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50 Cards in this Set

  • Front
  • Back

A lien is...

A claim against property to secure a debt is called a...

Real estate taxes have _______ priority.

_________ has first priority as lienholder.

Ad Valorum:

"according to value"

Real estate is taxed according to...

Value. (Ad Valorum)

Affidavit of value

a document which shows the sales price.




Required to record the deed upon transfer.

Full Cash Value (FCV)

The Assessor's estimation of the value of your home (set low).

Limited Property Value (LPV)

This is the value that taxes are based on. Aims to be equal to the FCV, but cannot increase more than 5% per year.

Tax Calculation Formula:

LPV (limited property value)


X Assessed Value Ratio (set by state law)


= Assessed Value


X Tax Rate (set by local gov)


= Taxes

Tax liens begin to accrue on this day:

January 1st

Tax liens are paid this way:

semi-annually (2x per year) and in arrears (after accumulation)

Tax dates:

Jan-June


Due - Oct 1


Late - Nov 1




Jul-Dec


Due - Mar 1


Late - May 1

Assessed Value Ratio for Owner-Occupied Residential property

10% AVR

Assessed Value Ratio for Residential income property (investment props)

10% AVR

Assessed Value Ratio for Vacant Land

15% AVR

Assessed Value Ratio for Commercial Property

18% AVR

a mill =

1/1000

Delinquent taxes accrue interest at _____%

16% per year

Treasurer's Sale

The treasurer sells a delinquent tax lien at auction.

The winner at a Treasurer's Sale receives a:

Treasurer's Certificate of Purchase

A Treasurer's Sale is followed by:

3-year redemption period.

An owner may redeem after a Treasurer's Sale by:

paying back all taxes to lienholder AND interest (at the rate specified on the Certificate of Purchase)

If, after 3 years, an owner does not redeem his tax liens, the lienholder may:

1. Judicial Foreclosure




or




2. Allow interest to accrue (do nothing)

If a tax lienholder decides to foreclose, they must...

A tax lienholder must notify the owner by certified mail 30 days prior to...

A tax lienholder must begin a foreclosure within this amount of time:

10 years

Mobile homes: real estate or not?

Property if not affixed.




Real Estate if affixed.



If a mobile home is affixed, the owner must...

surrender the title and record an :affidavit of affixture"

Special Assessments are:

liens taken against a property for public improvements (like sidewalks or street lights)

Special assessments have _______ priority amongst multiple liens.

Second priority among liens goes to:

Assessments are usually divvied amongst residences/businesses according to:

front footage (the number of feet that line the front of the property) helps to determine:

The interest rate of tax lienholders (after the Treasurer's Certificate of Purchase):

16% or lower




(sale goes to the person who bids the lowest interest)

The Treasurer's Sale takes place:

February 19th of the year following the one in which the second half of taxes are due.




i.e., taxes for 2016 are due in 10/2016 and 3/2017. Treasurer's Sale would take place 2/19/2018.

Mechanic's Lien is a ...

An involuntary lien taken against a property for labor or material supplied.

When must a contractor deliver a preliminary lien notice to the property owner?

A contractor must deliver a __________________ to a property owner within 20 days of commencement of work in order to have a mechanic's lien.

Who can record a mechanic's lien?

Only a licensed contractor can record a ______________.

The mechanic's lien must be recorded within __________________ of the completion of work.

_______________________ must be recorded within 120 days of the completion of work.

After recording, the mechanic's lien must begin to be foreclosed within ___________________.

After recording, the _____________ must begin to be foreclosed within 180 days.

Priority of the mechanic's lien amongst other liens is determined by.....

The date which work began determines......

Can a mechanic's lien be taken against a lessee?

Yes, but only against the lessee's interest.

A mechanic might only agree to perform work for a lessee if.....

....if the lessee's interest has value over and above the cost of the project.

A mechanic's lien issued against a lessee has no claim against....

the property. (It sticks with the person)

HOA Liens have this option for foreclosure:

Judicial foreclosure is the only option for:

What priority do HOA liens have?

These sorts of liens are subordinate to all voluntary liens.

When might one get a Judgement Lien placed on their property?

If a person is sued and has lost (and cannot or does not otherwise pay the debt).

The priority of judgement liens is determined by....

The date in which a judgement is recorded determines...

What percent interest will a judgement lien accrue at?

This will accrue interest at the legal interest rate of the state,




UNLESS it is stipulated otherwise.

Judgements could be revealed from




(3 things)

1. Title report




2. County Recorder's records




3. Credit reports.

What is a homestead exemption?

This exempts a portion of a homeowner's equity from forced sale in the case of bankruptcy or unpaid judgements.

Homestead exemption does NOT apply in these circumstances:

Foreclosure by mortgage, trust deed, or land contract




property taxes, assessments, or mechanic's liens

The maximum home exemption in a homestead exemption is

$150,000 equity




(That is, if a property is worth $200k but you owe $170k, you are exempt. It's how much you can make off of the sale.)

A homestead exemption applies to ALL ________.

Primary residences.