FinanceIntermediateCalifornia Exam

In California, the non-judicial foreclosure process under a deed of trust is initiated by recording a:

ANotice of Default (NOD)Correct
BLis Pendens
CTrustee's Deed
DDeficiency Judgment

Why Notice of Default (NOD) Is Correct

Answer A: Notice of Default (NOD)

Non-judicial foreclosure in California begins when the trustee (or beneficiary's agent) records a Notice of Default (NOD) with the county recorder. The borrower then has a reinstatement period before a Notice of Trustee's Sale is recorded and the property is sold.

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.

Key Finance Terms in This Question

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