Chapter 5 Flashcards
Who authorizes the use of the power of sale in a deed of trust?
A. Trustor
B. Court
C. Beneficiary
D. Trustee
C. Beneficiary
The redemption period on a deed of trust following the trustee’s sale is:
A. 30 days
B. 90 days
C. 6 months
D. There is no redemption period
D. There is no redemption period
After a mortgage foreclosure sale any excess monies would go to the
A. Trustee
B. Mortgagee
C. Mortgagee’s attorney
D. Mortgagor
D. Mortgagor
The funds for a loan secured by a trust deed are supplied by the
A. Trustor
B. Mortgagor
C. Beneficiary
D. Trustee
C. Beneficiary
At a mortgage foreclosure sale, the buyer gets a deed from
A. The sheriff
B. The mortgagor
C. The mortgagee
D. No one
C. The mortgagee
D. No one
Fannie Mae is active in the
A. Primary mortgage market
B. Secondary mortgage market
C. Loan origination market
D. Federal reserve market
B. Secondary mortgage market
A real estate financing device that does NOT transfer legal title but does place equitable title with the buyer is called a(n)
A. Contract for sale
B. Agreement for sale
C. Agreement to sell
D. All of the above
B. Agreement for sale
Who carries out the foreclosure when a property is secured by a deed of trust?
A. Mortgagor
B. Beneficiary
C. Redemption officer
D. Neutral third party
D. Neutral third party
Which of the following would NOT apply to a deed of trust?
A. Redemption periods
B. Option to judicially foreclose
C. Reinstatement period
D. Curing the default
A. Redemption periods
A property is in the process of being foreclosed. Who is responsible for the property taxes?
A. Beneficiary
B. Trustor
C. Successful bidder
D. Trustee
B. Trustor
The lender may consider a mortgage or trust deed to be
A. An estate in land
B. A security agreement
C. Real property
D. An encumbrance upon his property
B. A security agreement
Once the trustee’s sale has occurred in the foreclosure of a trust deed, the trustor has
A. No right to redeem
B. 30 days to redeem if property is abandoned
C. 6 months to redeem
D. 90 day to reinstate
A. No right to redeem
When you default on a deed of trust, what is the first notice given?
A. 5-day failure to pay
B. Constructive notice
C. Actual notice
D. Notice of default
B. Constructive notice
In an agreement for sale, when does the title convey?
A. When the buyer has 50% equity
B. As agreed upon in the contract
C. As agreed upon in the note
D. Upon the last payment
D. Upon the last payment
Which of the following may be protected by Arizona anti-deficiency legislation?
A. Commercial building
B. Restaurant on 2 1/2 acres
C. Home on a 9,000 square foot lot
D. Business brokerage
C. Home on a 9,000 square foot lot
