national chap 15 real estate taxes and other liens quiz Flashcards

national chap 15 real estate taxes and other liens quiz Flashcards d (judgment. seller could seek monetary judgment based on vendor/seller lien for unpaid portions of purchase price not secured by mortgage) buyer purchased parcel of real estate. title has passed but to date buyer has not paid purchase price in full, as originally agreed. if seller wants to force payment which remedy is seller entitled to seeka. attachmentb. mechanics lienc. lis pendensd. judgment d (4800. mill is 1/1000 of dollar .001. mil rate is tax on every dollar of assessed value of property. a rate of 40 mills .040 is applied to 75% of 160,000 market value of property. 160000 x 75% = 120,000 and 120,000 x .040 = 4800) specific parcel pf real estate has market value of $160,000 and is assessed for tax purposes at 75% of market value.tax rate for county in which property is located at 40 mills.tax bill will bea. 6400b. 5000c. 5200d. 4800 c (mortgage lien. created voluntarily by borrower. borrower names specific property in mortgage agreement that serves as security for lender) which of following is voluntary specific liena. its tax lienb.mechanics lienc. mortgage liend. sellers lien d (apartment buildings. properties like public hospitals/parks and religious institutions are exempt from Real estate taxes usually. apartment buildings operated as investment properties are taxed) all of following probably would be exempt from real estate taxes excepta. public hospotalsb. gold courses operated by park districtc. synagogues and churchesd. apartment buildings c (take priority over mechanics liens. Real estate taxes and special assessments take priority over all other liens) which statement most accurately describes special assessment liensa. they are general liensb. paid on monthly basisc. they take priority over mechanics liensd.cannot be prepaid in full without penalty b (real estate taxes due, unpaid real estate taxes take priority when property is liquidated at foreclosure sale. they are statutory lien w priority over liens created by contract like mortgages) which lien usually would be given highest priority in disbursing funds from foreclosure salea. mortgage dated last yearb. real estate taxes duec. mechanics lien for work started before mortgage maded. judgment rendered day before foreclosure b (involves debtor creditor relationship. both involve this.mortgage lien is specific not general and is voluntary entered by lender. lien executed by legal action upon default of borrower) which statement is true of both mortgage lien and judgment liena. must be entered by courtb. involves debtor creditor relationshipc. general liend. involuntary lien b (special assessment lien. specific improvements are paid for by special assessments) lien on real estate made to secure payment for specific municipal improvement project is which of followinga.mechanics lienb. specific assessment lienc. ad valoremd.utility lien b (unpaid mortgage loan. encumbrances like easements/encorachments dont involve liens. license is personal, revocable privilege. mortgage agreement creates voluntary specific lien) which of following creates lien on real estatea. easement running w landb. unpaid mortgage loanc. licensed.encroachment b (ad valorem taxes. general real estate tax- ad valorem tax- creates specific lien. word general in this context distinguishes tax from special assessment for specific

project or neighborhood) general real estate taxes levied for operation of govt area.assessment taxesb. ad valorem taxesc. special taxesd.improvement taxes

d (real estate profs. contractors, subcontractors, surveyors all have standing to seek mechanics lien. real estate profs typically do not have right to place liens on property they have sold and for which they have not been paid commission wed to them) mechanics lien would be available to all of following excepta. subcontractorsb. contractorsc. surveyorsd. real estate profs d (equitable right of redemption. this exists bc its only fair/equitable that property owner be permitted to save property before tax sale or foreclosure sale by paying amount owed in full) right of defaulted taxpayer to recover property before its sale for unpaid taxes isa. statutorily right of reinstatementb.equitable right of appealc. statutory right of assessmentd.equitable right of redemption a (real estate tax lien - always specific piece of realty.happens without permission of property owner and is involuntary, created by statute. it is specific involuntary, statutory) which of following is specific involuntary statutory liena. real estate tax lienb. income tax lienc. estate tax liend.judgment lien d (general. general lien attaches to all of debtors property as opposed to specific lien which affects only specific property) which lien affects real and personal property of debtora.specificb. voluntaryc. involuntaryd. general b (order in which liens will be paid if property is sold to satisfy debt. priority of liens refers to order in which claims against property will be paid off. rule for priority of liens is first come first served but there are exceptions like taxes/assessments) priority of lien refers to whicha. order in which debtor assumes responsibility for payment of obligationsb. order in which liens will be paid if property is sold to satisfy debtc.dates liens filed for recordd. fact that specific liens have greater priority than general liens c (required notice of lien and file court suit within time required by state law. contractor has specific statutory rights that are limited to real property for which contractor performed work or supplied materials) mechanics lien claim arises when contractor has performed work or provided material to improve parcel of real estate on owners order and work has not been paid for. contractor has right toa. tear out the workb. record notice of lienc.record notice of lien and file court suit within time required by state lawd. have personal property of owner sold to satisfy lien d (1477. tax = assessed value x equalization factor x tax rate. millage rate is tax on each dollar of assessed value. 1

mill = .001: 25 mills = .025. 47250 x 125% = 59062.5.

59062.5 x .025 = 1476.56. best answer is 1477) what is annual real estate tax on property valued at 135,000 and assessed for tax purposes at 47250 w equalization factor of 125% when tax rate is 25 millsa.945b. 1181c.1418d. 1477 d (lis pendent. recorded lis pendent notice of action pending warns any potential purchaser that property is subject to pending legal action. such notice might prompt buyer to consider very) general contractor recently filed suit against homeowner for nonpayment. contractor now learns that homeowner has listed property for sale w real estate prof. in this situation which of the following will contractors attorney use to protect contractors interesta. sellers lienb. buyers lienc.assessmentd. lis pendent c (real property tax. real property /ad valorem tax falls on those who own real property like homeowners) which tax targets homeowners in particulara. personal property taxb. franchise taxc. real property taxd. luxury tax c (judgment. judgment lien is not just on some specific assets but on assets of debtor in general) which of following is classified as general liena. mechanics lienb. bail bond lienc. judgmentd. real estate taxes