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a USE THIS ONE 2 > Chapter 10: Real Estate Taxes And Other Liens > Flashcards

Chapter 10: Real Estate Taxes And Other Liens Flashcards

1
Q

Encumbrance

A

Any charge or claim that attaches to real property and lessons it’s value or impairs its use

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2
Q

Voluntary lien

A

Created intentionally by the properties owners actions, such as when someone takes out a mortgage

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3
Q

Involuntary lien

A

Not a matter of choice; it is created by the law. It may be either statutory or equitable

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4
Q

Statutory lien

A

Created by statute. A real estate tax lien, is an involuntary, statutory lien

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5
Q

Equitable lien

A

Created by a court to ensure the payment of a judgment as well as by agreement

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6
Q

General liens

A

Fax all property, both real and personal

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7
Q

Specific Liens

A

Secured by specific property and effect only that particular property

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8
Q

What are the four ways to create a lien. VISE

A

Voluntary
Involuntary
Statutory
Equitable

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9
Q

Priority of liens

A

Liens take priority from the date that they are recorded in the public records of the county in which the property is located

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10
Q

What lean takes priority as provided by state law but never over tax and special assessment liens

A

Mechanics lien

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11
Q

What is used to achieve uniformity. It may be applied to raise or lower assessments in a particular district or county

A

Equalization factor

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12
Q

Assessed value x equalization factor - exemptions x tax rate = ?

A

Annual tax

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13
Q

General real estate taxes are payable into equal installments in the year after they are levied

A

One half by June 1 in the second half by September 1

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14
Q

Real estate taxes that have remained delinquent for the statutory period Can be collected through what

A

Tax sale

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15
Q

Sometimes called a deed of trust Lane, it is a voluntary lien on real estate given to a lender by a borrower as security for a real estate loan

A

Mortgage lien

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16
Q

A specific, involuntary lien that get security to persons or companies that perform labor or furnish material to improve real property

A

Mechanics lien

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17
Q

How soon after the work is completed can a contractor with unpaid bills enforce their lien rights

A

Four months

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18
Q

Should be collected by the landowner from each contractor and subcontractor to create a continuing record that all lien claimants have released their lien rights

A

Lien waivers

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19
Q

And order issued by a court that settles and defines the rights and obligations of the parties to a lawsuit. Is a general, involuntary, equitable lien on both real and personal property owned by the debtor

A

Judgment

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20
Q

What taxes are general, statutory, involuntary liens that encumber a deceased persons real and personal property

A

Federalist state taxes and state inheritance taxes

21
Q

Lien

A

A charge our claim against property that is made to enforce the payment of money

22
Q

When properly recorded in the county where the real estate of the defendant is located, a judgment becomes?

A

Involuntary lien

23
Q

When a company furnishes materials for the construction of the house and is subsequently not paid, it may file?

A

Mechanics lien

24
Q

What lean does not need to be recorded to be valid?

A

Real estate tax lien

25
Q

When a lien against a parcel of real estate may result from a lawsuit currently before the court, when examining the public records would look for?

A

A lis pendens

26
Q

A mechanics lien will be properly classified as?

A

Statutory lien

27
Q

The current market value of the property is $335,000. For tax purposes, it is assessed at 40% of market value. The tax rate is $4 per $100 of assessed value. What is the amount of the tax due?

A

$5360

28
Q

Under which type a lien can both the real property and personal property of the debtor be sold to pay the debt?

A

Judgment lien

29
Q

What type of lien is a voluntary lien?

A

Mortgage lien

30
Q

I mechanics liens are based on?

A

State law

31
Q

Court orders real estate to be sold to satisfy an unpaid mortgage lien is an action known ass?

A

Foreclosure

32
Q

Mechanics lien can be filed against an owners real estate by?

A

A lumber company furnishing materials ordered by the property owner

33
Q

Judgement liens are?

A

Involuntary liens

34
Q

Property owner contracted to have a heated gazebo constructed on a property. When he did gazebo was finished, the owner refused to pay for the improvement, and the contractor file the lien for nonpayment. This lien was most likely?

A

Specific lien

35
Q

A property owner has defaulted in the payment of several dots, and the court has ordered his property to be sold to satisfy them. A title search revealed several outstanding liens against the property. What lien would have first priority?

A

The current years real estate tax lien

36
Q

After the state or county sells real estate in order to satisfy a delinquent tax lien, the default it owner usually has a right to?

A

Redeem the property within the time specified by the law

37
Q

Normally, the priority of liens is determined by?

A

The order in which they are filed or recorded

38
Q

What type of liens are specific liens?

A

Real estate taxes

Mortgages

Mechanics lien

39
Q

What would be a lien on real estate?

A

Recorded mortgage

40
Q

When establishing the general rule related to priority of liens?

A

The date on which the lien was recorded determines priority

41
Q

The current value of the property is $340,000 the property is assessed at 40% of its current value, with an equalization factor of 1.5 applied to the assessed value. If the tax rate is $4 per $100 of assessed value, what is the amount of tax due on the property?

A

$8160

42
Q

What is the difference between a general and a specific lien?

A

General lien covers all the debtors property, while a specific lien covers only a certain piece of real property

43
Q

If the market value of the property is $284,500 and the assessment rates ratio is 35%, what are the monthly taxes at the tax rate is 30 Mills?

A

$248.94

44
Q

Taxes levied on a property owner to help fund the installment of sidewalks or sewers are called?

A

Special assessments

45
Q

That’s that are incurred by an individual and become liens against all real property owned by that person are?

A

Voluntary liens

46
Q

What do a judgment, Lis pendens notice and a foreclosure have in common?

A

They’re all involuntary liens

47
Q

What would be an example of a general lien?

A

IRS lien

48
Q

Man owns a principal place of residence and a duplex. He pays the property taxes on his home, but fails to pay the property taxes on the duplex. The man may find that a lien has been placed against his?

A

Duplex

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