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Questions and Answers
What is the purpose of recording conveyances of real property?
What is the purpose of recording conveyances of real property?
- To ensure tax compliance for the property
- To establish the market value of the property
- To determine the size of the property
- To create a public record of ownership and priority in case of conflicts (correct)
Which type of purchaser always prevails in a 'Race' jurisdictional variance?
Which type of purchaser always prevails in a 'Race' jurisdictional variance?
- The subsequent purchaser with notice
- The first purchaser for value that records (correct)
- The first in time, first in right purchaser
- The subsequent bona fide purchaser
What is the characteristic of a bona fide purchaser?
What is the characteristic of a bona fide purchaser?
- Takes a conveyance of real estate without any consciousness of prior conveyance
- Takes a conveyance of real estate in good faith, paying value for it without notice of conflicting claim (correct)
- Takes a conveyance of real estate with notice of conflicting claim
- Takes a conveyance of real estate without paying value for it
What type of notice involves subjective consciousness of prior conveyance?
What type of notice involves subjective consciousness of prior conveyance?
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Which documents are recorded in the mechanics of property conveyances?
Which documents are recorded in the mechanics of property conveyances?
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