Illinois Notary Primer Practice Exam

In real estate, when does a disqualifying financial or beneficial interest exist for a Notary?

1. When the Notary is a beneficiary of the transaction

2. When the Notary is a grantor or grantee

3. When the Notary is a mortgagor or mortgagee

4. When the Notary is a lessee or lesser

The correct answer is: When the Notary is a grantor or grantee

In real estate transactions, a disqualifying financial or beneficial interest exists for a Notary when the Notary is a grantor or grantee. This means that if the Notary is directly involved as a party to the transaction by being either the person transferring the property (grantor) or the person receiving the property (grantee), they have a vested interest in the outcome of the transaction. This vested interest could compromise the Notary's impartiality and neutrality, which are crucial aspects of their role in notarizing documents. Options A, C, and D do not directly involve the Notary in the transfer of the property as either the person granting or receiving the property, so they do not present a disqualifying financial or beneficial interest in the same way as being a grantor or grantee would.