CA Real Estate Finance Course » 2021 » Sec 12 Unit 2 Exam

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Question #1
Robbie's lender notified him of an impending foreclosure, and told Robbie that his property will be sold at public auction. After the auction occurred, he receives a notice of eviction for which the lender had to petition a court. What does this describe?
A.   Foreclosure by entry and possession
B.   Foreclosure by advertisement
C.   Actual eviction
D.   Foreclosure by writ or entry
Question #2
Which term describes the legal regulation of a property to the detriment of the owner, and must include reimbursement for the property owner?
A.   Taking
B.   Condemnation
C.   Eminent domain
D.   Reliction
Question #3
Which of the following best describes foreclosure by entry and possession?
A.   Petition for legal ownership, opportunity to redeem property, notice of eviction if property is not redeemed
B.   Petition to enter, repossession, notice of eviction
C.   Notification of police presence, forced entry, repossession
D.   Notification of pending auction, public auction, notice of eviction
Question #4
Fairwell Lending must seek the court’s permission to foreclose on a property used as collateral for a loan that is in default. What type of foreclosure process is likely being used?
A.   Judicial foreclosure
B.   Non-judicial foreclosure
C.   Arbitration
D.   Deed in lieu of foreclosure

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