Property Ownership
In a joint tenancy, the four unities required are:
ATime, title, interest, and possession✓ Correct
BOwnership, occupancy, income, and control
CDeed, title, consideration, and delivery
DSurvey, appraisal, inspection, and closing
Explanation
Joint tenancy requires four unities: (1) Time — all owners acquire their interest at the same time; (2) Title — all owners receive title from the same instrument; (3) Interest — all owners hold equal shares; (4) Possession — all owners have equal right of possession.
Related Illinois Property Ownership Questions
- An Illinois homeowner's property tax exemption that reduces the assessed value of a primary residence is called the:
- A deed restriction that prohibits building within 25 feet of a property boundary is called a:
- Under Illinois law, which of the following items attached to a building is most likely to be treated as a fixture (real property) rather than personal property?
- What is a 'life estate' in Illinois property law?
- What is a distinctive feature of an Illinois land trust compared to typical property ownership?
- A property owner who wants to sell their property but continue living in it for a set period could use which arrangement?
- An encroachment occurs when:
- What is a 'judicial foreclosure' and how does it work in Illinois?
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →