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AZ Real Estate (ASREB) 5/2017 > A5 > Flashcards

Flashcards in A5 Deck (36)
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1

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

Beneficiary

2

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

Federal Reserve System

3

The Consumer Financial Protection Bureau is the governing body for?

Saving and loan associations

4

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

No one

5

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

Trustee

6

The lender may consider his mortgage or trust deed to be

Personal property

7

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

.005 of the existing loan balance

8

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

Trustor

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

Mortgagor

10

What would not apply to a deed of trust?

Redemption Periods

11

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

Redemption

12

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

Trustee notice

13

Which of the following would not apply to a mortgage?

Deed redecoration

14

What would discourage a buyer from taking a bank wraparound mortgage

Seller's loan has a alienation clause.

15

Which of the agencies guarantees loans?

GNMA

16

A vendor would be who in a sale?

Seller in an agreement for sale

17

FNMA is?

A government sponsored agency (Fannie Mae)

18

Low income loans are usually purchased by?

GNMA

19

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

Ginnie Mae security

20

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

less

21

A construction loan is generally considered a

short term - iterim

22

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

The lender can obtain a deficiency judgment against the borrower.

23

Who has title on a land contract?

Vendor

24

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

The new owner

25

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

Agreement for sale

26

RESPA would require disclosure of

Loan origination fees and points

27

Non Recourse DOES or DOES NOT benefit the lender?

Does NOT

28

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

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

29

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

File and abandonment suit

30

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

Constructive, then actual