When mortgage is in default is power of sale

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Reference no: EM131611208

1. One of the legal remedies available to a motgagee when a mortgage is in default is POWER OF SALE. Which of the following statments is coorect regarding power of sale?

a. A Mortgagor must be in default of his/her mortgage for more than 3 months before a power of sale can be commenced.

b. Power of sale is a non legal remedy for default which requires the court to sell the property by auction

c. If a salr by the mortgagee results in a surplus, the excess funds are returned to the mortgagor

d. If prices have declined, the lender may take title to the property and delay selling it until the market has improved.

2. When an agency relationshio is created, the agnet owes the principle the duty of confidentiality.This means:

a. If the agent has a special relationship with a buyer or seller, the agent must keep this confidential.

b. The agent must not disclose any information to third parties unless the third party specifically asks for the inforation.

c. The principal may require that the agent does not need to disclose defects in a property.

d. The agent must not disclose confidential personal information given to the agent by the principal.

3. Agents owe the clients fiduciary duties, including the duty of loyalty. Which one of the following statements correctly applies to this duty?

a. The agent must place the principals interests ahead of the interests of the agent and the interest of other parties.

b. If the principal's conflict with the interests of the agent, the agent must termiate the agency relationship

c. The agent owes fiduciary duties to customers who use the services of the agent to make an offer.

d. All facts known to the agent pertaining to the property and about the trancstion must be disclosed to third parties

4. The REAL ESGTATE AND BUSNIESS BROKERS ACT, 2002 requires mandatory disclosures by registrants when acquiring an interest in real estate for themsleves.

WHICH OF THE FOLLOWING STATEMENTS IS CORRECT REGARDING THE CONTENT IF THE REQUIRED DISCLOSURES?

a. Full disclosure of all facts within the registrant's knowledge that affect or will affect the value of the real estate.

b. The reason the registrants is purchasing the property and the length of time that the registrant intends to keep the property.

c. The registrant's method of financing the purchase of the property.

d. The registration status of the reigtrant and how long the registrant has been registered under REBBA 2002

Reference no: EM131611208

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