Binder Quiz Unit 7 Real Estate Taxes and Liens Flashcards

Binder Quiz Unit 7 Real Estate Taxes and Liens Flashcards Debts that are incurred by an individual and become liens against the real property owned by that person area.general liens.b. specific liens.c. fiduciary encumbrances.d.special assessments.

• general liens.

A person has defaulted in the payment of several debts, and the court has ordered the person's property sold to satisfy the outstanding debts. 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 agob. The mechanic's lien for work started two months before the mortgage was recordedc. The judgment lien rendered and recorded last monthd. The current year's real estate tax lien

• The current year's real estate tax lien

When properly recorded in the county where the real estate of the defendant is located, a judgment becomes. a voluntary lien.b. an involuntary lien.c. a specific lien.d. an equitable lien.

• an involuntary lien.

The current market value of a property is $255,000, and it is assessed at 35% 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. $2,756.25b. $3,445.31c. $3,904.69d. $4,880.26

• $3,904.69

Which of the following is a lien on real estate?a. An easementb. A recorded mortgagec. An encroachmentd. A restrictive covenant

• A recorded mortgage

When establishing priorities for liens,. a mechanic's lien is always first in priorityb. 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

• the date on which the lien was recorded determines

priority.Which of the following is a voluntary lien?a. Mortgage lienb.Estate tax lienc. Real estate tax liend. Judgment lien

• Mortgage lien

Taxes levied on a property owner to pay to install sidewalks or sewers are calleda. ad valorem taxes.b. general property taxes.c. special excise taxes.d. special assessments.

• special assessments.

Mechanics' liens are based ona. federal lawb. state lawc.common law.d. case law.

• state law

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. One person holds a specific

lien, while a general lien is held by at least 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.

• A general lien covers all of the debtor's property, while a

specific lien covers only a certain piece of real property.

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 fora. the chain of title.b. a lis pendens.c. a suit to quiet title.d. a judgment lien

• a lis pendens.

Which of the following liens does NOT need to be recorded to be valid?a. Judgment lienb. Mortgage lienc. Real estate tax liend. Mechanic's lien

• Real estate tax lien

A court orders real estate to be sold to satisfy an unpaid lien in an action known as. an encumbrance.b. an attachment.c. a seizure.d. a foreclosure.

• a foreclosure.

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. Assessment lienb. Judgment lienc.Mechanic's liend. Real estate tax lien

• Judgment lien

Property taxes are also calleda. lis pendens.b. ad valorem.c. equalizing.d. unfair.

• ad valorem.

The cost of public services is distributed among real estate owners througha. personal property tax.b. real property tax.c. sales tax.d. special assessment.

• real property tax.

A mechanic's lien can be filed against an owner's real estate bya. a real estate salesperson claiming part of the broker's commission.b. a lumber company furnishing materials ordered by the property owner.c. a real estate broker claiming a commission under a rejected offer.d. an individual who obtained a judgment against the property owner.

• a lumber company furnishing materials ordered by the

property owner.Which lien does NOT need to be recorded to be valid?a.Mortgage lienb. Real estate tax lienc. Judgment liend.Mechanic's lien

• Real estate tax lien

How is the priority of general liens normally determined?a.In the order in which they are filed or recordedb. By the courtc. In the order in which the cause of action arosed. By size of the claim

• In the order in which they are filed or recorded

Which of the following is a general lien? a. Real estate taxesb. Judgmentsc. Mortgagesd. Mechanics' liens

• Judgments