Real Estate Quiz Pt 5

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SassyStarfish
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275570
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Real Estate Quiz Pt 5
Updated:
2014-05-28 20:11:13
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Real esate quiz pt
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California Real Estate Quiz 5
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  1. An attachment lien is...
    a prejudgment lien on property, obtained to ensure the availability of funds to pay a judgment if the plaintiff prevails.
  2. An automatic homestead is...
    a homestead exemption that applies automatically to a homeowner's principal residence and that provides limited protection for the homeowner's equity in that residence against a judgment lien.
  3. A declared homestead is...
    the dwelling described in a homestead declaration.
  4. A defendant is...
    the one against whom a lawsuit is brought.
  5. A dwelling house homestead is...
    an automatic homestead.
  6. A general lien is...
    a lien that attaches to all of a person's nonexempt property.
  7. A  homestead declaration is...
    a recorded document that claims a particular dwelling (such as a house, condominiums, boat, or mobile home) as the owner's principal place of residence and that provides limited protection for the claimant's equity in the dwelling.
  8. A homestead exemption is...
    the amount of a homeowner's equity that may be protected from unsecured creditors.
  9. An involuntary lien is...
    a lien created by the operation of law, not by the voluntary acts of the debtor.
  10. A judgment is...
    a court's final determination of the rights and duties of the parties in an action before all.
  11. A lien is...
    an encumbrance against real property that is used to secure a debt and that can, in most cases, be foreclosed.
  12. Lien priority is...
    the order in which lien holders are paid.
  13. Lis pendens is...
    (Latin for: action pending) a notice of pendency of action.
  14. A mechanic's lien is...
    a specific lien claimed by someone who furnished labor or materials for a work of improvement on real property and who has not been fully paid.
  15. A notice of cessation is...
    a written form that notifies that all work of improvement on a piece of real property has ceased, and that limits the time in which mechanics liens may be filed against the property.
  16. A notice of completion is...
    a written form that notifies that a work of improvement on real property has been completed, and that limits the time in which mechanics liens may be filed against the property.
  17. A notice of non-responsibility is...
    a written notice that a property owner may record and post on the property to shield the owner from any liability for a work of improvement on the property that a lessee or a purchaser under a land sales contract authorized.
  18. A notice of pendency of action is...
    a notice that provides constructive notice to potential purchasers or encumrancers of a piece of real property of the pendency of a lawsuit in which an interest in that piece of real property is claimed.
  19. A plaintiff is...
    the one who brings a lawsuit.
  20. A preliminary notice is...
    a notice sent by someone who furnishes work or materials for a work of improvement on real property that creates a right to file a mechanics lien against the property.
  21. A specific lien is...
    a lien that attaches only to specific property.
  22. A voluntary lien is...
    a lien obtained through the voluntary action of the one against whose property the lien attaches.
  23. A writ is...
    a court order commanding the person to who it is directed to perform an act specified therein.
  24. A writ of attachment is...
    a writ ordering the seizure of property belonging to a defendant to ensure the availability of the property to satisfy a judgment if the plaintiff wins.
  25. A writ of execution is...
    a writ directing a public official (usually the sheriff) to seize and sell property of a debtor to satisfy a debt.
  26. Bob was awarded a money judgment in 2002. Bob recorded the judgment in 20011. The judgment lien Bob received is good until...
    2012. A judgment lien is good for ten years after the judgment.
  27. Sally files a notice of cessation regarding a construction project on her property. Bob, a laborer, has how long to file a mechanics lien?
    30 days. All furnishers of work or materials other than direct contractors have 30 days in which to file a mechanics lien after a notice of completion or cessation has been filed.
  28. Sally files a notice of cessation regarding a construction project on her property. A direct contractor has how long to file a mechanic's lien?
    60 days. A direct contractor has 60 days in which to file a mechanics lien after a notice of cessation or completion has been filed.
  29. Which of the following may arise after the outcome of a lawsuit?
    ~mechanics lien
    ~judgment lien
    ~lis pendens
    ~prejudgment attachment lien
    Judgment lien
  30. A subsequent contractor must file a lis pendens within how many days of foreclosing on a mechanic's lien?
    20 days.
  31. In order to be protected from liability, the owner of a property must post and record a notice of nonresponsibility within how many days of discovery of the work improvement?
    10 days. A notice of nonresponsibility must be posted and recorded within 10 days of discovery of the work of improvement.
  32. Sally was awarded a judgment against Janie for $10,000 in 2000. Sally recorded the judgment in 2012. Sally's lien would be good until.
    Sally never received a lien. In order to create a judgment lien, a judgment or abstract of judgment must be recorded within 10 years of entry of judgment.
  33. A mechanic's lien can be terminated when...
    The lien is paid. Pay of the lien debt will terminate a mechanics lien.
  34. If the owner of a property does not file a notice of completion or a notice of cessation, how long after the completion of work does a direct contractor have to file a mechanics lien?
    All furnishers of work or materials including direct contractors have 90 days after the completion of the work to file a mechanics lien if the owner of the property does not file a notice of completion or cessation.
  35. A notice of pendency of action may be filed in which of the following actions?
    A lis pendens can only be obtained in an action that may affect the title to real property.
  36. In order to preserve his or her right to file a mechanic's lien, a wage earner must file a preliminary notice within how many days of beginning to furnish work for a work of improvement?
    A wage earner does not need to file a preliminary notice.
  37. An involuntary lien can be which of the following?
    ~mechanic's lien
    ~judgment lien
    ~tax lien
    ~all of the above
    All are involuntary liens.
  38. Which of the following words is least related to the others?
    ~notice of nonresponsibility
    ~general lien
    ~mechanic's lien
    ~preliminary notice
    A notice of nonresponsibility, all the other options are terms associated with a mechanics lien which is a specific lien.
  39. A declared homestead can give protection from all of the following except...
    ~federal income tax liens
    ~mechanic's liens
    ~a deed of trust foreclosure
    ~none of the above
    None of the above. A declared homestead does not give protection from any of the others.
  40. An attachment lien may be obtained in which legal actions?
    • 1. An action arising from the business dealings of an individual, where the amount of the claim is over $500
    • 2. An action against a business, where the amount claimed is over $500

