A5 Flashcards
Who authorizes the use of the “Power of Sale” in a deed of trust?
Beneficiary
The supply and cost of money can be most effectively controlled by
Federal Reserve System
The Consumer Financial Protection Bureau is the governing body for?
Saving and loan associations
At a mortgage foreclosure sale, the buyer gets a deed from?
No one
Who carries out the “Power of Sale” in a deed of trust?
Trustee
The lender may consider his mortgage or trust deed to be
Personal property
A trustee’s fee under a deed of trust is?
.005 of the existing loan balance
A property is in the process of being foreclosed. Who is responsible for the property taxes?
Trustor
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
Mortgagor
What would not apply to a deed of trust?
Redemption Periods
The vendor has elected to foreclose an agreement for sale as a mortgage. Which of the following applies.
Redemption
Which of the following would NOT be party of an agreement for sale
Trustee notice
Which of the following would not apply to a mortgage?
Deed redecoration
What would discourage a buyer from taking a bank wraparound mortgage
Seller’s loan has a alienation clause.
Which of the agencies guarantees loans?
GNMA
A vendor would be who in a sale?
Seller in an agreement for sale
FNMA is?
A government sponsored agency (Fannie Mae)
Low income loans are usually purchased by?
GNMA
The buyer has an investment that has a feature of “a pass through certificate”, this investment is most likely a?
Ginnie Mae security
When a deed in lieu of foreclosure is given to a lender, time and cost are….
less
A construction loan is generally considered a
short term - iterim
A commercial building is sold in a foreclosure for $100,000 less than the balance due the lender. What is true?
The lender can obtain a deficiency judgment against the borrower.
Who has title on a land contract?
Vendor
After a deed of trust foreclosure sale who receives the trustees deed?
The new owner
What type of borrowing instrument will issue a deed only when the loan is paid in full?
Agreement for sale
RESPA would require disclosure of
Loan origination fees and points
Non Recourse DOES or DOES NOT benefit the lender?
Does NOT
A land contract has an acceleration clause and is now in default. What happens next?
Once the acceleration clause is exercised, a lender would foreclose as a mortgage
How could a lender save five months in a judicial foreclosure?
File and abandonment suit
In foreclosure of a Deed of Trust, what is the order of notice?
Constructive, then actual
In a sale-leaseback, the title….
does not move
To have a trustee sale, the beneficiary notifies the
Trustee
Regarding a trust deed foreclosure, who receives a notice of sale?
Debtor receives a notice of sale
Once the trustee sale has occurred in the foreclosure of a trust deed, the trustor has….
no further right to redeem
What type of property is protected from deficiency judgments in Arizona?
Single family on 2 acres or less
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…
trustor
