Illinois Real Estate Practice Exam

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Prepare for the Illinois Real Estate Test. Practice with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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Which term describes a person who has complete control over a parcel of real estate?

Conventional Life Estate
Fee Simple Estate
Fixtures
Life Estate

The correct answer is: Fee Simple Estate

A Fee Simple Estate is the most complete and highest form of ownership one can have in real estate. It gives the owner complete control over the property, including the right to possess, use, and dispose of the property as they see fit. This ownership interest is not limited by time or any other factors, making it the most comprehensive form of property ownership. Conventional Life Estate, Fixtures, and Life Estate do not grant the same level of complete control and ownership rights as a Fee Simple Estate.