Property Ownership
What is a 'life estate' in Illinois property law?
AOwnership of property for the life of a specific person, after which it passes to the remainderman✓ Correct
BA life insurance policy that is secured by real property
CA 99-year leasehold interest in property
DAn estate planning tool requiring attorney certification
Explanation
A life estate is an ownership interest in property that lasts only for the life of a specified person (the life tenant or measuring life). During that period, the life tenant has the right to use and enjoy the property.
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Key Terms to Know
Life Estate
A freehold interest in real property that lasts only for the duration of a specified person's life.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
Math Concepts
State-Specific Concepts
DRE Regulation
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