CA Real Estate Finance Course » 2021 » Sec 15 Unit 1 Exam

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Question #1
Which of the following types of loans issued in California may be protected from a deficiency judgment?
A.   Second mortgage issued in July 2012 to purchase a single family home
B.   Refinance of a refinanced loan issued in January 2015
C.   Second mortgage issued in August 2013 to purchase a single family home
D.   Refinance of a mortgage issued in February 2010
Question #2
What is it called when borrowers pay back all of the amounts owed and become current (no longer in default) on their loan?
A.   Deed in lieu of foreclosure
B.   Loan modification
C.   Reinstatement
D.   Deficiency judgment
Question #3
What is a deed in lieu of foreclosure?
A.   The borrower pays back their loan, thus avoiding foreclosure.
B.   The borrower sells their property, but for less than the amount owed on their property.
C.   The lender receives the deed as a result of foreclosure proceedings.
D.   The borrower turns the deed over to the lender rather than face foreclosure proceedings.
Question #4
Which of the following is an alternative to foreclosure?
A.   Deficiency judgment
B.   Deed in lieu of foreclosure
C.   Default
D.   Eviction
Question #5
Which method of foreclosure involves the court and a sheriff’s sale?
A.   Strict
B.   Judicial
C.   Non-judicial
D.   Deed in lieu of foreclosure
Question #6
The ______ defines individuals who perform certain foreclosure-related activities for compensation for borrowers.
A.   California Foreclosure Reduction Act
B.   Real Estate License Law
C.   SAFE Act
D.   Mortgage Foreclosure Consultant Law
Question #7
A lender is preparing to begin foreclosure proceedings. Rather than go through this proceeding, the borrower decided to turn over the deed to the property. What is this called?
A.   Deed in lieu of foreclosure
B.   Redemption
C.   Default
D.   Deficiency judgment
Question #8
What is it called when the borrower and lender work together to restructure the terms of a home loan?
A.   Deficiency judgment
B.   Reinstatement
C.   Loan modification
D.   Deed in lieu of foreclosure

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