Unit 25

Question 1

Judicial Foreclosure

Answer 1

Process that takes place in the courts. In AZ, mortgages must be judicially foreclosed and deeds of trust may also be judicially foreclosed

Question 2

Nonjudicial Foreclosure

Answer 2

A statutory process. A deed of trust may be foreclosed statutorily, eliminating the expense and time of a court proceeding

Question 3

Deed in Lieu of foreclosure

Answer 3

Borrower conveys all interest in the property to the lender to satisfy the loan that is in, or may go into, default and avoid foreclosure proceedings

Question 4

Forfeiture process of a land contract

Answer 4

is statutory or judicial depending on the seller’s choice. There is a statutory grace period from 30 to 120 days depending on the percentage of the purchase paid that has been paid

Question 5

Alternatives to foreclosure

Answer 5

Short sale and loan modification

Question 6

Leasehold estates in land

Answer 6

Estate at will
Estate for years
Estate at sufferance
Periodic estate

Question 7

Freehold estates in land

Answer 7

Fee simple absolute
Defeasible or conditional fee
Life estate
Pur autre vie estate

Question 8

Title to real estate in AZ

Answer 8

-Severalty (sole ownership)
-Tenants in common
-Joint tenancy with right of survivorship
-Community property/ or with right of survivorship
-Cooperatives
-Condominium
-Time share
-Real estate investment trust
-Joint ventures