Deed of Trust Foreclosure - Fundamentals Ch. 14 Flashcards
The borrower in a mortgage is the
mortgagor
The lender in a mortgage is tge
mortgagee
the purpose of collaterlizing a note with a deed of a trust is to protect the lender
protect the lender
who is not a PARTY to a trust agreement
mortgagor
Who signs the deed of trust
trustor
A deed of trust is paid off to the
beneficiary
the borrower using a deed of trust is called the
trustor
to pledge real property as collateral is called
hypothecate
when a loan is secured by a deed of trust who holds the deed of trust documents?
beneficiary
a defeasance clause in a deed of trust allows for what
cancellation of the lenders claim upon full note payment
naked legal title best describes an interest of a
trustee under a trust deed
once a deed of trust is orginated who owns the property?
trustor
who gives the power of sale in a deed of trust?
trustor
the funds for a loan secured by a deed of trust are supplied by the
beneficiary
the lender may consider a mortgage or a deed of trust to be a
security agreement
a trustee under a deed of trust is not involved when
collection of monthly loan payments
in an agreement for sale whne does the title convey
upon the last payment
who has legal title on a land contract
vendor
a property is sold but the legal title remains in the sellers name. what type of instrument was used to complete the sale
agreement for sale
arizona is considerd to be
a lien theory state - borrower holds title to the property
in title theory states
mortgagee retains title
a contract to sell land or an agreement for sale is also known as
vendors lien
if a land contract contains an acceleration clause that the seller elects to excercise in event of default what happens
seller may foreclose as in a mortgage
