Illinois Real Estate Practice Exam

Who recaptures ownership in a Reversionary estate?

1. Conventional Life Estate

2. Fee Simple Estate

3. Pur Autre Vie

4. Reversionary

The correct answer is: Reversionary

In the context of property law, a reversionary estate occurs when a property interest is granted to a tenant for a specific duration, and ownership is returned to the original owner, known as the grantor, once that period expires. This scenario typically arises with a life estate, where the tenant has the right to use and occupy the property for their lifetime. Once the tenant passes away or the conditions of the estate are otherwise fulfilled, the ownership automatically reverts back to the grantor or their heirs. Choosing the option associated with the term "Reversionary" is definitive because it directly identifies the party who regains ownership of the estate. This indicates that the original owner retains a future interest in the property, which is essential for recognizing how reversionary interests function within the realm of property law. The other options relate to different types of estates or interests but do not directly capture the essence of reversionary ownership. For example, a conventional life estate primarily concerns the rights of the life tenant during their lifetime, while a fee simple estate represents full ownership without limitations. Pur autre vie is a life estate that is measured by the life of another, but it also does not address the aspect of reversion to the original owner after the designated