Which Statement Is Incorrect Concerning Mortgages

question 46

Multiple Choice

Which statement is incorrect concerning mortgages?

• A) The mortgagee's interest terminates upon performance of the obligation secured by the mortgage.
• B) The mortgagee has the right to enforce the mortgage by foreclosure upon default by the mortgagor.
• C) An unrecorded mortgage is invalid between mortgagor and mortgagee.
• D) Generally, no particular form of language is required to create a mortgage.

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Definitions:

Third Party

An entity involved in a transaction or legal situation who is neither the first (often the buyer or claimant) nor the second (often the seller or defendant) principal party.

Express Condition

A specific and explicitly stated requirement in a contract that must be met for contractual obligations to be fulfilled.

Certificate of Occupancy

An official document issued by a local government agency or building department certifying a building's compliance with applicable building codes and other laws, indicating it is in a condition suitable for occupancy.

Implied-in-Law Condition

A requirement understood within legal agreements or contracts, not explicitly stated but legally binding.