Property Ownership
In Illinois, a 'beneficial interest' in a land trust entitles the holder to:
APublic recording of ownership in the county recorder's office
BPersonal property rights including the right to manage, control, and receive proceeds from the property✓ Correct
CImmunity from creditors and judgment liens
DTax-exempt status on property income
Explanation
In an Illinois land trust, the beneficiary holds personal property rights (not real property rights) to manage, control, lease, mortgage, and receive the proceeds from the property. The trustee holds bare legal title.
Related Illinois Property Ownership Questions
- A life estate grants the holder the right to use and possess property:
- 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?
- Which of the following is an example of personal property (chattel) that would NOT automatically transfer with a real estate sale unless included in the contract?
- Adverse possession in Illinois requires that the use be:
- In Illinois, what is the right of 'redemption' in the foreclosure process?
- In Illinois, a mechanic's lien may be filed by:
- In Illinois, which of the following is correct regarding joint tenancy in real estate?
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →