National Real Estate Practice Exam

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What is the primary function of a lis pendens notice?

To finalize a real estate title transfer
To notify parties of a potential claim on property
To officially record property deeds
To condemn property for public use

The correct answer is: To notify parties of a potential claim on property

The primary function of a lis pendens notice is to notify parties of a potential claim on property. A lis pendens is a legal document that serves as a public notice that a lawsuit has been filed concerning the property in question, which could affect the title or the rights to the property. This notice is crucial as it alerts potential buyers or interested parties that there is an ongoing legal dispute that might impact their ownership or use of the property. Buyers should be aware that the property may be subject to the outcome of the lawsuit, which could introduce risks or complications in acquiring the property. The other options do not accurately describe the purpose of a lis pendens. Finalizing a real estate title transfer refers to the process of completing a sale, which is not related to a lis pendens. Officially recording property deeds pertains to the documentation of ownership, while a lis pendens serves to inform rather than finalize or record. Additionally, condemning property for public use is a process associated with eminent domain, which has no direct connection to the functions of a lis pendens.