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A Promissory note that provides for payment of interest only during the term of the note would be:
A) an installment note
B) a straight note
C) an amortized note
D) A non-negotiable note
Straight note
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A Contract of sale passes:
A) The full fee simple title to the purchaser
B) only an equitable title
C) the legal title
D) an estate for years
Equitable title
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The seller under a land contract is sometimes called the:
A) Vendee
B) Vendor
C) Lessee
D) Lessor
Vendor
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The instrument used to remove the lien of a trust deed from the record is called:
A) A satisfaction
B) a release
C) a deed of reconveyance
D) a certificate of redemption
deed of reconveyance
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When there has been a default under a trust deed it may be foreclosed by:
A) Trustee's sale only
B) a court procedure only
C) Trustee's sale or court procedure
D) Sheriff's sale only
Trustee's sale or court procedure
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Once a lender commences a foreclosure under a defaulted deed of trust by trustee's sale, the lender will receive the proceeds from the foreclosure in approximately:
A) One month
B) Three Month
C) Four months
D) One year
Four month
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When real property is encumbered by a deed of trust, the naked "legal title" to the property is held by the:
A) Trustor
B) Beneficiary
C) Trustee
D) Mortgagor
Trustee
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The maximum reinstatement period on a trust deed and note that is under foreclosure is:
A) 20 days
B) 30 days
C) up to within 5 business days of trustee's sale
D) 3 months
within 5 business days
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A forced sale of a property is made at a foreclosure sale and brings a total price of $200,000. If the Balance of the first trust deed note is $160,000 and the balance of the second trust deed note is $60,000, the holder of the second trust deed will receive:
A) 6/20th of the proceeds
B) $60,000 less foreclosure costs
C) $40,000 less foreclosure costs
D) Nothing
$40,000
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The inclusion of which of the following clauses in a deed of trust permits the loan to be paid off at any time without a penalty?
A) A subordination clause
B) An acceleration clause
C) An "or more" clause
D) An alienation clause
An "or more" clause
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A trust deed differs from a mortgage in which of the following respects?
A) Title to the property
B) Amortization of the loan
C) recording of the loan document
D) possession of the property
Title to the property
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When a deed of trust is foreclosed through court action:
A) It is the same as a foreclosure by trustee's sale
B) The trustor has a one year redemption period
C) It means there is a homestead on the property
D) No deficiency judgment is ever allowed
Trustor has a one year redemption period
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After a trustee's sale is conducted and the property sold to the highest bidder, the trustor has:
A) One year in which to redeem the property
B) Three months to reinstate the loan
C) No redemption or reinstatement rights
D) 21 days to pay off the loan balance
No redemption or reinstatement rights
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Which of the following best defines a "purchase money mortgage"?
A) A single mortgage, which covers several real estate parcels
B) A real estate mortgage, which includes chattels, such as household appliances, as additional collateral
C) A mortgage given as part or all of the consideration for the purchase of the property
D) A mortgage, which provides for additional advances to the mortgagor without the necessity of writing a new mortgage.
mortgage given as part or all of the consideration for the purchase of the property
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When a loan is obtained to purchase real property, and a note and trust deed is executed, the party that furnishes the funs is the:
A) Grantee
B) Beneficiary
C) Trustor
D) Trustee
Beneficiary
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The thing that distinguishes a first trust deed from a second trust deed is the:
A) Loan amount
B) date of recording
C) Type of secured property
D) Term of the loan
Date of recording
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When real property is encumbered by a first trust deed and note, the:
A) Beneficiary has possession of the property
B) Trustor gives up possession of the property
C) Trustee has possession of the property
D) Trustor has possession of the property
Trustor has possession of the property
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A seller of a home agrees to take back a second trust deed on the sale of her home but wants to make sure that the loan cannot be paid off in the first three years. In this case, the loan should include:
A) A lock-in clause
B) An "or more" clause
C) A Subordination clause
D) A forfeiture clause
Lock-in Clause
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A trust deed is signed by the:
A) Trustor
B) Trustee
C) Beneficiary
D) All of the preceding parties
Trustor
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A deed of reconveyance must be executed by the:
A) Beneficiary
B) Trustor
C) Trustee
D) Sheriff
Trustee
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