Property OwnershipGeneralMEDIUM
In Illinois, a land trust is commonly used to:
Correct Answer
B) Provide privacy of ownership
Illinois land trusts are commonly used to provide privacy of ownership, as the trustee (usually a bank) holds legal title while the beneficiary's name is not public record.
Answer Options
A
Avoid all property taxesB
Provide privacy of ownershipC
Eliminate title insurance requirementsD
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Related Topics & Key Terms
Related Topics:
property-ownership-structuresillinois-real-estate-lawprivacy-in-real-estate-transactions
Key Terms:
Illinois land trustprivacy of ownershiptrusteebeneficiary765 ILCS 430
Related Concepts
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
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