NC Real Property Specialist Practice Questions - NC State Bar Certified Specialist - Real Property Law (Residential & Business) Exam

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In a typical North Carolina residential purchase financed by a lender, what instrument does the borrower sign to secure the loan with the real property, and who holds bare legal title under it?

A deed of trust, with a neutral trustee holding legal title for the benefit of the lender A mortgage, with the lender holding legal title until payoff A contract for deed, with the seller retaining legal title An installment land contract, with title held in escrow by the closing attorney

Correct Answer:

A deed of trust, with a neutral trustee holding legal title for the benefit of the lender

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