Illinois Real Estate Practice Exam

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Prepare for the Illinois Real Estate Test. Practice with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

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What event signifies a Transfer Of Title in a real estate transaction?

Execution of the contract
Verbal agreement between parties
Date of appraisal
Delivery and acceptance of the deed

The correct answer is: Delivery and acceptance of the deed

The transfer of title in a real estate transaction is signified by the delivery and acceptance of the deed. This step is crucial because it represents the legal transfer of ownership from the seller to the buyer. When the seller delivers the deed to the buyer, and the buyer accepts it, this act finalizes the transaction and establishes the buyer's rights to the property. The other options involve important aspects of a real estate transaction but do not complete the process of transferring title. The execution of the contract is essential for establishing the terms of the sale but does not itself transfer ownership. A verbal agreement, while it may reflect mutual understanding, lacks the legal enforceability and formalities necessary to complete a transfer. The date of appraisal is also significant, as it helps determine the property's value for financing, but it plays no direct role in the actual transfer of title. Thus, the delivery and acceptance of the deed is the definitive moment that signifies the passage of title.