Property Ownership
In Illinois, which of the following correctly describes fee simple absolute ownership?
AOwnership subject to a condition subsequent that can result in reversion
BThe highest, most complete form of real property ownership with no conditions or limitations✓ Correct
COwnership shared equally with the state government
DOwnership for a specified term of years
Explanation
Fee simple absolute (also called fee simple) is the highest and most complete form of real property ownership. The owner has unlimited power to use, transfer, devise, or encumber the property. There are no conditions, limitations, or a future interest that could defeat ownership. Most residential properties in Illinois are held in fee simple absolute.
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