Illinois Real Estate Practice Exam

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Study for the Illinois Real Estate Exam. Prepare yourself with comprehensive quiz assessments that involve multiple-choice questions, offering hints and insights for each question. Equip yourself for success on your upcoming exam!

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What type of estate is a deed that allows ownership of the property as long as the person is alive?

Life Estate
Personal easement in gross
Pur Autre Vie
Remainder interest

The correct answer is: Life Estate

A Life Estate is the type of estate that allows ownership of the property as long as the person is alive. In a Life Estate, the owner (known as the life tenant) holds the property for the duration of their life. Once the life tenant passes away, ownership of the property typically reverts back to the original grantor or passes to a remainderman named in the deed. The other options are not correct for this scenario: - A Personal Easement in Gross is a non-possessory interest in land that permits the holder to use the land, but it is not ownership of the property. - Pur Autre Vie is an estate that is measured by the life of a person other than the grantee. - A Remainder Interest refers to future ownership rights in a property that come into effect after a preceding interest terminates.