Escrow & Title
In South Dakota, 'joint and several liability' on a mortgage means:
AEach co-borrower is responsible for exactly their proportional share of the debt
BEach co-borrower is individually responsible for the full amount of the debt, and the lender can pursue any or all borrowers for the full balance✓ Correct
CLiability is shared equally between the borrower and lender
DLiability is divided between the borrower and any guarantor
Explanation
Joint and several liability means each obligor is individually responsible for the entire obligation. In a joint mortgage, the lender can pursue any or all co-borrowers for the full debt, regardless of their ownership percentage or agreement among themselves about how to split the obligation.
Related South Dakota Escrow & Title Questions
- In South Dakota real estate transactions, a 'closing disclosure' (CD) must be provided to the buyer/borrower:
- In South Dakota, which of the following is typically PRORATED between buyer and seller at closing?
- In South Dakota, which statement about the 'preliminary title report' is MOST accurate?
- In South Dakota, 'title insurance' is distinguished from other insurance products because:
- In South Dakota, a 'subordination agreement' between lienholders affects:
- An abstract of title in South Dakota typically covers the property's history from:
- In South Dakota, a deed of trust foreclosure (non-judicial) typically concludes with the property being sold at a:
- In South Dakota, a preliminary title report or title commitment is issued by a title company to:
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 →