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Illinois Real Estate Exam

Category - Real Estate

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What is “community property”?

Property that is owned by an entire condominium development
Property that is owned by an entire subdivision of single-family homes
Property acquired by a married couple during the marriage and considered to be jointly owned
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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Illinois Real Estate Exam

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Illinois Real Estate Exam

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