Property Purchase at Foreclosure & Trustee Sales

Instructions:

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

question 1 of 3

____ redemption occurs after a foreclosure sale while ____ redemption happens before.

Create Your Account To Take This Quiz

As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access

1. What makes a trustee or sheriff's deed less desirable than a deed you get during a conventional purchase of property?

2. Nancy purchased a property at a foreclosure auction and afterwards discovers that the foreclosure was brought by the holder of the second mortgage on the property. Why should Nancy be concerned?

Create your account to access this entire worksheet
A Premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

About This Quiz & Worksheet

This worksheet and quiz are going to help you assess your knowledge of foreclosure and trustee sales. Some technical terms you will need to be familiar with include nonjudicial foreclosure and redemption.

Quiz & Worksheet Goals

The following worksheet and quiz are going to help you review:

  • The type of clause that permits a nonjudicial foreclosure
  • Types of redemption
  • What makes a trustee's deed less desirable
  • Ways to minimize acquiring a property at foreclosure that has encumbrances

Skills Practiced

  • Information recall - access the knowledge you have gained regarding the different types of redemption
  • Reading comprehension - ensure that you draw the most important information from the related lesson on trustee and foreclosure sales
  • Interpreting information - verify that you can read information regarding ways to minimize acquiring a property with title defects at a foreclosure sale and interpret it correctly

Additional Learning

In order to learn more about making purchases at foreclosure and trustee sales, be sure to review the lesson called Property Purchase at Foreclosure & Trustee Sales. Once you are done, you will be able to:

  • Compare and contrast nonjudicial foreclosure sales and judicial foreclosure sales
  • Identify the pitfalls of purchasing at foreclosure
  • Differentiate the different forms of redemption
Support