Escrow & Title
In South Dakota, 'marketable title' in a real estate transaction means:
AThe property has no existing mortgage
BTitle is free from reasonable doubts or defects that could subject the buyer to litigation✓ Correct
CThe property is priced at or below market value
DTitle insurance has been issued on the property
Explanation
Marketable title is title that is reasonably free from doubt and defects, such that a reasonable buyer would accept it without fear of litigation. It does not mean perfect title, but title that is good enough to be sold in the marketplace.
Related South Dakota Escrow & Title Questions
- A mechanic's lien in South Dakota is filed by:
- In South Dakota, a closing statement shows the seller's net proceeds. To calculate net proceeds, which of the following is ADDED to the seller's side?
- In South Dakota, which type of notice is given when a prospective buyer views a property and sees a person in possession (such as a tenant)?
- A South Dakota title company issues a commitment for title insurance before closing. This commitment:
- In South Dakota, which statement about a 'buyer's walk-through' before closing is TRUE?
- In South Dakota real estate transactions, a 'closing disclosure' (CD) must be provided to the buyer/borrower:
- In South Dakota, a 'deed in lieu of foreclosure' is an arrangement where:
- In South Dakota, which of the following types of liens is VOLUNTARY?
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 →