Il Real Estate Ch#10

Front 1

Name 3 types of tax sales:

Back 1

1)annual
2)forfeiture
3)scavenge

Front 2

Name 4 basic homestead exemptions:

Back 2

1)Homeowners exemption ($3500)
2)Senior Citizen Homestead Exemption($2000)
3)senior Citizen Assessment Freeze Homestead(income under $25000-apply yearly)
4)Homestead Improvement(stalls assessment increase up to 4yrs-$45000 in improvements)

Front 3

Name 6 classifications of liens:

Back 3

1)voluntary
2)involuntary
3)staturory
4)equitable
5)general
6)specific

Front 4

Mame the priority of liens:

Back 4

1)taxes
2)assessments
3)mortgages and others

Front 5

What is the lien attachment date for Ad Valorem?

Back 5

Jan. 1

Front 6

What is the lien attachment date for special assessments?

Back 6

Jan. 2

Front 7

Define general real estate tax:

Back 7

a tax levied according to value,generally used to refer to real estate tax--also known as ad valorem tax

Front 8

Define appopriation:

Back 8

the way a taxing body actually authorizies the expenditute of funds and provides for the sources of the funding

Front 9

Define lien waivers:

Back 9

waivers of liens

Front 10

Define tax sale:

Back 10

a court-ordered sale of real property to raise money to cover delinquent taxes

Front 11

Define tax liens:

Back 11

a charge against property,created by operation of law

Front 12

Define subordination agreement:

Back 12

a written agreement between holders of liens on a property that changes the priority of mortgage,judgement, and other liens under certain circumstances

Front 13

Define tax deed:

Back 13

an instrument given to purchaser at a tax sale

Front 14

Define specific lien:

Back 14

a lien affecting or attaching only to a certain parcel of land or piece of property

Front 15

Define redemption:

Back 15

the right of a defaulted property owner to recover his/her property by curing the default

Front 16

Name 3 types of tax sales:

Back 16

1)annual
2)forfeiture
3)scavenge

Front 17

Name 4 basic homestead exemptions:

Back 17

1)Homeowners exemption ($3500)
2)Senior Citizen Homestead Exemption($2000)
3)senior Citizen Assessment Freeze Homestead(income under $25000-apply yearly)
4)Homestead Improvement(stalls assessment increase up to 4yrs-$45000 in improvements)

Front 18

Name 6 classifications of liens:

Back 18

1)voluntary
2)involuntary
3)staturory
4)equitable
5)general
6)specific

Front 19

Mame the priority of liens:

Back 19

1)taxes
2)assessments
3)mortgages and others

Front 20

What is the lien attachment date for Ad Valorem?

Back 20

Jan. 1

Front 21

What is the lien attachment date for special assessments?

Back 21

Jan. 2

Front 22

Define general real estate tax:

Back 22

a tax levied according to value,generally used to refer to real estate tax--also known as ad valorem tax

Front 23

Define appopriation:

Back 23

the way a taxing body actually authorizies the expenditute of funds and provides for the sources of the funding

Front 24

Define lien waivers:

Back 24

waivers of liens

Front 25

Define tax sale:

Back 25

a court-ordered sale of real property to raise money to cover delinquent taxes

Front 26

Define tax liens:

Back 26

a charge against property,created by operation of law

Front 27

Define subordination agreement:

Back 27

a written agreement between holders of liens on a property that changes the priority of mortgage,judgement, and other liens under certain circumstances

Front 28

Define tax deed:

Back 28

an instrument given to purchaser at a tax sale

Front 29

Define specific lien:

Back 29

a lien affecting or attaching only to a certain parcel of land or piece of property

Front 30

Define redemption:

Back 30

the right of a defaulted property owner to recover his/her property by curing the default

Front 31

Define special assessment:

Back 31

a tax or levy customarily imposed against only those specific parcels of real estate that will benefit from a proposed public improvement like a street or sewer

Front 32

Define mill:

Back 32

one-tenth of one cent

Front 33

Define mortgage lien:

Back 33

a lien or charge on the property of a mortgagor that secures the underlying debt obligations

Front 34

Define mechanics lien:

Back 34

a statutory lien created in favor of contractors,laborers, and materialmen who have performed work or furnished material in the erection of a building

Front 35

Define lis pendens:

Back 35

a recorded legal document giving constructive notice tthat an action affecting a particular property has been filed in either a state or a federal court

Front 36

Define lien:

Back 36

a right given by law to certain creditors to have thier debts paid out of the property of a defaulted debtor, usually by means of a court sale

Front 37

Define judgement:

Back 37

a formal decicsion of a court on the respective right and claims of the parties to an action or a suit

Front 38

Define involuntary lien:

Back 38

a lien placed on property without the consent of the property owner

Front 39

Define inheritance taxes:

Back 39

state-imposed taxes on decedent's real and personal property

Front 40

Define estate taxes:

Back 40

federal taxes on decedents real and personal property

Front 41

Define general lien:

Back 41

the right of a creditor to have all of a debtors property-both real and personal-sold to satify a debt

Front 42

Define statutory lien:

Back 42

a lien imposed on property by statue

Front 43

Define ad valorem tax:

Back 43

a tax levied according to value,generally used to refer to real estate tax-- also calld the general tax

Front 44

Define attachment:

Back 44

the act of taking a person's property into legal custody by writ or other judical order to hold it available for application to that person's debt to a creditor

Front 45

Define encumbrance:

Back 45

Anything-such as a mortgage,tax,or judgement lien;an easement;a restriction on the use of the land;or an outstanding dower right that may diminish the value or use and enjoyment of a property

Front 46

Define equalization factor:

Back 46

a factor(number)by which the assessed value of a property is multiplied to arrive ata avalue for the property that is in line with statewide tax assessments

Front 47

Define eqitable lien:

Back 47

a lien imposed on property by statue(i.e. tax lien)

Front 48

Restudy tax sales

Back 48

p183 especially