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AZ Real Estate (ASREB) 5/2017 > A5 > Flashcards

A5 Flashcards

1
Q

Who authorizes the use of the “Power of Sale” in a deed of trust?

A

Beneficiary

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2
Q

The supply and cost of money can be most effectively controlled by

A

Federal Reserve System

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3
Q

The Consumer Financial Protection Bureau is the governing body for?

A

Saving and loan associations

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4
Q

At a mortgage foreclosure sale, the buyer gets a deed from?

A

No one

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5
Q

Who carries out the “Power of Sale” in a deed of trust?

A

Trustee

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6
Q

The lender may consider his mortgage or trust deed to be

A

Personal property

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7
Q

A trustee’s fee under a deed of trust is?

A

.005 of the existing loan balance

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8
Q

A property is in the process of being foreclosed. Who is responsible for the property taxes?

A

Trustor

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9
Q

As a salesperson, you sell a piece of property for your client in which he takes back a purchase money mortgage as part payment. The buyer in this situation becomes the

A

Mortgagor

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10
Q

What would not apply to a deed of trust?

A

Redemption Periods

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11
Q

The vendor has elected to foreclose an agreement for sale as a mortgage. Which of the following applies.

A

Redemption

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12
Q

Which of the following would NOT be party of an agreement for sale

A

Trustee notice

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13
Q

Which of the following would not apply to a mortgage?

A

Deed redecoration

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14
Q

What would discourage a buyer from taking a bank wraparound mortgage

A

Seller’s loan has a alienation clause.

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15
Q

Which of the agencies guarantees loans?

A

GNMA

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16
Q

A vendor would be who in a sale?

A

Seller in an agreement for sale

17
Q

FNMA is?

A

A government sponsored agency (Fannie Mae)

18
Q

Low income loans are usually purchased by?

A

GNMA

19
Q

The buyer has an investment that has a feature of “a pass through certificate”, this investment is most likely a?

A

Ginnie Mae security

20
Q

When a deed in lieu of foreclosure is given to a lender, time and cost are….

A

less

21
Q

A construction loan is generally considered a

A

short term - iterim

22
Q

A commercial building is sold in a foreclosure for $100,000 less than the balance due the lender. What is true?

A

The lender can obtain a deficiency judgment against the borrower.

23
Q

Who has title on a land contract?

A

Vendor

24
Q

After a deed of trust foreclosure sale who receives the trustees deed?

A

The new owner

25
Q

What type of borrowing instrument will issue a deed only when the loan is paid in full?

A

Agreement for sale

26
Q

RESPA would require disclosure of

A

Loan origination fees and points

27
Q

Non Recourse DOES or DOES NOT benefit the lender?

A

Does NOT

28
Q

A land contract has an acceleration clause and is now in default. What happens next?

A

Once the acceleration clause is exercised, a lender would foreclose as a mortgage

29
Q

How could a lender save five months in a judicial foreclosure?

A

File and abandonment suit

30
Q

In foreclosure of a Deed of Trust, what is the order of notice?

A

Constructive, then actual

31
Q

In a sale-leaseback, the title….

A

does not move

32
Q

To have a trustee sale, the beneficiary notifies the

A

Trustee

33
Q

Regarding a trust deed foreclosure, who receives a notice of sale?

A

Debtor receives a notice of sale

34
Q

Once the trustee sale has occurred in the foreclosure of a trust deed, the trustor has….

A

no further right to redeem

35
Q

What type of property is protected from deficiency judgments in Arizona?

A

Single family on 2 acres or less

36
Q

After a trustee’s sale the proceeds are applied to the expenses of the sale, obligations secured by the trust deed, and other subordinate liens, the balance goes to the…

A

trustor

AZ Real Estate (ASREB) 5/2017 (14 decks)

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