Real Estate 3

Front 1

claim, charge, liability

-anything that affects title to real estate

-may affect the value of the property, but does not prevent a transfer of title

Back 1

encumbrance

Front 2

specific liens:

Back 2

morrgage

deed

real property tax

special assessments

mechanical leins

Front 3

voluntary leins:

Back 3

mortgage or deed of trust

Front 4

ad valorem means

Back 4

according to value

Front 5

-valid for 10 years

-have priority over all other types of liens

Back 5

ad valorem and special assessment

Front 6

gives security to those who perform labor or furnish material in the improvement of real property

-involuntary

-must have a contract

-must file 120 days after last furnishing

-must be brought within 180 days after working last furnished labor

Back 6

mechanics lien

Front 7

general liens:

Back 7

judgments

-personal property tax

-state tax

-federal tax lien

Front 8

general tax lien affect?

special tax lien affect?

Back 8

-property and personal

-property

Front 9

personal or commercial easements
- usually are not assignable

-terminate on the death of the easement.

-do not convey with land

-utility easement are most common

Back 9

easement in gross

Front 10

easements can be created in the following ways:

Back 10

-express grant (written)
-express reservation(deed of conveyence)
-necessity (not landlocked)
-prescription(claim ownership 20 years)
-condemnation(take by power)

Front 11

acquired for a public purpose through the power of eminent domain

Back 11

easement by condemnation

Front 12

power of a government to take property for a public use after paying the owner compensation

Back 12

eminent domain

Front 13

-usually disclosed by inspection of property or location survey

-an improvement extends beyond the land

-legal effect is to make both titles unmarketable

Back 13

enroachment

Front 14

regulates standards for real property taxation, standards for tax assessment, stardards for tax appraiseal and requriements for tax exempt status

Back 14

Machinery Act

Front 15

Property generally considered tax exempt includes:

Back 15

owned by nonprofit religious, education and cahritabe organizations

Front 16

each yaers property taxes are legally due on

-and the last day they can be paid without penalty is

Back 16

september 1

-january 5

Front 17

which of the following is an example of specific lien?
a. judgment
b. special assessment
c. personal property

Back 17

special assessment

Front 18

which is an example of general lien?
a. mortgange
b. real estate
c. mechanics
d. state income tax

Back 18

state income

Front 19

which of the following would be paid first from proceeds in a court ordered sale?
a. mortgage
b. judgment
c. real property tax
d. special assessment

Back 19

real property tax

Front 20

legal notice of pending litigation that might affect the property title

Back 20

lis endens

Front 21

the ad valorem property tax rates may be adjusted every ___ years

Back 21

2