Podcast
Questions and Answers
Which statement about recording instruments is NOT true?
Which statement about recording instruments is NOT true?
- It determines the priority of liens.
- It provides actual notice of an interest.
- It provides constructive notice of the recorded instrument.
- It creates a presumption of delivery. (correct)
What is the definition of a wraparound loan?
What is the definition of a wraparound loan?
- A loan that allows additional borrowing as payments are made.
- A loan that includes the amount of other loans. (correct)
- A loan that charges excessively high-interest rates.
- A loan specifically meant for purchasing property.
Which of the following is a true statement regarding disclosures to residential buyers?
Which of the following is a true statement regarding disclosures to residential buyers?
- The buyer must exercise reasonable care.
- There is a two-year statute of limitations on disclosure.
- The duty of inspection applies only to single-family residences.
- All of these statements are true. (correct)
Which of the following statements regarding the priority of liens is correct?
Which of the following statements regarding the priority of liens is correct?
What does the concept of constructive notice imply in relation to recorded instruments?
What does the concept of constructive notice imply in relation to recorded instruments?
Flashcards
Recording
Recording
The act of officially registering a legal document, such as a deed or mortgage, with a government agency for public record. This makes the document accessible to everyone.
Wraparound Loan
Wraparound Loan
A loan that includes the balance of another existing loan, creating a single payment for all debts. This is often used when refinancing a property.
Purchase Money Loan
Purchase Money Loan
A loan that is intended to be used at the time of the purchase of real estate. It is also often considered to have priority.
Open-end loan
Open-end loan
Signup and view all the flashcards
Required Disclosures
Required Disclosures
Signup and view all the flashcards
Study Notes
Recording
- Recording of an instrument provides constructive notice to others.
- Recording determines the priority of liens.
- Recording does not create a presumption of delivery.
Subordinate Loan
- A subordinate loan including another loan amount is a wraparound loan.
Required Disclosures to Residential Buyers
- A two-year statute of limitations exists on disclosures.
- Buyers have a duty to exercise reasonable care.
- The duty of inspection is not limited to a specific number of units.
- All of these statements are true.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
