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Real Estate Law Basics

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Questions and Answers

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?

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?

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?

<p>Liens are prioritized based on the date of recordation. (C)</p> Signup and view all the answers

What does the concept of constructive notice imply in relation to recorded instruments?

<p>Parties are aware of the interests even if they have no actual knowledge. (A)</p> Signup and view all the answers

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.

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Description

This quiz covers essential concepts in real estate law, including the implications of recording instrument documents, subordinate loans like wraparound loans, and required disclosures to residential buyers. Test your knowledge on the legal responsibilities and rights of buyers in the real estate market.