a lawsuit currently before the court, a person examining the

Unit 10 Real Estate Taxes & Other Liens Flashcards Which of the following is NOT a specific lien judgments When a lien against a parcel of real estate may result from a lawsuit currently before the court, a person examining the public records would look for a lis pendens Which of the following is a voluntary lien mortgage lien 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 is $4 per $100 of assessed value. What is the amount of the tax due?$560 In IL, a contractor's right to a lien expires how long after completion of the work, if no suit is filed within that time?

• years

A property is assessed at 40% of its current value, with an equalization factor of 1.5 applied to the assessed value. If the tax rate if $4 per $100 of the assessed value and the amount of tax due on the property is $960, what is the current value of the property?

$40,000

Normally, the priority of general liens is determined bythe order in which they are filed or recorded 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?the current year's real estate tax lien An IL general real estate tax was levied on January 1,

• When is it due and payable?

January 2, 2012 At which of the following sales do the interested parties try to purchased the tax lien to a property?annual Taxes levied on a property owner to pay to install sidewalks or sewers are called special assessments When establishing priorities for liensthe date on which the lien was recorded determines priority 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 nonpayment. This lien was most likely a specific lien Which of the following is a general lein IRS lien Judgment liens areequitable liens When a company furnished materials for the construction of a house and is subsequently not paied, it may file a mechanic's lien A court orders real estate to be sold to satisfy an unpaid

lien in an action known as a(n):

foreclosure Debts that are incurred by and individual and become liens against the real property owned by that person are specific liens

Mechanics' liens are based onstate law What is the rate of assessment in most of IL? 33.33 percent of fair market value In IL, when does a judgment become a general lien on a defendant's real and personal property?at the time it is recorded in the county recorder's office Which of the following is a lien on real estate? a recorded mortgage Which group is NOT entitles to a lien on a property in IL?residential real estate brokers What is the difference between a general and a specific lien?a general lien covers all of the debtor's property, while a specific lien covers only a certain piece of real property What doe a judgment, a lis pendens notice, and a foreclosure have in common the are all involuntary liens Which of the following liens does NOT need to be recorded to be valid real estate tax lien A mechanic's lien can be filed against an owner's real estate by a lumber company furnishing materials ordered by the property owner A man owns a principle place of residence and a duplex.He pays the property taxes on his home, but fails to pay the property taxes on the duplex. The man may find that a lien has been placed against his duplex 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 redeem the property within the time specified by law If the market value of a property is $84,500 and the assessment ratio is 35%, what are the monthly taxes if the tax rate is 30 mils?

$73.94

A mechanic's lien would be properly classified as statutory lien When a property recorded in the county where the real estate of the defendant is located, a judgement becomes an involuntary lien Which of the following is true of the IL homeowners exemption?it reduced the assessed value on a place of residence of up to $6,000 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?mechanic's lien