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What is a Deed of Trust? - Definition & Overview

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of the following is an essential party to a deed of trust?

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1. Anne obtains a loan from First National Bank and a deed of trust is involved. Anne defaults. Which provision of a deed of trust permits the foreclosure of Anne's property without a lawsuit?

2. Nancy has defaulted on her home loan. Her next statement from the bank demands payment of the entire loan immediately. What provision in her deed of trust permits this?

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About This Quiz & Worksheet

A deed of trust is another method to mortgages available in some states. This quiz and worksheet can help you nail down the basics of how this mortgage method works.

Quiz & Worksheet Goals

You will be tested on:

  • Essential parties to a deed of trust
  • The clause governing the placement of a title after a debt is paid off
  • Differences between a deed of trust and a mortgage from a practical standpoint

Skills Practiced

  • Information recall - access the knowledge you've gained regarding the handling of foreclosures of a property under a deed of trust
  • Reading comprehension - ensure that you draw the most important information from the lesson on a deed of trust
  • Knowledge application - use your knowledge to answer a question about the impact that loan default can have on the pace of loan repayment

Additional Learning

Learn about a deed of trust by reviewing the lesson titled What is a Deed of Trust? - Definition & Overview. The objectives covered include:

  • Know the individuals involved in a deed of trust
  • Differentiate between the provisions in a deed of trust
  • Know the difference between an equitable title and a legal title
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