January 2017 LACBA MCLE Test and Answer Sheet

Test No. 264: Out of the Courts

To access the article related to this test, please click here.
  
Instructions for Obtaining MCLE Credit

The Los Angeles County Bar Association certifies that this activity has been approved for Minimum Continuing Legal Education credit by the State Bar of California in the amount of 1 hour. To apply for credit, please follow the instructions.

1. Study the CLE article.

2. Answer the test questions by marking the appropriate boxes. Each question has only one answer.

3. Photocopies of this answer sheet may be submitted; however, this form should not be enlarged or reduced. Mail the answer sheet and the $20 testing fee ($25 for non-LACBA members) to:

Los Angeles Lawyer
MCLE Test
P.O. Box 55020
Los Angeles, CA 90055

Make checks payable to Los Angeles Lawyer.

4. You can also fill in the test form and submit it directly to LACBA by clicking "Submit." To submit your test answers online you will need to pay by credit card. After submitting your answers you will be presented with a screen requesting payment information. This information will be submitted in a secure mode which will allow you to safely transmit your credit card number over the Internet. If you prefer not to pay by credit card, please print this answer sheet and submit your responses by regular mail.

5. Within six weeks, Los Angeles Lawyer will return your test with the correct answers, a rationale for the correct answers, and a certificate verifying the CLE credit you earned through this self-study activity.

6. For future reference, please retain the CLE test materials returned to you.


 

Test Sheet
 



  
Mark your answers to the test by clicking next to your choice.  All questions must be answered.  Each question has only one answer. This test is worth 1 hour of credit.*

1. The first step in the nonjudicial foreclosure process is the issuance of a notice of trustee’s sale.


2. The Homeowner Bill of Rights (HBOR) creates a private right of action that enables borrowers to sue lenders for statutory violations during the nonjudicial foreclosure process.


3. Borrowers can prevent a nonjudicial foreclosure sale from proceeding by reinstating their debt at any time before the sale is scheduled to occur.


4. If a lender opts for nonjudicial foreclosure, it cannot also pursue a deficiency judgment against the borrower.


5. The HBOR and the Code of Federal Regulations contain identical provisions regarding the timing and number of loan modification applications that could potentially constitute dual-tracking..


6. Civil Code Section 2923.5 changed the nonjudicial foreclosure process by requiring lenders to contact (or attempt to contact) borrowers to explore possible alternatives to foreclosure prior to the initiation of the foreclosure process.


7. Injunctive relief is not available under Civil Code Section 2923.5.


8. The HBOR’s private right of action only arises once a notice of default has been recorded.


9. Dual-tracking occurs if a lender reviews a loan modification application and concurrently records a notice of default or notice of trustee’s sale, or actually conducts a sale.


10. The HBOR requires that lenders only need to review a loan modification application that is submitted at least 15 days before a scheduled foreclosure sale.


11. Either an increase or a decrease in a borrower’s income could constitute a material change in financial circumstances that would require a lender to review a loan modification application.


12. Borrowers can submit a maximum of three loan modification applications in one calendar year under the HBOR.


13. The National Mortgage Settlement excludes the five largest mortgage servicers in the country.


14. Under the HBOR, a lender can refuse to re-review a loan modification application if the borrower has not experienced a material change in financial circumstances.


15. Any person who has filed for bankruptcy within 365 days of a foreclosure sale is not entitled to the protections of the HBOR.


16. The HBOR requires that evidence of a material change in financial circumstances be documented.


17. The HBOR authorizes recovery of monetary damages only if a foreclosure sale has been completed.


18. The HBOR allows borrowers to appeal at any time a decision by a lender to deny a loan modification.


19. The HBOR require that lenders review borrowers for a loan modification even if borrowers do not submit a complete application.


20. California is not a party to the National Mortgage Settlement.

 


Before clicking the Submit button, please verify that all questions have been answered. An error message will appear if not all questions are answered.

* The Los Angeles County Bar Association has been approved as a continuing legal education provider of Minimum Continuing Legal Education credit by the State Bar of California. This self-assessment activity will qualify for Minimum Continuing Legal Education credit by the State Bar of California in the amount of one hour.