RLE 83 Final Prep Ch 9

Front

A deed of trust on a home is a

Back

specific voluntary lien.

Front

Which of the following items is considered a lien? Deed of trust, Easement, Zoning restriction, Subdivision restriction

Back

Deed of trust

Front

An acceleration clause in a real estate loan allows the lender to

Back

call in the loan balance.

Front

In California, a real property sales contract is foreclosed by using a

Back

judicial foreclosure.

Front

Which of the following clauses is a form of prepayment penalty? Lifting clause, Due-on-sale clause, Lock-in clause, Defeasance clause

Back

Lock-in clause

Front

The original maker of a real estate loan is completely relieved of any contingent obligations when the purchaser of the collateral completes a novation process.

Back

completes a novation process.

Front

To avoid contingent liability for an existing loan, the buyer would purchase a property

Back

subject to the balance of the loan.

Front

The mortgage clause that states that the mortgagors have title to the property described and that they have the authority to pledge the property as collateral is the

Back

covenant of seisin.

Front

In California, no penalty may be imposed for the prepayment of a loan after the loan has been held for

Back

seven years.

Front

The expression “first in time, first in right” refers to

Back

lien priorities.