North Dakota Real Estate Practice Exam 2025 – Comprehensive All-in-One Guide for Exam Success!

A quitclaim deed is a legal document that primarily serves the purpose of transferring interest in a property from one party to another without any guarantee or warranty of title. This means that the person transferring their interest (the grantor) does not assure the recipient (the grantee) that the title is valid or free from encumbrances. Essentially, it merely conveys whatever rights the grantor has in the property, which could be complete ownership, partial interest, or potentially no interest at all.

This type of deed is often utilized in situations where the parties know each other and trust each other, such as in transactions between family members or in divorce proceedings when one party may relinquish their interest in a property. Because it does not involve warranties of ownership, a quitclaim deed is quite different from other types of deeds, such as warranty deeds, which do provide assurances regarding the title's validity.

In contrast to the other choices, which involve different aspects of property transactions—like confirming ownership through inheritance, securing a mortgage, or serving as a contract for sales—the quitclaim deed focuses solely on the transfer of interest without titles guarantees, making it the correct answer in this context.