Illinois Real Estate Broker Exam — All Questions
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2 questions
Property Ownership
Which form of property ownership includes the right of survivorship, so that a deceased owner's interest passes automatically to the surviving co-owners?
- a.Tenancy in common
- b.Joint tenancy✓
- c.Ownership in severalty
- d.A life estate
Joint tenancy carries the right of survivorship, meaning a deceased joint tenant's share passes automatically to the surviving joint tenants rather than through probate. Tenancy in common has no survivorship right.
Property Ownership
A bundle of rights in real property typically includes all of the following EXCEPT:
- a.The right to possess the property
- b.The right to exclude others
- c.The right to violate local zoning ordinances✓
- d.The right to sell or transfer the property
The bundle of rights includes possession, control, exclusion, enjoyment, and disposition, but ownership never confers a right to violate valid land-use or zoning laws. Government police power limits how property may be used.