Escrow & TitleIntermediateDelaware Exam

What is a 'deed of correction' in Delaware?

AA deed correcting errors in a prior deed's legal description, grantor/grantee name, or other material informationCorrect

BA court-ordered correction of a fraudulent deed

CA deed correcting the assessed value of a property

DA deed modifying the terms of a prior easement

Why A deed correcting errors in a prior deed's legal description, grantor/grantee name, or other material information Is Correct

Answer A: A deed correcting errors in a prior deed's legal description, grantor/grantee name, or other material information

A deed of correction (also called a corrective deed) is used to fix clerical errors or omissions in a prior recorded deed, such as misspelled names, incorrect legal descriptions, or other technical errors. Both grantor and grantee typically sign the correction.

Exam Tip: Escrow & Title

Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.

Key Escrow & Title Terms in This Question

Deed

A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).

Easement

A non-possessory right to use another person's land for a specific purpose.

People Also Study

Key Terms to Know

Deed

A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).

Easement

A non-possessory right to use another person's land for a specific purpose.

Deed of Trust

A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.

Capitalization Rate (Cap Rate)

A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.