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22 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Lein
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A right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by means of a court sale.
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A right given by law...
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Voluntary Lein
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A lein placed on property with the knowledge and consent of the property owner. Such as when someone takes out a mortgage loan.
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Knowledge and consent of...
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Involuntary Lein
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A lein placed on property without the consent of the property owner.
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Without owner's consent...
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Statutory Lein
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A lein imposed on property by statute-a tax lein, for example-in contrast to an equitable lein, which arises out of common law.
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Imposed on property...
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Equitable Lein
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A lein imposed on property by a court-ordered judgement, in contrast to a statutory lein, which is created by statute.
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Court ordered...
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General Lein
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The right of a creditor to have all of debtor's property-both real and personal-sold to satisfy a debt.
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Real and personal...
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Specific Lein
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A lein affecting or attaching only to a certain, specific parcel of land or piece of property. These include: vendors' leins, mechanics' leins, mortgage leins, real estate tax leins, and leins for special assessments and utilities.
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Land or personal...
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Vendor's Lein
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A lein that belongs to a vendor for the unpaid purchase price of land, where the vendor has not taken any other lein or security beyond the personal obligation of the purchaser.
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Unpaid purchase price of land...
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Subordination Agreements
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A written agreement between holders of leins on a property that changes the priority of mortgage, judgement, and other leins under certain circumstances.
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A written agreement between...
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Ad Valorem Tax (General Real Estate Tax)
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A tax that is made up of the taxes levied on the real estate by government agencies and municipalities. Levied according to value.
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Ad valorem is Latin for "according to value"...
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Assessment
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The imposition of a tax, charge, or levy, usually according to established rates.
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The imposition of a tax...
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Equalization Factor
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A factor (number) by which the assessed value of a property is multiplied to arrive at a value for the property that is in line with statewide tax assessments. The ad valorem tax would be based on this adjusted value.
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A number by which...
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Mill
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One-tenth of one cent. Some states use a mill rate to compute real estate taxes; for example, a rate of 52 mills would be $0.052 tax for each dollar of assessed valuation of a property.
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1/1,000 of a dollar, or $0.001...
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Equitable Right of Redemption
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The right of a defaulted property owner to recover the property prior to its sale by paying the appropriate fees and charges.
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Right of defaulted property owner...
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Special Assessments
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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.
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Public improvements...
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Mortgage Lein
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A lein or charge on the property of a mortgagor that secures the underlying debt obligations.
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Property of a mortgagor...
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Mechanic's Lein
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A statutory lein created in favor of contractors, laborers, and materialmen who have performed work or furnished materials in the erection or repair of a building.
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Contractors and laborers...
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Judgment
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The formal decision of a court upon the respective rights and claims of the parties to an action or suit. After a judgement has been entered and recorded with the county recorder, it usually becomes a general lein on the property of the defendant.
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The formal decision of a court...
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Lis Pendens
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A recorded legal document giving constructive notice that an action affecting a particular property had been filed in either a state or federal court.
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Latin for "litigation pending"...
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Attachment
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The act of taking a person's property into legal custody by writ or other judicial order to hold it available for application to that person's debt to a creditor.
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The act of taking a person's property...
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Estate Tax
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Federal tax on a descendent's real and personal property.
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Federal tax on a...
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Inheritance Taxes
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State-imposed taxes on a decedent's real and personal property.
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State-imposed taxes...
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