    An attachment lien can only be obtained against either a business or natural person engaged in business, where the amount claimed is over $500.
  41. Bob, who is single and lives alone, owns a house that has a fair market value of $310,000. He still owes $250,000 on a deed of trust against the house. Joe obtained a judgment lien against Bob in the amount of $25,000. Joe can do what to Bob?
    Nothing. Bob only has $60,000 of equity in the house an it is covered by the homestead exemption ($75,000) so Joe cannot foreclose on the property.
  42. Sally, who is 66 years old, owns a house that has a fair market value of $300,000. Sally still owes $100,000 on a deed of trust against the house. Sally has failed to file a declaration of homestead. Bob obtains a judgment lien against Sally in the amount of $250,000. The most that Sally can receive from a foreclosure sale of her house is...
    $175,000. Sally is 66 years old, so her automatic homestead exemption is $175,000, while the equity in the home is $200,000. Therefore, Bob can foreclose on the house, but the order of payment is $100,000 to the lender, and the next monies to Sally for her homestead exemption.
  43. To have a judgment lien there must be
    A recording of judgment or an abstract of judgment. One does not need a lis pendens to have a judgment lien.
  44. For a judgment lien, priority is determined by the date of...
    Recording the judgment. For a judgment lien, priority is determined by the date of recording the judgment.
  45. Sally, who is 35, married and has one child living at home, owns a house that has a fair market value of $400,000. She still owes $200,000 on the deed of trust against the house. Bob obtains a judgment lien in the amount of $190,000 against Sally and forecloses on the house. The total cost of the foreclosure proceedings is $10,000. Sally will likely obtain how much from the foreclosure sale?
    $100,000. Sally has $200,000 in her home, and she is married so her homestead exemption is $100,000, all of which is covered by the surplus equity in a home.
  46. Unless earlier discharged, an attachment lien continues for how many years?
    3
  47. Which of the following is not a specific lien?
    ~mechanic's lien
    ~property tax lien
    ~special assessment lien
    ~none of the above
    None. All of the liens listed are specific liens.
  48. After judgment, a creditor would create a lien by filing...
    ~a writ of execution
    ~a writ of attachment
    ~a lis pendens
    ~none of the above
    None. He would record the judgment or an abstract of judgment.
  49. After a lawsuit is begun, a court rules that a lien should be placed on certain parcel of real estate. This lien would be...
    This would be a prejudgment attachment lien.
  50. A declared homestead may provide protection against foreclosure of judgment lien, but not these...
    A homestead exemption may provide protection against a judgment lien, but not against a deed of trust, a mechanic's lien, or a property tax lien.

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