Oregon Real Estate | Finance 2 Exam
Questions and Answers with Verified
Solutions | Latest Updated 2026
The legal process used when Foreclosure
a borrower defaults, allowing
the lender to enforce
remedies.
A legal method available to a Remedy
lender to address borrower
default.
A judicial remedy where the Sue on the Note
lender sues the borrower
personally for the debt.
A court's formal order Judgment
requiring the borrower to pay
the debt.
A clause allowing the lender Acceleration Clause
to declare the entire loan
balance due upon default.
Court-supervised foreclosure Judicial Foreclosure
process required for
mortgages in Oregon.
, Document given to the Certificate of Sale
successful bidder at a sheriff's
sale.
Borrower's right (in Oregon, Statutory Right of Redemption
180 days after sheriff sale) to
redeem property by paying
the full balance plus costs.
Borrower's court-created right Equitable Right of Redemption
to redeem property before
sheriff's sale by paying the
accelerated balance plus
costs.
Deed issued after the 180-day Sheriff's Deed
redemption period expires in
a mortgage foreclosure.
Judgment against a borrower Deficiency Judgment
for the remaining balance
owed after foreclosure sale
proceeds are applied.
Mortgage given to a seller Purchase Money Mortgage
who finances the buyer's
purchase of the property.
Authority allowing trustee to Trust Deed Power of Sale
sell property without court
action upon default.
Questions and Answers with Verified
Solutions | Latest Updated 2026
The legal process used when Foreclosure
a borrower defaults, allowing
the lender to enforce
remedies.
A legal method available to a Remedy
lender to address borrower
default.
A judicial remedy where the Sue on the Note
lender sues the borrower
personally for the debt.
A court's formal order Judgment
requiring the borrower to pay
the debt.
A clause allowing the lender Acceleration Clause
to declare the entire loan
balance due upon default.
Court-supervised foreclosure Judicial Foreclosure
process required for
mortgages in Oregon.
, Document given to the Certificate of Sale
successful bidder at a sheriff's
sale.
Borrower's right (in Oregon, Statutory Right of Redemption
180 days after sheriff sale) to
redeem property by paying
the full balance plus costs.
Borrower's court-created right Equitable Right of Redemption
to redeem property before
sheriff's sale by paying the
accelerated balance plus
costs.
Deed issued after the 180-day Sheriff's Deed
redemption period expires in
a mortgage foreclosure.
Judgment against a borrower Deficiency Judgment
for the remaining balance
owed after foreclosure sale
proceeds are applied.
Mortgage given to a seller Purchase Money Mortgage
who finances the buyer's
purchase of the property.
Authority allowing trustee to Trust Deed Power of Sale
sell property without court
action upon default.
