future judgment could be found by examining the public

Unit 15 Flashcards IRS Tax LienWhat is another name for a federal tax lien?A)IRS tax lienB)Estate tax lienC)Attachment lienD)Bail bond lien a lis pendensA lien against a parcel of real estate may result from a lawsuit currently before the court. Notice of a possible future judgment could be found by examining the public records forA)a lis pendens.B)a judgment lien.C)a suit to quiet title.D)the chain of title.a mechanic's lienWhen a company furnishes materials for the construction of a house and is subsequently not paid, it may fileA)an estoppel certificate.B)a lis pendens.C)a deficiency judgment.D)a mechanic's lien.a year after the assessment is approvedWhen is the first installment of a special assessment generally due?A)Immediately after the assessment is approvedB)After the interest is first paid in fullC)Whenever the property owner can afford itD)The year after the assessment is approved apartment buildingsAll of the following probably would be exempt from real estate taxes EXCEPTA)golf courses operated by the park district.B)public hospitals.C)synagogues and churches.D)apartment buildings.

$4,800 (The answer is $4,800. A mill is 1/1000 of a dollar:

$0.001. The mill rate is the tax on every dollar of the assessed value of property. A rate of 40 mills ($0.040) is applied to 75% of the $160,000 market value of the

property: $160,000 × 75% = $120,000, and $120,000 ×

$0.040 = $4,800.)

A specific parcel of real estate has a market value of $160,000 and is assessed for tax purposes at 75% of market value. The tax rate for the county in which the property is located is 40 mills. The tax bill will beA)$5,200.B)$5,000.C)$4,800.D)$6,400.specific, involuntary lienWhich of these characteristics apply to a real estate tax lien?A)General, involuntary lienB)General, voluntary lienC)Specific, voluntary lienD)Specific, involuntary lien a mechanic's lienA buyer is looking at a new construction home to purchase.What type of lien should the buyer be MOST concerned about?A)Attachment lienB)Mechanic's lienC)Mortgage lienD)IRS tax lien first to record, first in rightThe priority of liens meansA)first to record, first in right.B)first to publish, first to create.C)first to create, first to record.D)first to create, first in right.writ of executionWhich of these would permit a law enforcement officer to seize and sell a debtor's property?A)Lis pendensB)Writ of executionC)Satisfaction of judgmentD)Writ of attachment present the objection to a local board of appeal or reviewIf a property owner believes an error was made in determining the assessed property value, the owner

canA)present the objection to a local board of appeal or review.B)pay the amount the owner believes is correct.C)none of these.D)choose not to make any payments based on the assessment.

A writ of execution from the courtTo enforce a judgment, what must the creditor obtain?A)All of theseB)Permission from the debtorC)Documentation of the debtor's annual incomeD)A writ of execution from the court the lender records the financing documents A mortgage becomes a lien on real property whenA)the borrower receives the title to the property.B)the closing on the sale takes place.C)the lender records the financing documents.D)the borrower signs the security instrument.by using an equalization factorHow might a jurisdiction raise or lower property assessments?A)By using an equalization factorB)By using a VA taxC)By applying for state aidD)By enforcing a premium tax the assessed valuation of the propertyA property owner's real estate tax bill is computed by applying the tax rate toA)the assessed valuation of the property.B)the current market value of the property.C)the value of the owner's equity in the property.D)the most recent purchase price of the property.transfers along with the propertyA lien is an encumbrance, which means that it attaches to property andA)cannot be satisfied by anyone other than the person who encumbered the property.B)transfers along with the property.C)must be satisfied before ownership of the property can be transferred.D)requires approval of the lienholder before the property can be transferred.County - contractor - mortgage companyIn February, a homeowner contracted with a general contractor to have a basement storage space converted to a sauna, but never paid for the work. The homeowner stopped making mortgage payments in June. The owner is two years delinquent in property taxes to the county. The state gives mechanics' liens priority. If all of these creditors obtain judgments against the owner in November, what will be the priority of their liens (first to last)?A)County mortgage company contractorB)County contractor mortgage companyC)Contractor county mortgage companyD)Contractor mortgage company county it involves a debtor-creditor relationship Which statement is TRUE of both a mortgage lien and a judgment lien?A)It is an involuntary lien.B)It is a general lien.C)It must be entered by the court.D)It involves a debtor-creditor relationship.UniformityAn assessment equalization factor is used to achieveA)uniformity.B)novation.C)attachment.D)rescission.an involuntary lienWhen properly recorded in the county where the real estate of the defendant is located, a judgment becomesA)a voluntary lien.B)a specific lien.C)an involuntary lien.D)a statutory lien.

a specific lienA mechanic's lien is properly classified asA)a voluntary lien.B)a specific lien.C)an equitable lien.D)a general lien.All of theseA lien is created in which of the following ways?A)VoluntaryB)EquitableC)All of theseD)Involuntary $960 (The answer is $960. The tax owned on the property

is $960: $40,000 × 40% × 1.5 ÷ 100 × 4 = $960.)

The market value of an undeveloped parcel is $40,000. Its assessed value is 40% of market value, and properties in its county are subject to an equalization factor of 1.50. If the tax rate is $4 per $100, what is the amount of the tax owed on the property?A)$1,080B)$960C)$480D)$1,800 No, because there was no express or implied contract between the homeowner and the contractor A homeowner considered having a new garage built and talked about the project with a contractor. In April, while the homeowner was on vacation, the contractor began building the garage according to the man's specifications. Work was complete by the end of May. In June, the homeowner returned from vacation and refused to pay for the garage.The contractor decided to file a mechanic's lien in July. Is the contractor entitled to a lien?A)No, because there was no express or implied contract between the homeowner and the contractor.B)Yes, because the garage is not a part of an owner-occupied residence.C)Yes, because the garage was constructed according to the homeowner's specifications.D)No, because notice of the lien should have been filed in May, when the work was completed.the property owner or the owner's authorized representative To be entitled to a mechanic's lien on real estate, the person who did the work or supplied the materials for which payment is claimed must have a contract withA)the property owner or the owner's authorized representative.B)the owner that is signed by the owner.C)any of the companies that provide work or materials for the property improvement.D)the county recorder that establishes the legal status of the individual intending to file the lien.Order in which liens will be paid if property is sold to satisfy a debt Priority of liens refers to which of the following?A)Order in which liens will be paid if property is sold to satisfy a debtB)Fact that specific liens have greater priority than general liensC)Dates liens are filed for recordD)Order in which a debtor assumes responsibility for payment of obligations a vendor's lienA mortgage for the unpaid purchase price that belongs to the seller of real estate isA)a vendor's lien.B)a general lien.C)an equitable lien.D)a statutory lien.change the priority of a mortgageA subordination agreement is a written agreement between lienholders toA)change the priority of a mortgage.B)pay off all liens.C)change the interest rate on a mortgage.D)determine special assessments.