Finance
Under Nevada law, what is the redemption period after a non-judicial trustee's sale?
A6 months
B1 year
CThere is no statutory redemption period after a trustee's sale✓ Correct
D35 days
Explanation
Nevada eliminated the post-sale redemption period for non-judicial (trustee's sale) foreclosures. Once the trustee's sale is completed, the borrower has no statutory right to redeem the property.
People Also Study
Related Nevada Questions
- In Nevada, which type of loan allows non-judicial (trustee's sale) foreclosure?Finance
- What is a notice of trustee's sale in Nevada's foreclosure process?Escrow & Title
- A Nevada borrower with a 30-year fixed loan at 6.5% on $250,000 wants to know the approximate monthly payment. Using the factor of $6.32 per $1,000, what is the monthly P&I payment?Finance
- A Nevada borrower defaults on their deed of trust. Which foreclosure process is most commonly used?Finance
- A Nevada borrower has a $350,000 30-year fixed mortgage at 6.5% interest. Using the factor table, the monthly payment factor is $6.32 per $1,000. What is the monthly principal and interest payment?Finance
Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Study This Topic
Practice More Nevada Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Nevada Quiz →