All of the following encumbrances are considered junior loans EXCEPT

a$.$ an equity loan.

b$.$ a wraparound contract for deed.

c$.$ a second mortgage.

d$.$ a note and first deed of trust.

The use of junior finance through owner carrybacks increases when

a$.$ market interest rates are high.

b$.$ money is readily available.

c$.$ the realty cycle is up$.$

d$.$ market interest rates are low.

Junior finance is often utilized for all of the following EXCEPT

a$.$ land improvements.

b$.$ home improvements.

c$.$ DVA$-$guaranteed loans.

d$.$ low down payment purchases.

In the event of a default of the priority senior loan, a junior lender can usually do all of the following EXCEPT

a$.$ pay the senior loan balance in full.

b$.$ bid at the foreclosure sale.

c$.$ foreclose against the junior borrower.

d$.$ change the terms of the junior loan.