CA Real Estate Finance Course » 2021 » Sec 12 Unit 3 Exam
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Question #1
As part of a deficiency judgment sought by a lender, a ______ may be placed on any current and future property the borrower owns until the lender recovers all losses.
A.
Blanket lien
B.
Mortgage lien
C.
Short sale
D.
Foreclosure lien
Question #2
Which of the following best describes a blanket lien?
A.
It shelters the borrower's future properties from bankruptcy to protect the lender's interests.
B.
It gives lenders the ability to recover losses due to a foreclosure sale from any current or future property the borrower owns.
C.
It allows the lender to place a lien against all current and future personal tax refunds of the borrower who defaulted.
D.
It gives the lender the ability to place liens against any property it chooses, including cars and boats.
Question #3
What’s another name for California’s Foreclosure Reduction Act?
A.
Lender Foreclosure Regulations Act
B.
Homeowner Bill of Rights
C.
Anti-foreclosure Bill of Rights
D.
CalRedeem
Question #4
Which of the following best describes a non-recourse mortgage?
A.
A clause that exists in mortgages in every state
B.
A mortgage with a clause that allows the lender to sue the borrower for damages if foreclosure occurs
C.
A mortgage with a clause that prohibits the lender from suing the borrower for unpaid amounts if foreclosure occurs
D.
A mortgage clause that allows the borrower to sue the lender if interest rates make their payments difficult
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