Illinois Real Estate Practice Exam

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What legal instrument conveys real property from a grantor to a grantee?

Bill of Sale
Lease Agreement
Quitclaim Deed
Warranty Deed

The correct answer is: Warranty Deed

The correct answer is the warranty deed. A warranty deed is a legal instrument that conveys real property from a grantor (the seller) to a grantee (the buyer) and provides the grantee with certain guarantees regarding the title of the property. This type of deed assures the grantee that the grantor holds clear title to the property, meaning that there are no undisclosed encumbrances or liens, and it conveys full rights to the property. In contrast, a quitclaim deed, while also a means of transferring property, does not provide any guarantees about the title. It simply transfers whatever interest the grantor has in the property, which may not necessarily be clear title. A bill of sale is typically used for personal property rather than real estate, and a lease agreement is a contract that establishes the rental terms for occupying a property but does not transfer ownership. Thus, the warranty deed is the most appropriate legal instrument for conveying real property with the assurance of title to the grantee.