After closing, Nina Park reviews the documents typically placed in the public land records to give notice of interests affecting her property. Which of the following documents is NOT usually recorded in the public land records?
Correct Answer
B) The promissory note stating the repayment promise
The promissory note is usually not recorded in the public land records. It is the evidence of the debt and is typically held by the lender, servicer, or note holder rather than filed like the deed, security instrument, or later lien release.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Predatory lending refers to unfair, deceptive, or abusive lending practices that impose unjustified terms on borrowers, often targeting vulnerable populations. It includes practices like excessive fees, inflated appraisals, and unnecessary refinancing.
RESPA is a federal law that requires lenders to provide borrowers with information about settlement costs, prohibits kickbacks and referral fees, and limits escrow account deposits. It applies to federally related mortgage loans.
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
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