#1
Which party transfers the property in a Deed of Trust?
Trustee
Beneficiary
Grantor
Mortgagee
#2
What is the legal document that establishes a Deed of Trust?
Mortgage
Note
Deed
Deed of Trust
#3
In a Deed of Trust, who holds legal title to the property?
Trustee
Beneficiary
Grantor
Borrower
#4
Which of the following is NOT a party involved in a Deed of Trust?
Trustee
Beneficiary
Lender
Borrower
#5
Which of the following is typically NOT included in a Deed of Trust?
Legal description of the property
Identification of the trustee
Loan interest rate
Reconveyance clause
#6
What role does the Trustee play in a Deed of Trust?
Borrower
Lender
Neutral third party
Real estate agent
#7
What happens if the borrower defaults on a Deed of Trust?
The property automatically transfers to the beneficiary.
The property goes into foreclosure.
The Trustee becomes the new owner.
The borrower loses all rights to the property.
#8
What is the primary difference between a mortgage and a Deed of Trust?
The presence of a trustee
The number of parties involved
The transfer of title
The type of property involved
#9
What is the purpose of the promissory note in a Deed of Trust?
To transfer legal title
To outline the terms of the loan
To establish the trust
To specify the trustee's powers
#10
In a Deed of Trust, who has the right to initiate foreclosure proceedings?
Trustee
Beneficiary
Grantor
Borrower
#11
What is reconveyance in relation to a Deed of Trust?
Transfer of property title from Trustee back to borrower
Transfer of property title from borrower to Trustee
Transfer of property title from beneficiary to Trustee
Transfer of property title from Trustee to beneficiary
#12
What is a 'power of sale' clause in a Deed of Trust?
Clause allowing the trustee to sell the property in case of default
Clause allowing the beneficiary to sell the property
Clause allowing the borrower to sell the property
Clause allowing the lender to sell the property
#13
What is the term for a Deed of Trust that involves more than one property?
Joint Deed of Trust
Collective Deed of Trust
Composite Deed of Trust
Multiple Deed of Trust
#14
What is the difference between a Deed of Trust and a mortgage in terms of foreclosure?
In a Deed of Trust, foreclosure requires court involvement; in a mortgage, it does not.
In a mortgage, foreclosure requires court involvement; in a Deed of Trust, it does not.
Both require court involvement for foreclosure.
Neither requires court involvement for foreclosure.
#15
What is the purpose of the reconveyance deed in a Deed of Trust?
To transfer the property back to the borrower once the loan is paid off
To transfer the property to a new owner
To transfer the property to the trustee
To transfer the property to the beneficiary