In California, what is a 'partial reconveyance' in the context of a blanket deed of trust?
Correct Answer
C) A document releasing one or more parcels from a blanket deed of trust while the remaining parcels continue as security
A partial reconveyance releases one or more specific parcels from a blanket deed of trust while the remaining parcels continue to serve as security for the loan. This is commonly used by developers who sell individual lots from a larger development.
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Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on market conditions, typically after an initial fixed-rate period. The rate adjustment is tied to a financial index plus a margin.
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