Arizona's anti-deficiency statute (A.R.S. § 33-729) generally prohibits a lender from obtaining a deficiency judgment after a trustee's sale (non-judicial foreclosure) on:
Why A purchase-money mortgage on a single-family or two-family dwelling on 2.5 acres or less Is Correct
Answer B: A purchase-money mortgage on a single-family or two-family dwelling on 2.5 acres or less
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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- In Arizona, a lender who forecloses on a deed of trust through the trustee's sale process (non-judicial foreclosure) is generally:Finance
- In Arizona, the trustee's sale (non-judicial foreclosure) process under a deed of trust requires a minimum notice period before the sale of:Finance
- After an Arizona trustee's sale (non-judicial foreclosure), the former owner (trustor) has:Escrow & Title
- In Arizona, a non-judicial (trustee's sale) foreclosure typically takes approximately:Finance
- Under Arizona law, the redemption period after a trustee's sale (non-judicial foreclosure) is:Finance
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- In Arizona, a developer who subdivides land into six or more lots for sale is generally required to file a(n):Land Use & Zoning
Key Terms to Know
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.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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