RE Finance chapter 6

How many parties are included in a deed of trust...?

4

One who holds property in trust for another to secure the performance of an obligation. Third party under a deed of trust.

Trustee

the lender on the security of a note and deed of trust.

beneficiary

A right or interest in a property that is used by someone other than the owner.

encumbrance

A lien on all the property of a debtor is known as a...?

general lien

A lien on all the property of a debtor.

general lien

According to lien theory, the lender retains equitable rights to the property, while the borrower retains...?

legal rights

A freehold estate created for the duration of the life or lives of certain named persons; a non-inheritable estate.

life estate

A lien that attaches to one specific property only is known as a...?

specific lien

A mortgage lien is an example of a...?

specific lien

One who borrows money from a trust deed lender, then deeds the real property securing the loan to a trustee to be held as security until trustor has performed the obligation to the lender under terms of a deed of trust.

Trustor