When completing the following exercises, please write the question or prompt, fo

When completing the following exercises, please write the question or prompt, followed by your response, explain why or give a defining explanation and follow each response with a proper APA or MLA in-text citation and a Works Cited for MLA or References for APA table at the end of your paper(s). Explain the why of your responses to each question in a short essay response of 100+ words, 1-2 sentences, or a full paragraph, and the book will be your primary source; other sources will be considered secondary sources unless those sources update the text content.
Remember to post the statement or prompt, followed by your response, define and explain your response, followed by proper in-text citations. Your responses should be substantive and reflect your understanding. The end of your paper should include a citation table. The citation table is where your full citations appear.
1. A nonpossessory interest in the property held by someone other than the property owner or tenant.
2. A written promise to pay.
3. Offering property as collateral without giving up possession.
4. Language in one security instrument that gives higher priority to another security instrument, even though the other security instrument will be recorded later.
5. Gives lender the right to demand full payment if the borrower sells or transfers the security property.
6. Also known as a call provision
7. General term for a mortgage or deed of trust
8. A provision that requires the lender to release the property from the lien once the debt has been fully paid.
Fill in the blanks, explain your response, follow each with a proper in-text citation.
9. California has replaced the equitable right of redemption with a right to ______________ the default and reinstate the loan.
2. A ______________ is a personal judgment against a borrower to recover the difference between the amount owed and the foreclosure sale proceeds.
3. The Truth in Lending Act gives borrowers a three-day right of ______________ after signing loan documents, receiving a disclosure statement, or receiving notice of this right, whichever occurs last.
4. The ______________ is a California law that applies to real estate agents when they help arrange financing.
5. When a mortgagor defaults, the lender (mortgagee) will initiate a ______________ action to have the property seized by the court and sold.
6. The ______________ applies to real estate agents when they act as an “arranger of credit” in a sale in which the seller provides some or all of the financing.
7. In a nonjudicial foreclosure, the trustor (borrower) does not have the right to postsale ______________ and may be given only a short time to vacate the property.
Creating, enforcing, and terminating mechanic’s liens
Activity: For each of the parties involved in home construction or home improvement project, the notice and filing requirements apply to the creation, enforcement, and termination of mechanic’s liens. Some may apply to more than one party. Your responses should be, Property Owner, General Contractor or Subcontractor, or Supplier. No citations are required.
a. Must file preliminary notice within 20 days of first providing labor or materials
b. Has 90 days to file a claim of lien from the time all work on the project is completed (or 60 days, if notice of cessation or completion was filed)
c. If signing a notice of completion, must file and record notice within ten days after the project finished
d. Has 60 days to file a claim of lien from the time all work on the project is completed (or 30 days, if notice of cessation or completion was filed)
e. If signing notice of cessation, must file and record notice after work has stopped for at least 30 continuous days
f. Can terminate a valid lien by paying the underlying debt
g. To enforce the lien must file a foreclosure action within 90 days of filing the claim
h. Can grant an extension of credit terms if a document with clear terms recorded
i. Must foreclose within one year of filing claim or lien becomes void
j. May terminate invalid lien by sending a written request to the claimant, then filing action with the court
Key terms and definitions
Post the statement or question prompt, followed by your response, explain your response, each followed by a proper in-text citation.
1. General lien against real or personal property, used to secure the property before a trial
2. “According to value”
3. Fair market value
4. A lien available only to architects, engineers, and land surveyors who perform services during the planning phase of the project
5. Authorized by a special assessment law that allows communities to create special districts for financing projects
6. Filed by IRS when federal income taxes are not paid
7. Document used by the creditor to secure the property after a trial
8. Valuing a property for tax purposes
9. Full cash value as of last ownership change (or when construction was completed)
10. Property taxes that the new owner is required to pay due to reassessment

Posted in Uncategorized

Place this order or similar order and get an amazing discount. USE Discount code “GET20” for 20% discount