Property Ownership
What is a 'tenancy in common' and how does it differ from joint tenancy in Illinois?
ATenancy in common requires equal ownership shares; joint tenancy allows unequal shares
BIn tenancy in common, each owner's share passes to their heirs; in joint tenancy, the survivor inherits automatically✓ Correct
CTenancy in common exists only in commercial properties; joint tenancy in residential
DThey are legally identical in Illinois
Explanation
Tenancy in common allows two or more people to own property with potentially different ownership percentages. Each owner's interest passes to their heirs or as directed by their will—there is no right of survivorship.
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Key Terms to Know
Joint Tenancy
Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Math Concepts
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