Illinois Real Estate Practice Exam

Which type of deed typically involves the assertion 'Revise, release, and quitclaim' regarding the property?

1. General Warranty Deed

2. Bargain And Sale Deed

3. Special Warranty Deed

4. Quitclaim Deed

The correct answer is: Quitclaim Deed

The deed that commonly involves the assertion 'Revise, release, and quitclaim' regarding the property is the Quitclaim Deed. This type of deed is used to transfer whatever interest the grantor currently holds in the property without making any warranties or guarantees about the quality of that interest. Essentially, the grantor is quitting any claim to the property and is not responsible for any defects or issues that may exist. In the context of real estate transactions, a Quitclaim Deed is often used in scenarios such as transferring property between family members, settling estate issues, or resolving disputes over property ownership. The phrase 'revise, release, and quitclaim' encapsulates the idea that the grantor is relinquishing any claim to the property without providing assurances about its title or condition. This makes the Quitclaim Deed a straightforward means of transferring property rights, albeit without the protections that other types of deeds might offer. The other types of deeds mentioned serve different purposes. For instance, a General Warranty Deed provides extensive guarantees to the buyer about the title and assurance that there are no encumbrances on the property, while a Special Warranty Deed offers fewer protections, covering only the period during which the grantor owned the property. A Barg