AZ Real Estate - Foreclosure A5

Question 0

Redemption period on deed of trust after trustee sale?

Answer 0

Does not exist

Question 1

Who authorizes use of Power of Sale in deed of trust?

Answer 1

Beneficiary

Question 2

Trustee under deed of trust not involved in

Answer 2

Collecting monthly loan payments. Trustee holds legal title

Question 3

Finance charges, fees, interest disclosure required by

Answer 3

Reg z Truth in lending

Question 4

Lender has __ days to give good faith estimate in residential loan transaction

Answer 4

3 days from loan app

Question 5

Fannie Mae active in

Answer 5

Secondary mortgage market

Question 6

Who regulates Reg z

Answer 6

FTC

Question 7

In mortgage foreclosure sale buyer gets deed from

Answer 7

No one

Question 8

RE loan usury rates set by

Answer 8

State law

Question 9

Funds for trust deed loan come from

Answer 9

Beneficiary

Question 10

Buyer may sell property secured by trust deed in default

Answer 10

Within the 90 day reinstatement period

Question 11

When borrower repays lender at a rate higher than agreed excess payments are applied to

Answer 11

Principal

Question 12

Who carries out power of sale in a deed of trust

Answer 12

Trustee

Question 13

Trustees fee under deed of trust is

Answer 13

.005 of existing loan balance

Question 14

Seller takes back a PMM as part payment.

Answer 14

Buyer becomes mortgagor

Question 15

When mortgage in default satisfied it is

Answer 15

Redeemed

Question 16

A wrap around will never be

Answer 16

1st deed of trust

Question 17

What does not apply too deed of trust?

Answer 17

Redemption period,

D of T has reinstatement

Question 18

APR is higher than interest rate because lender charges?

Answer 18

Discount points

Question 19

Who limits lender in amt of reserves lender may hold in residential transaction?

Answer 19

RESPA

Question 20

Effective rate of interest is also called

Answer 20

APR

Question 21

Own land free and clear. Borrow against your equity on a first deed of trust. You buy mobile home but are later in default on loan. Lender can foreclose on

Answer 21

Land only

Question 22

Truth in Lending Reg Z applies if loan has more than ___ payments.

Answer 22

4

Question 23

Primary diff btw agreement for sale and PMM

Answer 23

Agreement for sale contains note and security all in one doc

Question 24

In Trust deed foreclosure

Answer 24

Debtor receives notice of sale