California Real Estate Practice Exam

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Study for the California Real Estate Exam. Engage with multiple choice questions and detailed explanations to sharpen your knowledge. Get ready to ace your real estate career!

Practice this question and more.

The four year statute of limitations with respect to a foreclosure applies to

personal loans only.
judicial foreclosure only.
non-judicial foreclosure only.
both judicial and non-judicial foreclosure.

The correct answer is: judicial foreclosure only.

In this question, the four year statute of limitations refers specifically to a foreclosure, which is a legal process used by lenders to take ownership of a property when a borrower fails to make mortgage payments. While the statute of limitations may vary depending on the state, in general, it starts from the date of the last missed payment. Option A is incorrect because a personal loan is not tied to a specific property, therefore foreclosure does not apply. Option C is incorrect because non-judicial foreclosure refers to a type of foreclosure process that does not involve the court system, but it still falls under the four year statute of limitations. Option D is also incorrect because it includes both judicial and non-judicial foreclosure, when the question is specifically asking about the limitation for one of these types - judicial foreclosure.