Once a Document Conveying an Interest in Real Property Is

question 7

Multiple Choice

Once a document conveying an interest in real property is placed in the public records it is binding on the public, whether or not they make an effort to learn of it. Based on the common law tradition, this policy is known as the:

• A) Statute of Frauds
• B) doctrine of constructive notice
• C) habendum clause
• D) actual notice

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Definitions:

Compounded Monthly

Interest calculation method where interest is added to the principal sum at the end of each month, and future interest is calculated on the new total.

Years

Units of time that represent the period it takes for the Earth to complete one full orbit around the sun, typically used to measure durations or ages.

Interest

The price paid for acquiring funds, often quoted as a yearly rate of the total amount borrowed.

Savings Account

A deposit account held at a financial institution that provides principal security and a modest interest rate.