Arizona School of Real Estate & Business : Sales Exam 2023/2024 with 100% correct answers

When a deed in lieu of foreclosure is given to a lender, which of the following is true? - correct answer Time and cost are less B buys land from W using a deed of trust as security for the carryback. B makes all the payments except the final three and is now in default. W does nothing and decides not to foreclose until later. By doing this W is exercising his right of: - correct answer Forbearance A commercial building is sold in a foreclosure for $100,000 less than the balance due the lender. Which of the following is true? - correct answer The lender can obtain a deficiency judgment against the borrower Which of the agencies listed below guarantees loans? - correct answer GNMA A buyer pays 20% down and obtains a real estate mortgage. The buyers makes no further payments. What clause would the lender now exercise? - correct answer Acceleration A loan which is subordinate to other loans, but includes the amount of the other loans is called: - correct answer Wraparound A seasoned loan refers to: - correct answer Good Payment History Who has title in a land contract? - correct answer Vendor What would discourage a buyer to take a bank wrap around mortgage? - correct answer Seller's loan has an alienation clause After satis