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23 Cards in this Set

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When properly recorded in the county where the real estate of the defendant is located, a judgment becomes a(n)

a. voluntary lien
b. involuntary lien
c. specific lien
d. equitable lien
b. involuntary lien
When a company furnishes materials for the construction of a house and is subsequently not paid, it may file a(n)

a. deficiency judgment
b. lis pendens
c. estoppel certificate
d. mechanic’s lien
d. mechanic’s lien
Which of the following liens does not need to be recorded to be valid?

a. Mortgage lien
b. Real estate tax lien
c. Judgment lien
d. Mechanic’s lien
b. Real estate tax lien (it's recorded when the tax bills comes out)
When a lien against a parcel of real estate may result from a lawsuit currently before the court, one examining the public records would look for

a. the chain of title
b. a lis pendens
c. a suit to quiet title
d. a judgment lien
b. a lis pendens
The current market value of a property is $35,000. For tax purposes, it is assessed at 40 percent of market value. The tax rate of $4 per $100 of assessed value. What is the amount of the tax due?

a. $560
b. $625
c. $705
d. $740
a. $560
Under which of the following types of liens can both the real property and the personal property of the debtor be sold to pay the debt?

a. Real estate tax lien
b. Mechanic’s lien
c. Judgment lien
d. Assessment lien
c. Judgment lien (applies to real & personal property)
Which of the following is a voluntary lien

a. Mortgage lien
b. Estate tax lien
c. Real estate tax lien
d. Judgment lien
a. Mortgage lien
Mechanics’ liens are based on

a. federal law
b. state law
c. common law
d. case law
b. state law
A court orders real estate to be sold to satisfy an unpaid lien in an action known as a(n)

a. encumbrance
b. attachment
c. seizure
d. foreclosure
d. foreclosure
A mechanic’s lien can be filed against an owner’s real estate by a(n)

a. real estate sales person claiming part of the broker’s commission
b. lumber company furnishing materials ordered by the property owner
c. real estate broker claiming a commission under a rejected offer
d. individual who obtained a judgment against the property owner
b. lumber company furnishing materials ordered by the property owner
The current market value of a property is $255,000 and it is assessed at 35 percent of its current market value with an equalization factor of 1.25. What is the amount of real estate tax due if the tax rate is $3.50 per $100 of assessed value?

a. $2,756.25
b. $3,445.31
c. $3,904.69
d. $4880.26
c. $3,904.69
A property owner contracted to have a swimming pool installed on her property. When the pool was completed, she refused to pay for the improvement, and the contractor filed a lien for non payment. This lien was most likely a

a. general lien
b. special lien
c. specific lien
d. voluntary lien
c. specific lien
G has defaulted in the payment of several of his debts, and the court has ordered his property sold to satisfy them. A title search revealed several outstanding liens against the property. Which of the following liens has first priority?

a. the outstanding first mortgage lien dated and recorded one year ago
b. the current year’s real estate tax lien
c. the judgment lien rendered and recorded last month
d. the mechanic’s lien for work started two months before the mortgage was recorded
b. the current year’s real estate tax lien
After real estate has been sold by the state or county to satisfy a delinquent tax lien, the defaulted owner usually has a right to

a. have the sale canceled by paying the back taxes and penalties
b. pay his or her creditors directly and have their liens removed
c. redeem the property within the time specified by law
d. record a notice of non-responsibility for the unpaid taxes
c. redeem the property within the time specified by law
Normally, the priority of general liens is determined by

a. the order in which they are filed or recorded
b. the order in which the cause of action arose
c. the size of the claim
d. the court
a. the order in which they are filed or recorded
All of the following are specific liens EXCEPT

a. real estate taxes
b. judgments
c. mortgages
d. mechanics’ liens
b. judgments
Which of the following is a lien on real estate?

a. an easement
b. a recorded mortgage
c. an encroachment
d. a restrictive covenant
b. a recorded mortgage (all are also encumbrances)
When establishing priorities for liens

a. a mechanic’s lien is always first in priority
b. the date on which the lien was recorded determines priority
c. the date on which the debt was incurred determines priority
d. a broker’s lien is automatically first in priority
b. the date on which the lien was recorded determines priority
The current value of a property is $40,000. The property is assessed at 40 percent of its current value, with an equalization factor of 1.5 applied to the assessed value. If the tax rate is $4 per $100 of assessed value, what is the amount of tax due on the property?

a. $640
b. $960
c. $1,600
d. $2,400
b. $960
What is the difference between a general and a specific lien?

a. A general lien cannot be enforced in court, while a specific lien can be enforced.
b. A specific lien is held by one person, while a general lien is held by at lease two persons.
c. A general lien covers all of the debtor’s property, while a specific lien covers only a certain piece of real property.
d. A specific lien covers real estate, while a general lien covers personal property.
c. A general lien covers all of the debtor’s property, while a specific lien covers only a certain piece of real property.
If the market value of a property is $84,500 and the assessment ratio is 35 percent, what are the monthly taxes if the tax rate is 30 mils?

a. $887.25
b. $942.50
c. $73.94
d. $87.72
c. $73.94
Taxes levied on a property owner to pay to install sidewalks or sewers are called

a. ad valorem taxes
b. general property taxes
c. special excise taxes
d. special assessments
d. special assessments
Debts that are incurred by an individual and become liens against the real property owned by that person are

a. general liens
b. specific liens
c. fiduciary encumbrances
d. special assessments
a. general liens