Property Ownership
Which of the following best describes a leasehold estate?
AOwnership of real property in fee simple
BA right to use and possess real property for a defined period under a lease✓ Correct
CAn ownership interest held in trust for a minor
DA partial ownership interest in a condominium
Explanation
A leasehold estate grants the tenant the right to use and possess real property for a defined period under a lease agreement. The tenant has a possessory interest but not title (ownership). Leasehold estates are classified as less-than-freehold estates.
Related Illinois Property Ownership Questions
- In Illinois, which of the following is NOT required for a valid deed?
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