Escrow & Title
When a deed of trust is used in Oklahoma, the trustee's role in a non-judicial foreclosure is to:
ARepresent the borrower in court
BConduct the foreclosure sale by publishing notice and selling the property if the borrower defaults, without requiring a court action✓ Correct
CApprove all mortgage payments
DAct as the lender's attorney
Explanation
Under a deed of trust, the trustee holds bare legal title on behalf of the lender. Upon default and after proper notice, the trustee can conduct a non-judicial (power of sale) foreclosure without a court proceeding, which is faster than judicial foreclosure.
Related Oklahoma Escrow & Title Questions
- An Oklahoma homebuyer receives a Closing Disclosure (CD) before closing. The CD replaced the HUD-1 Settlement Statement and is required under:
- In Oklahoma, the HUD-1 Settlement Statement has been replaced for most residential transactions by:
- In Oklahoma, the recording of a deed in the county where the property is located:
- An escrow officer in Oklahoma is responsible for:
- A buyer in Oklahoma who purchases property without title insurance and later discovers an undisclosed easement affecting the property may:
- A mechanic's lien in Oklahoma may be filed against a property when:
- A mortgage is said to be 'satisfied' when:
- An abstract of title in Oklahoma is:
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →