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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.</p> Signup and view all the answers

Which loan is specifically structured to encase other existing loans?

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

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.

Subordinate Loans

A wraparound loan includes the amount of other loans.

Required Disclosures to Residential Buyers

There is a two-year statute of limitations on disclosure.
The buyer has a duty to exercise reasonable care.
The duty of inspection is limited to one to four residential units.
All these statements are true.

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Description

This quiz covers essential concepts in real estate law, including the effects of recording instruments, subordinate loans, and required disclosures to residential buyers. Test your understanding of how these elements impact property transactions and legal obligations. Perfect for law students and real estate professionals.