California Real Estate Practice Exam

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In a deed of trust situation, who can claim the property in the event of default on mortgage payments?

Beneficiary
Trustor
Trustee
Mortgagor

The correct answer is: Beneficiary

In a deed of trust situation, the beneficiary is the lender or creditor who holds the property as security for the loan. In the event of default on mortgage payments, the beneficiary can claim the property and initiate foreclosure proceedings. The trustor is the borrower who holds the title to the property and is responsible for making mortgage payments. The trustee acts as a neutral third party and holds the property in trust for the benefit of the beneficiary. The mortgagor is the borrower in a traditional mortgage arrangement and is responsible for making mortgage payments to the lender.