Deed of Trust Foreclosure - Fundamentals Ch. 14

Question 1

The borrower in a mortgage is the

Answer 1

mortgagor

Question 2

The lender in a mortgage is tge

Answer 2

mortgagee

Question 3

the purpose of collaterlizing a note with a deed of a trust is to protect the lender

Answer 3

protect the lender

Question 4

who is not a PARTY to a trust agreement

Answer 4

mortgagor

Question 5

Who signs the deed of trust

Answer 5

trustor

Question 6

A deed of trust is paid off to the

Answer 6

beneficiary

Question 7

the borrower using a deed of trust is called the

Answer 7

trustor

Question 8

to pledge real property as collateral is called

Answer 8

hypothecate

Question 9

when a loan is secured by a deed of trust who holds the deed of trust documents?

Answer 9

beneficiary

Question 10

a defeasance clause in a deed of trust allows for what

Answer 10

cancellation of the lenders claim upon full note payment

Question 11

naked legal title best describes an interest of a

Answer 11

trustee under a trust deed

Question 12

once a deed of trust is orginated who owns the property?

Answer 12

trustor

Question 13

who gives the power of sale in a deed of trust?

Answer 13

trustor

Question 14

the funds for a loan secured by a deed of trust are supplied by the

Answer 14

beneficiary

Question 15

the lender may consider a mortgage or a deed of trust to be a

Answer 15

security agreement

Question 16

a trustee under a deed of trust is not involved when

Answer 16

collection of monthly loan payments

Question 17

in an agreement for sale whne does the title convey

Answer 17

upon the last payment

Question 18

who has legal title on a land contract

Answer 18

vendor

Question 19

a property is sold but the legal title remains in the sellers name. what type of instrument was used to complete the sale

Answer 19

agreement for sale

Question 20

arizona is considerd to be

Answer 20

a lien theory state - borrower holds title to the property

Question 21

in title theory states

Answer 21

mortgagee retains title

Question 22

a contract to sell land or an agreement for sale is also known as

Answer 22

vendors lien

Question 23

if a land contract contains an acceleration clause that the seller elects to excercise in event of default what happens

Answer 23

seller may foreclose as in a mortgage