Escrow & Title
What is the purpose of a satisfaction of mortgage (mortgage release) in Iowa?
AIt conveys the property to a new owner
BIt releases the lender's lien on the property once the loan is paid in full✓ Correct
CIt modifies the terms of an existing mortgage
DIt subordinates the first mortgage to a second lien
Explanation
A satisfaction of mortgage (mortgage release) is recorded when a mortgage loan is paid in full. It removes the lender's lien from the public record, clearing that encumbrance from the title.
Related Iowa Escrow & Title Questions
- A special warranty deed in Iowa differs from a general warranty deed because the grantor warrants title only against:
- In Iowa, the abstract of title is typically prepared by:
- In Iowa, the person who prepares the deed for a real estate transaction is typically:
- In Iowa, when is a deed considered 'delivered' for purposes of transfer of ownership?
- Which party in an Iowa real estate transaction typically selects the title or closing company?
- In Iowa, the document that provides the legal description of the property and is used to transfer title at closing is the:
- An abstract of title is BEST described as:
- In Iowa, property taxes become a lien on real property:
Practice More Iowa Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Iowa Quiz →