Question 1

Upon default by the borrower under a deed of trust, the trustor issues a notice of default.

Accepted Answer

A) True 
 B)False  False

Question 2

Under a deed of trust, reconveyance is issued by the

Accepted Answer

A)  beneficiary. 
B)  trustor. 
C)  trustee. 
D)  borrower. 
A)  beneficiary. 
B)  trustor. 
C)  trustee. 
D)  borrower. C

Question 3

A trust deed can be used for all of the following EXCEPT

Accepted Answer

A)  transfer of title. 
B)  hypothecate property. 
C)  secure a note. 
D)  secure a mortgage. 
A)  transfer of title. 
B)  hypothecate property. 
C)  secure a note. 
D)  secure a mortgage. D

Question 4

A borrower defaults on a deed of trust loan. Before the lender can foreclose, the lender must

Accepted Answer

A)  offer to modify the loan terms to allow the borrower to catch up. 
B)  appoint a trustee if the deed of trust is of the automatic trustee form. 
C)  notify the borrower, trustee and all interested parties of the default. 
D)  advertise the sale several weeks in advance and perform the sale himself, on the site of the property securing the loan. 
A)  offer to modify the loan terms to allow the borrower to catch up. 
B)  appoint a trustee if the deed of trust is of the automatic trustee form. 
C)  notify the borrower, trustee and all interested parties of the default. 
D)  advertise the sale several weeks in advance and perform the sale himself, on the site of the property securing the loan.

Question 5

Choose the one most appropriate answer for each.
-the trustee is notified in advance and either accepts or rejects the appointment

Accepted Answer

A) accepted form 
B) assignment of rents 
C) automatic form 
D) bare title 
E) beneficiary
F)deed of trust
G)default
H)foreclosure
I)junior claims
J)naked title
K)no statutory redemption
L)power of sale
M)public trustee
N)reconveyance deed
O)release deed
P)request for reconveyance
Q)trust
R)trustee
S)trustee's deed
T)trustor 
A) accepted form 
B) assignment of rents 
C) automatic form 
D) bare title 
E) beneficiary
F)deed of trust
G)default
H)foreclosure
I)junior claims
J)naked title
K)no statutory redemption
L)power of sale
M)public trustee
N)reconveyance deed
O)release deed
P)request for reconveyance
Q)trust
R)trustee
S)trustee's deed
T)trustor

Question 6

One major advantage of a deed of trust over a mortgage is the time between default and foreclosure is relatively short.

Accepted Answer

A) True 
 B)False

Question 7

The trustee in a deed of trust is a neutral ____________________ party.

Accepted Answer

The answer of The trustee in a deed of trust...

Question 8

When a person signs a note with no guarantee to the person receiving it, he is said to be signing it

Accepted Answer

A)  with recourse. 
B)  without recourse. 
C)  in blank. 
D)  jointly and severally. 
A)  with recourse. 
B)  without recourse. 
C)  in blank. 
D)  jointly and severally.

Question 9

Choose the one most appropriate answer for each.
-what the trustee issues to the borrower;also known as a reconveyance deed

Accepted Answer

A) accepted form 
B) assignment of rents 
C) automatic form 
D) bare title 
E) beneficiary
F)deed of trust
G)default
H)foreclosure
I)junior claims
J)naked title
K)no statutory redemption
L)power of sale
M)public trustee
N)reconveyance deed
O)release deed
P)request for reconveyance
Q)trust
R)trustee
S)trustee's deed
T)trustor 
A) accepted form 
B) assignment of rents 
C) automatic form 
D) bare title 
E) beneficiary
F)deed of trust
G)default
H)foreclosure
I)junior claims
J)naked title
K)no statutory redemption
L)power of sale
M)public trustee
N)reconveyance deed
O)release deed
P)request for reconveyance
Q)trust
R)trustee
S)trustee's deed
T)trustor

Question 10

Choose the one most appropriate answer for each.
-any claim behind a first lien

Accepted Answer

A) accepted form 
B) assignment of rents 
C) automatic form 
D) bare title 
E) beneficiary
F)deed of trust
G)default
H)foreclosure
I)junior claims
J)naked title
K)no statutory redemption
L)power of sale
M)public trustee
N)reconveyance deed
O)release deed
P)request for reconveyance
Q)trust
R)trustee
S)trustee's deed
T)trustor 
A) accepted form 
B) assignment of rents 
C) automatic form 
D) bare title 
E) beneficiary
F)deed of trust
G)default
H)foreclosure
I)junior claims
J)naked title
K)no statutory redemption
L)power of sale
M)public trustee
N)reconveyance deed
O)release deed
P)request for reconveyance
Q)trust
R)trustee
S)trustee's deed
T)trustor

Question 11

If an owner pays the full amount of the debt just before his property is sold at auction, he is probably exercising his right of redemption.

Accepted Answer

A) True 
 B)False

Question 12

Choose the one most appropriate answer for each.
-a publicly appointed official who acts as a trustee in some states

Accepted Answer

A) accepted form 
B) assignment of rents 
C) automatic form 
D) bare title 
E) beneficiary
F)deed of trust
G)default
H)foreclosure
I)junior claims
J)naked title
K)no statutory redemption
L)power of sale
M)public trustee
N)reconveyance deed
O)release deed
P)request for reconveyance
Q)trust
R)trustee
S)trustee's deed
T)trustor 
A) accepted form 
B) assignment of rents 
C) automatic form 
D) bare title 
E) beneficiary
F)deed of trust
G)default
H)foreclosure
I)junior claims
J)naked title
K)no statutory redemption
L)power of sale
M)public trustee
N)reconveyance deed
O)release deed
P)request for reconveyance
Q)trust
R)trustee
S)trustee's deed
T)trustor

Question 13

Under the ____________________ of ____________________ clause, if the borrower defaults, the trustee has the right to sell the property and convey ownership to the purchaser.

