Practice Quiz

Illinois Real Estate Exam

Category - Illinois

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Mr. Smith bought a single-family residence and used an FHA loan to complete the purchase. Later he sold theproperty to Mr. Brown for all cash. The following instrument would NOT appear on the public record with thistransaction:
  1. Grant deed to Smith
  2. Reconveyance to Brown
  3. Reconveyance to Smith
  4. Trust deed to Smith
Explanation
Answer: B. Reconveyance deeds would be issued only on the payoff of an existing trust deed loan. There would be no reconveyance to Brown in this situation since he was in no way involved with a loan.
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