Escrow & TitleIntermediateDelaware Exam

What is a 'deed restriction release' in Delaware?

AA court order removing an invalid deed restriction

BA recorded document by which the party benefiting from a deed restriction agrees to release itCorrect

CThe automatic expiration of a deed restriction after a statutory period

DA Commission order releasing an agent from fiduciary duties

Why A recorded document by which the party benefiting from a deed restriction agrees to release it Is Correct

Answer B: A recorded document by which the party benefiting from a deed restriction agrees to release it

A deed restriction release is a recorded instrument by which the beneficiary of a deed restriction (the owner of the benefited land or the grantor's heirs) formally releases the restriction, allowing the servient property to be used free of the restriction.

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).

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Key Terms to Know

Deed

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

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.

Buyer's Agent

A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.

Seller's Agent (Listing Agent)

A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.