Accepted Answer

The answer of Under the ____________________ of ____________________ clause, if...

Question 14

The borrower receives naked title under a deed of trust.

Accepted Answer

A) True 
 B)False

Question 15

One of the main differences between a regular mortgage and a deed of trust is

Accepted Answer

A)  the number of parties. 
B)  rights of possession. 
C)  recording. 
D)  ownership. 
A)  the number of parties. 
B)  rights of possession. 
C)  recording. 
D)  ownership.

Question 16

When a debt secured by a deed of trust is paid off, naked legal title reverts to the borrower from the

Accepted Answer

A)  mortgagee. 
B)  trustor. 
C)  beneficiary. 
D)  trustee. 
A)  mortgagee. 
B)  trustor. 
C)  beneficiary. 
D)  trustee.

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

Choose the one most appropriate answer for each.
-a three party arrangement involving a trustor, trustee, and beneficiary

Accepted Answer

A) accepted form 
B) assignment of rents 
C) automatic form 
D) bare title 
E) beneficiary
F)deed of trust
G)default
H)foreclosure
I)junior claims
J)naked title
K)no statutory redemption
L)power of sale
M)public trustee
N)reconveyance deed
O)release deed
P)request for reconveyance
Q)trust
R)trustee
S)trustee's deed
T)trustor 
A) accepted form 
B) assignment of rents 
C) automatic form 
D) bare title 
E) beneficiary
F)deed of trust
G)default
H)foreclosure
I)junior claims
J)naked title
K)no statutory redemption
L)power of sale
M)public trustee
N)reconveyance deed
O)release deed
P)request for reconveyance
Q)trust
R)trustee
S)trustee's deed
T)trustor

Question 19

When a property is financed by means of a deed of trust, to whom are the payments made?

Accepted Answer

A)  Beneficiary 
B)  Trustor 
C)  Trustee 
D)  Grantee 
A)  Beneficiary 
B)  Trustor 
C)  Trustee 
D)  Grantee

Question 20

Choose the one most appropriate answer for each.
-the trustee is named in the deed of trust but not personally notified of the appointment

Accepted Answer

A) accepted form 
B) assignment of rents 
C) automatic form 
D) bare title 
E) beneficiary
F)deed of trust
G)default
H)foreclosure
I)junior claims
J)naked title
K)no statutory redemption
L)power of sale
M)public trustee
N)reconveyance deed
O)release deed
P)request for reconveyance
Q)trust
R)trustee
S)trustee's deed
T)trustor 
A) accepted form 
B) assignment of rents 
C) automatic form 
D) bare title 
E) beneficiary
F)deed of trust
G)default
H)foreclosure
I)junior claims
J)naked title
K)no statutory redemption
L)power of sale
M)public trustee
N)reconveyance deed
O)release deed
P)request for reconveyance
Q)trust
R)trustee
S)trustee's deed
T)trustor

Exam 9: Deed of Trust

Upon default by the borrower under a deed of trust, the trustor issues a notice of default.

Under a deed of trust, reconveyance is issued by the

A trust deed can be used for all of the following EXCEPT

A borrower defaults on a deed of trust loan. Before the lender can foreclose, the lender must

Choose the one most appropriate answer for each. -the trustee is notified in advance and either accepts or rejects the appointment

One major advantage of a deed of trust over a mortgage is the time between default and foreclosure is relatively short.

The trustee in a deed of trust is a neutral ____________________ party.

When a person signs a note with no guarantee to the person receiving it, he is said to be signing it

Choose the one most appropriate answer for each. -what the trustee issues to the borrower;also known as a reconveyance deed

Choose the one most appropriate answer for each. -any claim behind a first lien

If an owner pays the full amount of the debt just before his property is sold at auction, he is probably exercising his right of redemption.

Choose the one most appropriate answer for each. -a publicly appointed official who acts as a trustee in some states

Under the ____________________ of ____________________ clause, if the borrower defaults, the trustee has the right to sell the property and convey ownership to the purchaser.

The borrower receives naked title under a deed of trust.

One of the main differences between a regular mortgage and a deed of trust is

When a debt secured by a deed of trust is paid off, naked legal title reverts to the borrower from the

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

Choose the one most appropriate answer for each. -a three party arrangement involving a trustor, trustee, and beneficiary

When a property is financed by means of a deed of trust, to whom are the payments made?

Choose the one most appropriate answer for each. -the trustee is named in the deed of trust but not personally notified of the appointment

Nature and Description of Real Estate

Rights and Interests in Land

Forms of Ownership

Transferring Title

Recordation Abstracts and Title Insurance

Contract Law

Real Estate Sales Contracts

Mortgage and Note

Lending Practices

The Loan and the Consumer

Sources of Financing

Types of Financing

Taxes and Assessments

Title Closing and Escrow

Real Estate Leases

Real Estate Appraisal

Licensing Laws and Professional Affiliation

The Principal-Broker Relationship: Employment

The Principal-Broker Relationship: Agency

Fair Housing, Ada, Equal Credit, and Community Reinvestment

Condominiums, Cooperatives, Puds, and Timeshares

Property Insurance

Land-Use Control

Real Estate and the Economy

Investing in Real Estate

Filters

Under the of clause, if the borrower defaults, the trustee has the right to sell the property and convey ownership to the purchaser.