prac exam 5

What is the maximum civil penalty that can be imposed per license law violation in Arizona?

1,000

The Trustee's Sale must be at least

90 days after the Notice of Trustee's Sale is recorded.

How are creditors holding junior liens on Arizona property paid after a foreclosure sale?

By the trustee, if the proceeds from the foreclosure sale are sufficient

The document that establishes a planned community is the _______.

Declaration

With this type of commercial lease, any improvement made to the property by the tenant belongs to the landowner when the lease expires.

Ground lease

Which of the following clauses is included in Fannie Mae's multi-state note?

Late charge

Which of these rights do governments possess related to police power?

Levy property taxes on residential properties

Robert and Carla are considering loan options. One of the options they're reviewing involves a higher monthly payment, but reduced total interest over the loan life. This loan option is called a ___________.

Reduced loan term

The CFPB promotes consumer protection in the credit market through a number of strategies, including ______.

Responding to and investigating consumer complaints regarding financial services

Which of these statements most accurately represents existing federal antitrust legislation?

The Clayton Act supports the Sherman Antitrust Act's purpose of prohibiting monopolies by prohibiting mergers or acquisitions that would create a monopoly.

description of subsidence?

Withdrawing groundwater to the point that the earth's surface sinks

A subordination agreement is

an agreement between two lien holders to modify the order of lien priority

chlorofluorocarbons (CFCs)?

are nontoxic, they are believed to be a major cause of ozone depletion.

All closing paperwork is signed

before closing day; on closing day, the deed is recorded, the loan is funded, the seller receives sale proceeds, and the buyer gets the keys.

The Sherman Antitrust Act of 1890 expressly prohibits

collusive acts that result in an unreasonable restraint of trade or reduced competition.

The plat map is a

detailed map of the given land, including streets, access roads, and measurements between features.

The Arizona Revised Statutes are laws enacted by the Arizona state legislature

governing real estate activities and licensees, and they're upheld by the enforcement of regulations.

Outlots are

leftover parcels of land

he FHA mortgage insurance program insures

lenders against loss from borrower default.

The non-judicial foreclosure gives the borrower the right to

reinstate prior to the foreclosure sale. Loans are not accelerated with this method of foreclosure, and there's no court action or right of redemption.

The power of sale clause is

standard in a deed of trust and allows the non-judicial foreclosure process to be used in case of default.

In a lien theory state,

the buyer holds title to the property, and the mortgage becomes a lien on the property. The lender must file a lawsuit to initiate foreclosure proceedings.

Super lien status means

the lien is granted higher priority than all other liens

Right of first refusal gives

the opportunity to be notified if another buyer makes an offer on a specific property, and to buy the property herself if she still wants it at that time.

When a deed of trust is used in a title theory state

the trustee holds legal title to the property on behalf of the beneficiary.