Real Estate Law Overview

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Questions and Answers

Which of the following accurately reflects a downside of recording?

It does not create a presumption of delivery.
It does not provide constructive notice of the recorded instrument.
It determines the priority of liens. (correct)
It does not guarantee actual notice of an interest.

What is the primary characteristic of a wraparound loan?

It is subject to state usury laws.
It is solely for purchasing property.
It combines multiple loans into a single payment. (correct)
It is a loan with a fixed interest rate only.

Which of the following is a true statement regarding the duty to disclose for residential buyers?

The duty of inspection applies to all property types, regardless of unit number.
The buyer has no responsibility for inspecting the property.
There is a three-year statute of limitations on disclosure.
The buyer must exercise reasonable care during the transaction. (correct)

Which statement is NOT true regarding required disclosures in real estate transactions?

<p>Disclosure duties are not applicable outside residential purchases. (D)</p> Signup and view all the answers

Which loan is specifically structured to encase other existing loans?

<p>Wraparound loan. (C)</p> Signup and view all the answers

Flashcards

Recording

It is a legal way to provide notice of a property interest, typically by placing the official record in a public register.

Recording an Instrument

The process of putting a legal document, like a deed or mortgage, officially into the official records of a county or state.

Wraparound Loan

A type of mortgage where one loan includes the amount of other existing loans.

Residential Buyer Disclosure

A requirement for sellers of residential properties to inform buyers of any known material defects in the property.

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Buyer's Duty of Inspection

A legal responsibility for a property buyer to carefully inspect the property and identify any potential issues. This is often a legal protection for the buyer.

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Study Notes

Recording of Instruments

Recording an instrument provides constructive notice of the instrument, but not actual notice.
Recording does not determine the priority of liens.
Recording creates a presumption of delivery.