Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

WV Real Estate Exam 7- End > Chapter 15 Taxes and insurance > Flashcards

Chapter 15 Taxes and insurance Flashcards

1
Q

Lien

A

Financial encumbrance on property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

First test on lien

A

Voluntary or involuntary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Second test of lien

A

General or
Specific

Personal or real property

General-personal and real
Specific- just the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Third test lien

A

Statutory or equitable

Law book vs judgement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Only two lien are voluntary

A

Bail bond and mortgage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Real estate tax

A

Ad valorem taxes

General & special assessment(improvement tax)

Exemption
Assessed value- appraised by country
Equalization- corrects inequities to raise or lower a certain asses value (specific bills)

Most powerful lien

Orde priority:
Sheriff- re taxes
City special assessments
Municipal utilities 
Mechanic lien
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Subordination

A

Written agreement between lien holders to change priority. Cut line

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Re tax bill

A

Due by December

Discount if u pay between July-November

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

House before sold

A

Equitable right of redemption

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

After sold

A

Statutory right of redemption

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Special assessments

A

Taxes to improve public improvement on property

Always specific and statutory

Can be voluntary or involuntary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Homeowner tax relief

A

Negative side or home value going up- Millage rate goes up

Laws allowing homeowner to pay less taxes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Mortgage

A

Voluntary specific and equitable

Needs to be recorded

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Mechanic lien

A

Involuntary specific and statutory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Judgement lien

A

Involuntary general and equitable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Lis pendons

A

Legal trouble in the future

Pending litigation

17
Q

Attachment

A

Judgement - sherif takes control on property so you can’t sell it

Involuntary specific and statutory

Creditor must deposit money in a surety bond if you are found innocent

18
Q

Writ of execution

A

Permits the sheriff to seize your property

19
Q

Corporation franchise lien

A

Franchise can conduct business in a certain state

Involuntary
General
Statutory

20
Q

A mill

A

1/1000 of a dollar

21
Q

Notice of non responsibility

A

If renter does home improvement, you are not responsible for paying them back

WV Real Estate Exam 7- End (15 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions