ARIZONA REAL ESTATE ANSWERS AND QUESTIONS
SET A+
✔✔Available to borrowers with poor credit scores - ✔✔Subprime loans
✔✔Loans above the conforming loan limit and known as jumbo loans - ✔✔Non-
conforming loan
✔✔Meets guideline, set by Fannie Mae and Freddie Mac - ✔✔Conforming loan
✔✔Allows borrower to borrow additional money on the same loan - ✔✔Open end
mortgage
✔✔A loan not allowing for a deficiency judgment - ✔✔Non-recourse loan
✔✔The foreclosure sale brings less than owned, a general lien placed on balance -
✔✔Deficiency judgment
✔✔Defaulting party has opportunity to redeem after foreclosure sale - ✔✔Statutory
redemption
✔✔Defaulting party redeems the property before foreclosure sale - ✔✔Equitable right of
redemption
✔✔Provides an opportunity for person in default to redeem property - ✔✔Redemption
✔✔Borrower in default asks lender to accept a deed, in lieu of foreclosure - ✔✔Deed in
lieu of foreclosure
✔✔Used when the power of sale clause is in loan documents - ✔✔Nonjudicial
foreclosure
✔✔The court orders the property sold to satisfy dad - ✔✔Judicial foreclosure
, ✔✔The process were properties pledged as collateral and sold to satisfy debt - ✔✔For
closure
✔✔Lender releasing all collateral to borrow when loan is paid in full. - ✔✔Defeasance
clause
✔✔Replacing one party to existing contract with the new party - ✔✔Novation
✔✔Acquiring title to existing property and agreeing to be liable for existing loan -
✔✔Assumption of mortgage
✔✔Lender collecting rent from tenant of borrower not making mortgage payment -
✔✔Assignment of rents
✔✔Alienation clause - ✔✔due on sale
✔✔Acceleration clause - ✔✔Due on default
✔✔The rate of return, the lender makes for providing the loan - ✔✔Yield
✔✔An illegal amount of interest - ✔✔Usury
✔✔The changing of the lien order - ✔✔Subordination
✔✔A penalty to the borrower when paying the loan off early - ✔✔Pre-payment penalty
✔✔A fee charged by lender to cover cost for originating the loan - ✔✔Loan origination
free
✔✔A charge for using money - ✔✔Interest
✔✔Pledging property as collateral without giving up possession - ✔✔Hypothecation
✔✔Upfront fee charged by lender to increase their yield - ✔✔Discount points
✔✔Complete ownership in unit plus land share in common wall - ✔✔Townhouse
✔✔Feesimple ownership for a specified time each year - ✔✔Timeshares
✔✔A company or person's authorized to act as a single entity - ✔✔Corporation
SET A+
✔✔Available to borrowers with poor credit scores - ✔✔Subprime loans
✔✔Loans above the conforming loan limit and known as jumbo loans - ✔✔Non-
conforming loan
✔✔Meets guideline, set by Fannie Mae and Freddie Mac - ✔✔Conforming loan
✔✔Allows borrower to borrow additional money on the same loan - ✔✔Open end
mortgage
✔✔A loan not allowing for a deficiency judgment - ✔✔Non-recourse loan
✔✔The foreclosure sale brings less than owned, a general lien placed on balance -
✔✔Deficiency judgment
✔✔Defaulting party has opportunity to redeem after foreclosure sale - ✔✔Statutory
redemption
✔✔Defaulting party redeems the property before foreclosure sale - ✔✔Equitable right of
redemption
✔✔Provides an opportunity for person in default to redeem property - ✔✔Redemption
✔✔Borrower in default asks lender to accept a deed, in lieu of foreclosure - ✔✔Deed in
lieu of foreclosure
✔✔Used when the power of sale clause is in loan documents - ✔✔Nonjudicial
foreclosure
✔✔The court orders the property sold to satisfy dad - ✔✔Judicial foreclosure
, ✔✔The process were properties pledged as collateral and sold to satisfy debt - ✔✔For
closure
✔✔Lender releasing all collateral to borrow when loan is paid in full. - ✔✔Defeasance
clause
✔✔Replacing one party to existing contract with the new party - ✔✔Novation
✔✔Acquiring title to existing property and agreeing to be liable for existing loan -
✔✔Assumption of mortgage
✔✔Lender collecting rent from tenant of borrower not making mortgage payment -
✔✔Assignment of rents
✔✔Alienation clause - ✔✔due on sale
✔✔Acceleration clause - ✔✔Due on default
✔✔The rate of return, the lender makes for providing the loan - ✔✔Yield
✔✔An illegal amount of interest - ✔✔Usury
✔✔The changing of the lien order - ✔✔Subordination
✔✔A penalty to the borrower when paying the loan off early - ✔✔Pre-payment penalty
✔✔A fee charged by lender to cover cost for originating the loan - ✔✔Loan origination
free
✔✔A charge for using money - ✔✔Interest
✔✔Pledging property as collateral without giving up possession - ✔✔Hypothecation
✔✔Upfront fee charged by lender to increase their yield - ✔✔Discount points
✔✔Complete ownership in unit plus land share in common wall - ✔✔Townhouse
✔✔Feesimple ownership for a specified time each year - ✔✔Timeshares
✔✔A company or person's authorized to act as a single entity - ✔✔Corporation
