CA Real Estate Principles Course » 2021 » Section 9 Unit 2 Exam

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Question #1
In California, what is filed by the trustee to notify borrowers that the foreclosure process will begin?
A.   Notice of Sale
B.   Notice of Delinquency
C.   Notice of Foreclosure
D.   Notice of Default
Question #2
How long after a project begins must a contractor give the owner preliminary notice of their right to file a mechanic’s lien in California?
A.   Within 20 days
B.   Within one year
C.   Within 90 days
D.   Within six months
Question #3
Who has the right to make the first bid during a trustee’s sale in California?
A.   The beneficiary (lender)
B.   The trustee
C.   Anyone
D.   The trustors (borrowers)
Question #4
What is the process used to sell a foreclosure home in California called?
A.   Fire sale
B.   Trustee's sale
C.   Referee's sale
D.   Default sale
Question #5
One of Jackie’s creditors sued her in civil court. As a result of the judgment against her, her house, car, and art collection were all subject to sale in order to pay the creditor. What type of lien is this?
A.   General
B.   Vendor's
C.   Special assessment
D.   Voluntary
Question #6
Which action can be taken if you don't pay a lien against your property?
A.   Eminent domain
B.   Foreclosure
C.   Accretion
D.   Condemnation
Question #7
How can a foreclosure be stopped or prevented?
A.   Paying all outstanding liens against the property
B.   Fleeing the state
C.   Refinancing
D.   Auction
Question #8
Frank has waited 30 days after notifying a client that the project he finished remains unpaid. The client has not filed a notice of completion or cessation with the county clerk. How long does Frank have left to file a mechanic’s lien?
A.   10 days
B.   90 days
C.   30 days
D.   60 days

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