Property OwnershipMEDIUM
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
Bypass zoning regulationsVideo Explanation3 min
Audio Lesson3 min
Study Infographics
Why This Is the Correct Answer
Sign up free to unlock full analysis
Related Concepts
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
Was this explanation helpful?
More Property Ownership Questions
Who does lava belong to when it forms land in Hawaii?
In California, community property with right of survivorship (CPRS) differs from joint tenancy because:
Arizona's homestead exemption protects up to:
In Hawaii, mineral rights usually belong to:
In Arizona, water rights for surface water follow:
- → With respect to real property, the term estate is BEST described as
- → Who usually selects the administrator of an estate?
- → Vermont follows which recording system?
- → Which of the following can the grantor of a life estate NOT do?
- → Riparian rights are those rights possessed by
- → A woman receives a gift of real property by will. The woman is called
- → The loss of one’s real estate by the gradual wearing away of soil through the operation of natural causes is
- → When a person dies testate, the real property
- → The property of a person who dies intestate passes by
- → A donor conveyed land 'to River Town so long as the property is used for public park purposes.' River Town immediately developed walking trails and playgrounds. What estate did River Town receive?