REE 3043 Final Test Questions and Answers All Correct
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Course
REE 3043
Institution
REE 3043
REE 3043 Final Test Questions and Answers All Correct
Since the issues in many transactions are similar, brokers often use standard preprinted contract forms. Generally, the best standard form contracts are those prepared and approved by which of the following parties? - Answer-Local Board of Rea...
REE 3043 Final Test Questions and
Answers All Correct
Since the issues in many transactions are similar, brokers often use standard preprinted
contract forms. Generally, the best standard form contracts are those prepared and
approved by which of the following parties? - Answer-Local Board of Realtors
When contracts for the sale of real property are placed with with a dis interested third
party for executing and closing, they are said to be place in: - Answer-Escrow
If a seller defaults on a contract to purchase real property, which of the following is not a
remedy the buyer can pursue? - Answer-Sue for specific performance
Types of defaults - Answer-default- failure to meet requirements of note or mortgage
technical- any violation of note or mortgage terms
substantive- three missed payments
Foreclosure (right) - Answer-mortgagee's right to sell secured property to satisfy
financial obligations of a delinquent borrower
Foreclosure (process) - Answer-Legal process of terminating all claims of ownership
and all liens inferior to foreclosing lien
(foreclosure cannot terminate a superior lien)
Judicial foreclosure - Answer-Lender must obtain judgement through state court system
- typical in states with mortgages as security instrument
1. Complaint
2. Notice of sale
3. Foreclosure sale
4. Redemption period
5. Eviction
Non-judicial (Power of sale) - Answer-sale of a mortgaged property by lender without
court involvement
- typical in states using deeds of trust
- most favorable to lender
1. Notice of default
2. Notice of sale
3. Foreclosure sale
4. Redemption period
5. Eviction
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