In Colorado, a deed of trust differs from a mortgage primarily in that:
Why B. A deed of trust involves three parties (trustor, trustee, beneficiary) and allows non-judicial foreclosure through the public trustee Is Correct
Answer B: B. A deed of trust involves three parties (trustor, trustee, beneficiary) and allows non-judicial foreclosure through the public trustee
Exam Tip: Property Ownership
Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.
Key Property Ownership Terms in This Question
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Key Terms to Know
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
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.
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