Real Estate Taxes and Liens
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Which lien affects all real and personal property of a debtor?
Priority of liens refers to which of the following?
a.) Order in which a debtor assumes responsibility for payment of obligations.
b.) Order in which liens will be paid if property is sold to satisfy a debt.
c.) Dates liens are filed for record.
d.) Fact that specific liens have greater priority than general liens.
A lien on real estate made to secure payment for a specific municipal improvement project is which of the following?
a.) Mechanic's lien
b.) Special assessment
c.) Ad valorem
d.) Utility lien
Which of the following would be classified as a general lien?
a.) Mechanic's lien
b.) Bail bond lien
d.) Real estate taxes
Which lien usually would be given highest priority in disbursing funds from a foreclosure sale?
a.) Mortgage dated last year.
b.) Real estate taxes due
c.) Mechanic's lien for work started before the mortgage was made.
d.) Judgment rendered the day before foreclosure.
A specific parcel of real estate has a market value of $160,000 and is assessed for tax purposes at 75 percent of market value. The tax rate for the country in which the property is located is 40 mills. The tax bill will be:
Which tax would target homeowners in particular?
a.) Personal property tax
b.) Sales tax
c.) Real property tax
d.) Luxury tax
A mechanic's lien claim arises when a contractor has performed work or provided material to improve a parcel of real estate on the owner's order and the work has not been paid for. Such a contractor has a right to:
a.) tear out the work.
b.) record a notice of the lien.
c.) record a notice of the lien and file a court suit within the time required by state law.
d.) have personal property of the owner sold to satisfy the lien.
What is the annual real estate tax on a property valued at $135,000 and assessed for tax purposes at $47,250, with an equalization factor of 125 percent, when the tax rate is 25 mills?
Which of the following is a voluntary, specific lien?
a.) IRS tax lien
b.) Mechanic's lien
c.) Mortgage lien
d.) Seller's lien
A seller sold a buyer a parcel of real estate. Title has passed, but to date the buyer has not paid the purchase price in full, as originally agreed. If the seller wants to force payment, which remedy would the seller be entitled to seek?
b.) Mechanic's lien
c.) Lis pendens
A general contractor recently files suit against a homeowner for nonpayment. The contractor now learns that the homeowner has listed the property for sale with a real estate broker. In this situation, which of the following will the contractor's attorney use to protect the contractor's interest?
a.) Seller's lien
b.) Buyer's lien
d.) Lis pendens
Which statement MOST accurately describes special assessment liens?
a.) They are general liens.
b.) They are paid on a monthly basis.
c.) They take priority over mechanics' liens.
d.) They cannot be prepaid in full without penalty.
Which of the following creates a lien on real estate?
a.) Easement running with the land
b.) Unpaid mortgage loan
Which statement if TRUE of both a mortgage lien and a judgment lien?
a.) They must be entered by the court.
b.) They involve a debtor-creditor relationship.
c.) They are general liens.
d.) They are involuntary liens.
A mechanic's lien would be available to all of the following EXCEPT a:
The right of a defaulted taxpayer to recover property before its sale for unpaid taxes is the:
a.) statutory right of reinstatement.
b.) equitable right of appeal.
c.) statutory right of assessment.
d.) equitable right of redemption.
Which of the following is a specific, involuntary, statutory lien?
a.) Real estate tax lien
b.) Income tax lien
c.) Estate tax lien
d.) Judgment lien
General real estate taxes levied for the operation of the government are called:
a.) assessment taxes
b.) ad valorem taxes
c.) special taxes
d.) improvement taxes
All of the following probably would be exempt from real estate taxes EXCEPT a(n):
a.) public hospital
b.) golf course operated by the pard district
c.) community church
d.) apartment building
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