CA Real Estate Finance Course » 2021 » Sec 12 Unit 3 Exam

Need help with your exam preparation?

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.   Foreclosure lien
D.   Short sale
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 gives the lender the ability to place liens against any property it chooses, including cars and boats.
D.   It allows the lender to place a lien against all current and future personal tax refunds of the borrower who defaulted.
Question #3
What’s another name for California’s Foreclosure Reduction Act?
A.   Lender Foreclosure Regulations Act
B.   Anti-foreclosure Bill of Rights
C.   Homeowner Bill of Rights
D.   CalRedeem
Question #4
Which of the following best describes a non-recourse mortgage?
A.   A mortgage with a clause that allows the lender to sue the borrower for damages if foreclosure occurs
B.   A mortgage clause that allows the borrower to sue the lender if interest rates make their payments difficult
C.   A clause that exists in mortgages in every state
D.   A mortgage with a clause that prohibits the lender from suing the borrower for unpaid amounts if foreclosure occurs

Need help with your exam preparation?