A5

Question 1

Who authorizes the use of the “Power of Sale” in a deed of trust?

Answer 1

Beneficiary

Question 2

The supply and cost of money can be most effectively controlled by

Answer 2

Federal Reserve System

Question 3

The Consumer Financial Protection Bureau is the governing body for?

Answer 3

Saving and loan associations

Question 4

At a mortgage foreclosure sale, the buyer gets a deed from?

Answer 4

No one

Question 5

Who carries out the “Power of Sale” in a deed of trust?

Answer 5

Trustee

Question 6

The lender may consider his mortgage or trust deed to be

Answer 6

Personal property

Question 7

A trustee’s fee under a deed of trust is?

Answer 7

.005 of the existing loan balance

Question 8

A property is in the process of being foreclosed. Who is responsible for the property taxes?

Answer 8

Trustor

Question 9

As a salesperson, you sell a piece of property for your client in which he takes back a purchase money mortgage as part payment. The buyer in this situation becomes the

Answer 9

Mortgagor

Question 10

What would not apply to a deed of trust?

Answer 10

Redemption Periods

Question 11

The vendor has elected to foreclose an agreement for sale as a mortgage. Which of the following applies.

Answer 11

Redemption

Question 12

Which of the following would NOT be party of an agreement for sale

Answer 12

Trustee notice

Question 13

Which of the following would not apply to a mortgage?

Answer 13

Deed redecoration

Question 14

What would discourage a buyer from taking a bank wraparound mortgage

Answer 14

Seller’s loan has a alienation clause.

Question 15

Which of the agencies guarantees loans?

Answer 15

GNMA

Question 16

A vendor would be who in a sale?

Answer 16

Seller in an agreement for sale

Question 17

FNMA is?

Answer 17

A government sponsored agency (Fannie Mae)

Question 18

Low income loans are usually purchased by?

Answer 18

GNMA

Question 19

The buyer has an investment that has a feature of “a pass through certificate”, this investment is most likely a?

Answer 19

Ginnie Mae security

Question 20

When a deed in lieu of foreclosure is given to a lender, time and cost are….

Answer 20

less

Question 21

A construction loan is generally considered a

Answer 21

short term - iterim

Question 22

A commercial building is sold in a foreclosure for $100,000 less than the balance due the lender. What is true?

Answer 22

The lender can obtain a deficiency judgment against the borrower.

Question 23

Who has title on a land contract?

Answer 23

Vendor

Question 24

After a deed of trust foreclosure sale who receives the trustees deed?

Answer 24

The new owner

Question 25

What type of borrowing instrument will issue a deed only when the loan is paid in full?

Answer 25

Agreement for sale

Question 26

RESPA would require disclosure of

Answer 26

Loan origination fees and points

Question 27

Non Recourse DOES or DOES NOT benefit the lender?

Answer 27

Does NOT

Question 28

A land contract has an acceleration clause and is now in default. What happens next?

Answer 28

Once the acceleration clause is exercised, a lender would foreclose as a mortgage

Question 29

How could a lender save five months in a judicial foreclosure?

Answer 29

File and abandonment suit

Question 30

In foreclosure of a Deed of Trust, what is the order of notice?

Answer 30

Constructive, then actual

Question 31

In a sale-leaseback, the title....

Answer 31

does not move

Question 32

To have a trustee sale, the beneficiary notifies the

Answer 32

Trustee

Question 33

Regarding a trust deed foreclosure, who receives a notice of sale?

Answer 33

Debtor receives a notice of sale

Question 34

Once the trustee sale has occurred in the foreclosure of a trust deed, the trustor has....

Answer 34

no further right to redeem

Question 35

What type of property is protected from deficiency judgments in Arizona?

Answer 35

Single family on 2 acres or less

Question 36

After a trustee's sale the proceeds are applied to the expenses of the sale, obligations secured by the trust deed, and other subordinate liens, the balance goes to the...

Answer 36

trustor