Escrow & Title
A 'satisfaction of mortgage' (release of mortgage) in South Dakota is recorded when:
AThe property is sold
BThe mortgage loan is paid in full and the lender releases the lien✓ Correct
CThe property is refinanced
DThe borrower pays 6 months of payments without default
Explanation
A satisfaction of mortgage (also called a discharge or release of mortgage) is recorded by the lender when the loan is fully paid off, formally releasing the mortgage lien from the public record.
Related South Dakota Escrow & Title Questions
- In South Dakota, 'earnest money' deposited with a broker in connection with a real estate transaction must be:
- In South Dakota, a property owner who fails to pay their HOA assessments may face:
- In South Dakota, 'title by descent' refers to property that passes:
- In South Dakota, a 'subordination agreement' in real estate means:
- In South Dakota, the 'granting clause' in a deed is the provision that:
- In South Dakota, the 'closing disclosure' under TRID must be provided to the borrower by which party?
- In South Dakota, a 'subordination agreement' between lienholders affects:
- In South Dakota, when a 'quitclaim deed' is given in lieu of foreclosure, the deed transfers to the lender:
Practice More South Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Dakota Quiz →