ASREB NATIONAL TEST A-5
QUESTIONS AND VERIFIED ANSWERS
(LATEST 2026- 2027) 100% CORRECT
A buyer pays 20% down and obtains a real estate
mortgage. The buyer makes no further payments. What
clause would the lender now exercise?
Alienation
Habendum
Novation
Acceleration - correct answer- Acceleration
A commercial building is sold in a foreclosure for $100,000
less than the balance due the lender. Which of the
following is true?
The lender can obtain a deficiency judgment against the
borrower
Deficiency judgment cannot be obtained in Arizona
A deficiency can only be obtained if the property is on
more than 2 1/2 acres
,A deficiency judgment can only be obtained on residential
properties - correct answer- The lender can
obtain a deficiency judgment against the borrower
A good faith estimate must be given to the borrower
within:
Three days of loan application
Three days after closing
Three days after recordation
Seven days after loan application - correct answer-
Three days of loan application
a HUD book must be given to a borrower within
Three days of loan application
Three days after the buyer's request
Three days after closing
Three days prior to closing - correct answer-
Three days of loan application
, A loan which is subordinate to other loans, but includes
the amount of the other loans is called:
Wraparound
Subrogated loan
Agreement for sale
Deed of trust - correct answer- Wraparound
A non-disturbance clause would most likely benefit which
of the following parties?
Lessor
Lessee
Vendor
Trustee - correct answer- Lessee
A property has both a first and second lien. Both are in
default. Which of the following statements are true?
The second would be terminated if the first goes through
a successful judicial foreclosure
First and second must start foreclosure action
The second must reinstate the first
QUESTIONS AND VERIFIED ANSWERS
(LATEST 2026- 2027) 100% CORRECT
A buyer pays 20% down and obtains a real estate
mortgage. The buyer makes no further payments. What
clause would the lender now exercise?
Alienation
Habendum
Novation
Acceleration - correct answer- Acceleration
A commercial building is sold in a foreclosure for $100,000
less than the balance due the lender. Which of the
following is true?
The lender can obtain a deficiency judgment against the
borrower
Deficiency judgment cannot be obtained in Arizona
A deficiency can only be obtained if the property is on
more than 2 1/2 acres
,A deficiency judgment can only be obtained on residential
properties - correct answer- The lender can
obtain a deficiency judgment against the borrower
A good faith estimate must be given to the borrower
within:
Three days of loan application
Three days after closing
Three days after recordation
Seven days after loan application - correct answer-
Three days of loan application
a HUD book must be given to a borrower within
Three days of loan application
Three days after the buyer's request
Three days after closing
Three days prior to closing - correct answer-
Three days of loan application
, A loan which is subordinate to other loans, but includes
the amount of the other loans is called:
Wraparound
Subrogated loan
Agreement for sale
Deed of trust - correct answer- Wraparound
A non-disturbance clause would most likely benefit which
of the following parties?
Lessor
Lessee
Vendor
Trustee - correct answer- Lessee
A property has both a first and second lien. Both are in
default. Which of the following statements are true?
The second would be terminated if the first goes through
a successful judicial foreclosure
First and second must start foreclosure action
The second must reinstate the first
