Chapter 13 Flashcards
A(n) _______________ is the court-ordered sale in a judicial foreclosure by public auction of the secured property.
a. sheriff’s sale
b. trustee’s sale
c. referee’s sale
d. All of the above.
A
At the fair value hearing, the court may appoint an appraiser, called a(n) _______, to advise the court on the value of the property.
a. fair market value (FMV) indicator
b. probate judge
c. FMV referee
d. probate referee
D
The key to the mortgage holder’s ability to nonjudicially foreclose by a trustee’s sale on the mortgaged real estate is the _______________ contained in the trust deed.
a. power-of-sale provision
b. choice of law provision
c. liquidated damages provision
d. attorney fee provision
A
When a mortgage is in default and a foreclosure on the property is required, the mortgage holder delivers a(n) _______________ to the trustee.
a. trustee’s sale guarantee
b. Declaration of Default and Demand for Sale
c. Notice of Default (NOD)
d. All of the above.
B
A Notice of Default (NOD) contains statutorily mandated statements which set forth the _______________ on a note or other obligations secured by the mortgage.
a. monetary default
b. unearned future interest remaining to be paid
c. release of liability
d. All of the above.
A
Each bid made at a trustee’s sale is a(n) _______________ to purchase the property. However, any subsequent __________ bid cancels a prior bid.
a. irrevocable offer; higher
b. irrevocable offer; lower
c. revocable offer; higher
d. revocable offer; lower
A
Residual funds which exceed the amount of debt foreclosed and remain after a trustee’s sale are called:
a. interpleader action.
b. surplus funds.
c. residual equity.
d. additional financing.
B
A recorded Request for Notice of Default (NOD) identifies:
a. the person requesting a copy of the NOD.
b. the trust deed on which a copy of the NOD commencing foreclosure is requested.
c. Both a. and b.
d. Neither a. nor b.
C
Within ten business days following the recording of the Notice of Default (NOD), the trustee is required to:
a. Within ten business days following the recording of the Notice of Default (NOD), the trustee is required to:
b. mail two copies of the NOD to each person who recorded a request for notice.
c. post a copy of the NOD on the property of each person who recorded a request for notice.
d. email a copy of the NOD to each person who recorded a request for notice.
B
A(n) _______________ assures a junior lienholder they will be notified when a delinquency in installments has existed for more than four months and 15 days.
a. Request for Notice of Default (NOD)
b. Request for Notice of Delinquency (NODq)
c. Declaration of Default (DOD)
d. Request for Notice of Trustee’s Sale (NOTS)
B
