Under California's anti-deficiency statutes, which type of loan is protected from a deficiency judgment after non-judicial foreclosure?
Why Purchase money loans used to buy owner-occupied residential property of 1–4 units Is Correct
Answer C: Purchase money loans used to buy owner-occupied residential property of 1–4 units
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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Key Terms to Know
The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
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