Finance
In Wyoming, when a deed of trust is paid off in full, the lender should:
AFile a release of deed of trust with the county clerk to clear the lien✓ Correct
BIssue the borrower a thank-you letter only
CRetain the deed of trust in their files
DReturn the original deed of trust to the borrower without recording anything
Explanation
When a deed of trust is paid off, the lender (beneficiary) must execute and record a release (reconveyance) with the county clerk to clear the lien from title. Failure to do so leaves a cloud on title that must be resolved before the property can be sold or refinanced.
Related Wyoming Finance Questions
- In Wyoming, a 'deficiency judgment' after a foreclosure sale means:
- A Wyoming buyer applies for a conventional mortgage. The lender reviews the 'Three Cs' of credit underwriting. These three factors are:
- Wyoming has no state income tax. How does this affect the federal mortgage interest deduction for Wyoming homeowners?
- A Wyoming property 'short sale' requires:
- A 'wraparound mortgage' in Wyoming is a type of seller financing where:
- A Wyoming buyer obtains seller financing with a 'due on sale' clause. This means:
- In Wyoming, a real estate installment land contract (contract for deed) is:
- A Wyoming borrower who receives a lender's Loan Estimate and finds that actual closing costs exceed the estimates by more than the allowable tolerances has:
Practice More Wyoming Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Wyoming Quiz →