Illinois Real Estate Exam

Category - Real Estate

What is “community property”?
  1. Property that is owned by an entire condominium development
  2. Property that is owned by an entire subdivision of single-family homes
  3. Property acquired by a married couple during the marriage and considered to be jointly owned
  4. Both A and B
Explanation
Answer: C. Community property, an outgrowth of the Spanish and Mexican heritage of the area, determines that property acquired by a married couple during their marriage is considered to be jointly owned.
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