ARIZONA REAL ESTATE EOC TEST PAPER QUESTIONS WITH
ANSWERS GUARANTEE A
✔✔Difference between collateral and hypothecation - ✔✔Hypothecation is the pledge
collateral is the property being pledge
✔✔Why does the lender need a security agreement if they have a promissory note -
✔✔Security agreement with Eileen in the property the note is a promise to pay. The
security agreement provides the collateral
✔✔Why does the security agreement need to be in writing - ✔✔To be enforceable
✔✔If someone fails to maintain the property in good repair what is that called -
✔✔Waste
✔✔When the borrower misses a loan payment he is in - ✔✔Default
✔✔The lender files court action wins a judgment and will receive - ✔✔Writ of execution
✔✔The lender now calls the entire balance of the note due because of the -
✔✔Acceleration clause
✔✔The sheriffs sale is held and the property is sold to the highest bidder the highest
bidder initially receives a - ✔✔Certificate of sale
✔✔The redemption period of six months begins it is called a - ✔✔Statutory right of
redemption
✔✔Buyer does not redeem the property during the redemption period. The holder of the
certificate of cells exchange it for a - ✔✔Sheriffs deed
✔✔If The sale does not bring in enough money to pay the entire amount owed, within
90 days of foreclosure, the lender institute a - ✔✔Deficient judgment
✔✔In a mortgage situation, another name for the borrower is - ✔✔Mortgagor
✔✔In a mortgage situation another name for the lender is - ✔✔Mortgagee
✔✔When the lender is required to go to court to obtain the right to sell the property at a
sheriff sale, it is referred to as - ✔✔Judicial foreclosure
✔✔Borrower misses a Payment he is considered in - ✔✔Default
, ✔✔The borrower is given an equitable redemption period of - ✔✔90 days before the
sale
✔✔Buyer does not redeem the property by bringing the loan payments current. The
trustees sale is held at the courthouse steps and sold to the highest bidder. They
highest bidder receives a - ✔✔Trustees Deed
✔✔The new owner begins the evection called - ✔✔Forcible
✔✔The board in the deed of trust situation is called the - ✔✔Trustor (borrower)
✔✔The lender in that deed of trust situation is called the - ✔✔Beneficiary
✔✔The neutral third-party is called the - ✔✔Trustee
✔✔Who selects the trustee - ✔✔The lender
✔✔What is another name for a deed in Lieu of foreclosure - ✔✔Friendly at foreclosure
✔✔What happens to JR loans on the property in a deed in Lieu of foreclosure situation -
✔✔Remain with the property
✔✔The choice of excepting I did in LIEU of foreclosure belongs to that - ✔✔Lender
✔✔The advantages in a lieu of foreclosure for the borrower are - ✔✔Less time, less
stress
✔✔The Disadvantage for the lender in lieu of foreclosure are - ✔✔Junior liens take
over, waive the right to foreclose
✔✔I land contract is an name for - ✔✔Seller financing
✔✔What are the three other names for seller financing? - ✔✔A. Installment contract. B.
contract for deed. C. agreement for sale.
✔✔The seller is the - ✔✔Vendor
✔✔Who holds legal title? - ✔✔Seller
✔✔The buyer has what type of title? - ✔✔Equitable title
✔✔What is the forfeiture period based on? - ✔✔Money paid by buyer to seller
ANSWERS GUARANTEE A
✔✔Difference between collateral and hypothecation - ✔✔Hypothecation is the pledge
collateral is the property being pledge
✔✔Why does the lender need a security agreement if they have a promissory note -
✔✔Security agreement with Eileen in the property the note is a promise to pay. The
security agreement provides the collateral
✔✔Why does the security agreement need to be in writing - ✔✔To be enforceable
✔✔If someone fails to maintain the property in good repair what is that called -
✔✔Waste
✔✔When the borrower misses a loan payment he is in - ✔✔Default
✔✔The lender files court action wins a judgment and will receive - ✔✔Writ of execution
✔✔The lender now calls the entire balance of the note due because of the -
✔✔Acceleration clause
✔✔The sheriffs sale is held and the property is sold to the highest bidder the highest
bidder initially receives a - ✔✔Certificate of sale
✔✔The redemption period of six months begins it is called a - ✔✔Statutory right of
redemption
✔✔Buyer does not redeem the property during the redemption period. The holder of the
certificate of cells exchange it for a - ✔✔Sheriffs deed
✔✔If The sale does not bring in enough money to pay the entire amount owed, within
90 days of foreclosure, the lender institute a - ✔✔Deficient judgment
✔✔In a mortgage situation, another name for the borrower is - ✔✔Mortgagor
✔✔In a mortgage situation another name for the lender is - ✔✔Mortgagee
✔✔When the lender is required to go to court to obtain the right to sell the property at a
sheriff sale, it is referred to as - ✔✔Judicial foreclosure
✔✔Borrower misses a Payment he is considered in - ✔✔Default
, ✔✔The borrower is given an equitable redemption period of - ✔✔90 days before the
sale
✔✔Buyer does not redeem the property by bringing the loan payments current. The
trustees sale is held at the courthouse steps and sold to the highest bidder. They
highest bidder receives a - ✔✔Trustees Deed
✔✔The new owner begins the evection called - ✔✔Forcible
✔✔The board in the deed of trust situation is called the - ✔✔Trustor (borrower)
✔✔The lender in that deed of trust situation is called the - ✔✔Beneficiary
✔✔The neutral third-party is called the - ✔✔Trustee
✔✔Who selects the trustee - ✔✔The lender
✔✔What is another name for a deed in Lieu of foreclosure - ✔✔Friendly at foreclosure
✔✔What happens to JR loans on the property in a deed in Lieu of foreclosure situation -
✔✔Remain with the property
✔✔The choice of excepting I did in LIEU of foreclosure belongs to that - ✔✔Lender
✔✔The advantages in a lieu of foreclosure for the borrower are - ✔✔Less time, less
stress
✔✔The Disadvantage for the lender in lieu of foreclosure are - ✔✔Junior liens take
over, waive the right to foreclose
✔✔I land contract is an name for - ✔✔Seller financing
✔✔What are the three other names for seller financing? - ✔✔A. Installment contract. B.
contract for deed. C. agreement for sale.
✔✔The seller is the - ✔✔Vendor
✔✔Who holds legal title? - ✔✔Seller
✔✔The buyer has what type of title? - ✔✔Equitable title
✔✔What is the forfeiture period based on? - ✔✔Money paid by buyer to seller
