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

The deed is the essential document for the transfer of ownership in real estate. A deed is a legal instrument that conveys ownership of real property from one party to another. It serves as the official record of the transaction and must be executed in accordance with the law, typically requiring signatures from the grantor (seller) and sometimes the grantee (buyer).

The deed includes crucial details such as the names of the parties involved, a description of the property being transferred, and the date of transfer. Once the deed is signed and delivered, and properly recorded in the appropriate government office, it serves as proof of ownership for the new owner.

In contrast, an inspection report, while vital for understanding the condition of the property, does not affect the transfer of ownership. A bill of sale is relevant for personal property transactions, not real estate. A tax assessment document provides information on property taxes but does not facilitate the transfer of ownership. Thus, the deed uniquely fulfills the requirement for establishing and transferring ownership rights in real estate transactions.