Chapter 10 Exercise Flashcards

Chapter 10 Exercise Flashcards Indicate whether each lien is general or specific, and voluntary or involuntary10. Judgment Lien General and Involuntary

T/F:The senior citizen exemption and freeze is available to

homeowners over 70 years of age False

T/F:Property owners can only obtain one exemption per

property False Indicate whether each lien is general or specific, and voluntary or involuntary12. Bail Bond Lien Specific and Voluntary

T/F:The homeowner exemption is based on the fair market

value of the property False

T/F:Special service areas (SSA) are established to cover

the costs of public improvements by passing the costs onto homeowners who reside within the SSA True Indicate whether each lien is general or specific, and voluntary or involuntary11. General Real Estate Taxes Specific & Involuntary Indicate whether each lien is general or specific, and voluntary or involuntary9. Federal Tax Lien General and Involuntary Indicate whether each lien is general or specific, and voluntary or involuntary13. Special Assessment Lien Specific and Involuntary

T/F:General real estate taxes are also called ad valorem

taxes True Indicate whether each lien is general or specific, and voluntary or involuntary8. Mortgage Lien Specific & Voluntary

T/F:Educational institutions are exempt from real estate

taxes True

T/F:The assessed value of a property is usually about 1/3

of the fair market value True