Property Ownership
Under the Illinois Condominium Property Act, a condominium unit owner has an ownership interest in:
AThe unit only, with no interest in common areas
BThe unit plus an undivided interest in the common elements✓ Correct
CThe entire building including all other units
DThe land beneath the building only
Explanation
Under the Illinois Condominium Property Act, a unit owner holds fee simple title to their individual unit plus an undivided percentage interest in the common elements (lobby, elevators, roof, etc.). This percentage interest is usually proportional to the unit's size.
Related Illinois Property Ownership Questions
- Which of the following describes a tenancy at will?
- What is an 'abstract of title' in Illinois real estate?
- A life estate grants the holder the right to use and possess property:
- In Illinois, which form of co-ownership is available ONLY to married couples and includes right of survivorship?
- A fee simple determinable estate automatically reverts to the grantor when:
- In Illinois, what is a tax deed?
- In Illinois, a mechanic's lien may be filed by:
- In Illinois, the term 'tenancy at sufferance' describes:
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →