Property OwnershipIntermediateDelaware Exam

What is a 'restriction of record' in Delaware real estate?

AA court order restricting a property from being sold

BA limitation on property use that is recorded in the public land recordsCorrect

CA restriction on the number of people who may inhabit a property

DA lender restriction on the maximum loan amount

Why A limitation on property use that is recorded in the public land records Is Correct

Answer B: A limitation on property use that is recorded in the public land records

A restriction of record is any limitation on the use or enjoyment of property (such as a restrictive covenant or deed restriction) that has been properly recorded in the county land records, providing constructive notice to all.

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

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).

Abstract of Title

A condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.

Loan-to-Value Ratio (LTV)

The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.

Debt-to-Income Ratio (DTI)

A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.

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