couple

Answer 13

Principal residence

Question 14

What are the three conceptual parts of a trust?

Answer 14

1) Trustor
2) Trustee
3) Beneficiary

Question 15

In a(n) ___ trust, the trustor and beneficiary are typically the same party

Answer 15

Land

Question 16

To create a trust, the ___ conveys title and control to a third party known as the ___, for the benefit of the ___.

Answer 16

Trustor conveys title and control to the trustee for the benefit of the beneficiary

Question 17

A(n) ___ is a legal entity and can hold title to real estate in severalty.

Answer 17

Corporation

Question 18

A(n) ___ combines the limited liability offered by a coroporation with the tax advantages of a partnership without the complicated requirements of S corporations or restrictions of limited partnerships

Answer 18

LLC

Question 19

A(n) ___ is an association of 2 or more people or firms that invest in real estate

Answer 19

Syndicate

Question 20

Many syndicates are ___ assembled for only a single project

Answer 20

Joint ventures

Question 21

___ are a form of ownership in which actual title is held by one entity that pays taxes, mortgage interest, and principal, as well as all operating expenses

Answer 21

Cooperative

Question 22

Those who occupy the units in a cooperative are ___.

Answer 22

Shareholders

Question 23

In a condo, each owner holds ___ title to a unit plus a share of the common areas

Answer 23

Fee simple

Question 24

Expenses for operating the building in a condo are collected by ___ and ___.

Answer 24

Monthly HOA fees and periodic special assessments

Question 25

Town homes normally have ___ floors and are located on a(n) ___ lot.

Answer 25

2 floors small lot

Question 26

___ enables multiple purchasers to own estates or use interests in the same piece of real estate

Answer 26

Time share

Question 27

Illinois is a ___ property state

Answer 27

Marital

Question 28

In Illinois, any property acquired during marriage is likely to be viewed as ___.

Answer 28

marital

Question 29

In Illinois, ___ property is shared property conveyed by a couple while married, with the exception of gifts or inheritance to one spouse.

Answer 29

Marital

Question 30

If a husband sets up his real estate as ownership in severalty, and that property was purchased after marrying to his wife, this property is considered as ___ property in Illinois

Answer 30

marital

Question 31

In Illinois ___ property is inherited or gifted to one spouse during marriage

Answer 31

Nonmarital

Question 32

If non marital inherited properties or gift monies are commingled, they legally transform into ___ property.

Answer 32

Marital