Property Ownership
In Illinois, which of the following BEST describes a life estate?
AA lease that lasts for the tenant's entire life
BA freehold interest in property that lasts only as long as the life of the life tenant (or measuring life)✓ Correct
CA mortgage that is paid off over the lifetime of the borrower
DA form of joint tenancy between spouses
Explanation
A life estate is a freehold (ownership) interest in real property that lasts only for the lifetime of a specified person—the life tenant (or another person named as the measuring life). Upon the death of the measuring life, the property passes to the remainderman or reverts to the grantor.
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