1 Bob and Sue agree over drinks (alcoholic) to buy Paul and Anns beach condo for $300000. The next day Paul and Ann have no recollection of the deal? Is this a valid contract? Why or why not?

2 A mortgage is a security instrument. There are how many parties? Identify them in at least 2 ways. (what are they called?)

3 When a trust deed is used as a security instrument, name the parties; ______________, _____________, _______________.

4 If you were buying a property with your friends and none of you are related, how would you likely hold ownership title. Based on the way you would hold title, what would happen if you were to die? (who would be the next owners)

5 Name some examples of a breach of a real estate contract? (What if the contracted buyer doesnt want to go through with the transaction?)

6 In the examples you gave in #5, what would be some likely remedies?

7 What is an acceleration clause and when is it applicable?

8 Why are FHA and VA loans so popular? Where would I go to get one of these loans?

9 Which amortized loan will result in less interest paid by the borrower,15 year or 30 year, and why?

10 If you were a bank, would you rather make loans in a trust deed state or a judicial foreclosure state? Why?