1."Name the six requirements of an escrow and briefly describe each."

2."Describe the doctrine of relation back and give some examples as to how it affects the buyer."

3."What is a foreclosure by power-of-sale? How does it differ from judicial foreclosure?"

4."Tom Hildebrant purchased a four-unit rental property for $375,000. River National Bank lent him $355,000 to complete the purchase. The loan was secured by a mortgage on the property. Because of a severe recession in the area caused by the closing of several steel mills, Hildebrant was unable to consistently rent all the units, and he defaulted on the debt. As a result, the bank foreclosed. At the foreclosure sale, the property sold for $345,000. Does Tom have any liability on the unpaid portion of the debt? Discuss."