Illinois Real Estate Practice Exam

A Fee Simple Estate is the most complete and highest form of ownership one can have in real estate. It gives the owner complete control over the property, including the right to possess, use, and dispose of the property as they see fit. This ownership interest is not limited by time or any other factors, making it the most comprehensive form of property ownership.

Conventional Life Estate, Fixtures, and Life Estate do not grant the same level of complete control and ownership rights as a Fee Simple Estate.