Escrow & Title
In Florida, a 'satisfaction of mortgage' must be recorded to:
ATransfer ownership of the property
BRelease the mortgage lien from the public record once the loan is paid off✓ Correct
CEstablish priority among competing liens
DChange the property's tax assessment
Explanation
A satisfaction of mortgage (or release/discharge of mortgage) is recorded in the county public records to officially remove the mortgage lien once the debt is fully repaid, clearing the property's title.
People Also Study
Related Florida Questions
- In Florida, a 'satisfaction of mortgage' must be recorded within how many days of the mortgage being paid off?Escrow & Title
- In Florida, a 'mortgage release' (satisfaction of mortgage) must be issued by the lender within how many days of loan payoff?Escrow & Title
- Under Florida's recording statute, recording a deed in the public records provides:Escrow & Title
- A Florida homeowner's title is 'clouded' due to an old, unsatisfied mortgage from a previous owner. The best remedy to clear this title cloud is to:Property Ownership
- In Florida, a 'lis pendens' recorded against a property notifies the public that:Escrow & Title
- A Florida property has an effective gross income of $92,000 and operating expenses of $38,000. The mortgage debt service is $28,000. What is the NOI?Real Estate Math
- A Florida condominium buyer takes out a mortgage. The lender's 'title insurance policy' (mortgagee's policy) protects:Finance
- A 'satisfaction of mortgage' in Florida is also called a:Finance
Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Study This Topic
Practice More Florida Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Florida Quiz →