In Alabama, which instrument is used to release a paid-off mortgage from the public record?
Why A satisfaction of mortgage (or release of mortgage) Is Correct
Answer B: A satisfaction of mortgage (or release of mortgage)
Exam Tip: Property Ownership
Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.
Key Property Ownership Terms in This Question
People Also Study
Related Alabama Questions
- In Alabama, what instrument is primarily used to secure a mortgage loan with real property as collateral?Finance
- Under Alabama mortgage law, a lender's right to demand full loan repayment if the property is sold is called a(n):Finance
- In Alabama, a wraparound mortgage is used when:Finance
- In Alabama, the document that creates a lien on real property as security for a mortgage loan is called a:Finance
- A deed of trust used as a security instrument differs from a mortgage in that:Property Ownership
- A 'satisfaction of judgment' recorded in Alabama serves to:Escrow & Title
- Which government right allows Alabama to take private property for public use with just compensation?Property Ownership
- In Alabama, a homeowner who has not paid property taxes for an extended period may have their property sold at a:Property Ownership
Key Terms to Know
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Study This Topic
Practice More Alabama Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Alabama Quiz →