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Defeasance in Real Estate Quiz

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1. What does the term 'defeasance' in real estate commonly refer to?

2. Which document usually contains a defeasance clause?

3. What is the primary purpose of a defeasance clause in a mortgage?

4. In the context of defeasance in real estate, what is 'satisfaction of mortgage'?

5. Which of the following best describes the legal effect of a defeasance clause when triggered?

6. Defeasance can be most accurately described as a process that involves:

7. How does a defeasance clause differ from a prepayment penalty clause in a mortgage contract?

8. What role does a defeasance consultant play in real estate transactions?

9. In a defeasance scenario, which of the following is true about the replacement collateral?

10. Which party typically initiates the defeasance process in a real estate transaction?