Real Estate Exam [California] 26, Notes, Trust Deeds, and Mortgages
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This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
- Why California overwhelmingly uses deeds of trust instead of mortgages and the three parties involved: trustor, beneficiary, and trustee.
- The distinct functions of a promissory note as the evidence of debt and a deed of trust as the security instrument.
- How the 'power of sale' clause enables non-judicial foreclosure, a key advantage for lenders in California.
- The critical difference between an acceleration clause (triggered by default) and an alienation clause (triggered by sale or transfer).
- The role of a reconveyance deed in clearing the title after a loan is paid off and the risks of deficiency judgments.
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