Arizona uses primarily deeds of trust rather than mortgages for real property financing because:
Why Deeds of trust allow for a non-judicial (trustee's sale) foreclosure process that is faster than judicial foreclosure Is Correct
Answer B: Deeds of trust allow for a non-judicial (trustee's sale) foreclosure process that is faster than judicial foreclosure
Exam Tip: Finance
Finance questions often involve calculations. Master the T-bar method, understand the difference between conventional and government-backed loans, and know key ratios like LTV and DTI.
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Key Terms to Know
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
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