Ch. 9 - Liens and Easements Flashcards
An ______ is an interest in and right to real property that limits the legal owner’s freehold interest. In effect, it is another’s right to use or take possession of a legal owner’s property, or to prevent the legal owner from enjoying the full bundle of rights in the estate.
encumbrance
____ and _____ are the most common types of encumbrance.
Liens and easements
A _____ is a creditor’s claim against personal or real property as security for a debt of the property owner.
lien
A ______ is a lien against the property for ten years.
judgment
Most liens do not convey ownership. What is the one exception to that rule?
mortgage lien
A tax levied on corporations for doing business in the state. This tax is based on the net profit of the business and if it is not paid, it becomes a lien on all the property, both real and personal, that the corporation owns.
corporation franchise tax
What type of lien takes priority over all other liens?
Real Property Tax Lien (Ad Valorem tax lien)
If a property owner fails to pay for work performed or materials supplied, a worker or supplier can file a _____ lien to force the sale of the property and collect the debt.
mechanic’s
What factors determine lien priority?
The lien’s categorization as superior or junior
The date the lien was recorded
An easement _______ attaches to the estate and transfers with it unless specifically stated otherwise in the transaction documents
appurtenant
An easement _______ is a personal right to use and does not attach to the grantor’s estate.
in gross
An _______ is the unauthorized, physical intrusion of one owner’s real property into that of another. An example would be a driveway extending beyond the lot line onto the neighbor’s land.
encroachment
_____ is a legal document giving notice of an action that has been filed against a parcel of property.
Lis pendens
Lien for failure to pay any taxes relating to income.
Internal Revenue Service Liens
