Chapter 5 Flashcards
A mechanic’s lien would be properly classified as a(n):
Involuntary lien
Judgment liens are:
Involuntary liens
After real estate taxes have been sold by the state or county to satisfy a delinquent tax lien, the defaulted owner usually has a right to:
Redeem the property within the time specified by law
Normally, the priority of general liens is determined by:
The order in which they are filed or recorded
The current value of a property is $248,500. 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?
$5,964
If the market value of property is $584,500 and the assessed ratio is 40%, what are the monthly taxes if the tax rate is 30 mills?
$584.50
Taxes levied on a property owner to pay to install sidewalks or sewers are called:
Special assessments
Which of the following is true of the Illinois homestead exemption?
it reduces the assessed value of certain residential properties
When properly recorded in the county where the real estate of the defendant is located, a judgment becomes a(n):
involuntary lien.
When a company furnishes materials for the construction of a house and is subsequently not paid, it may file a(n):
mechanic’s lien.
Which of the following liens does not need to be recorded to be valid?
Real estate tax lien
When a lien against a parcel of real estate may result from a lawsuit currently before the court, one examining the public records would look for:
a lis pendens.
The current market value of a property is $335,000. For tax purposes, it is assessed at 40 percent of market value. The tax rate is $4 per $100 of assessed value. What is the amount of the tax due?
$5,360
Under which of the following types of liens can both the real property and the personal property of the debtor be sold to pay the debt?
Judgment lien
Mechanic’s liens are based on:
state law.
Which of the following is a voluntary lien?
Mortgage lien
Which of these is a lien on real estate?
A recorded mortgage
A mechanic’s lien can be filed against an owner’s real estate by a(n):
lumber company furnishing materials ordered by the property owner
Mechanics liens must be filed within _________ of job completion.
4 months
A court orders real estate to be sold to satisfy an unpaid mortgage lien is an action known as a(n):
foreclosure.
Gordon has defaulted in the payment of several of his debts, and the court has ordered his property sold to satisfy them. A title search revealed several outstanding liens against the property. Which of the following liens has first priority?
The current year’s real estate tax lien
All of the following are specific liens EXCEPT:
judgments.
All of the following are specific liens:
real estate taxes, mortgages, mechanic’s liens.
The assessed value is based on:
Sales price of comparable properties
What is the difference between a general and a specific lien?
A general lien covers all of the debtor’s property, while a specific lien covers only a certain piece of real property.
Specific liens include all of the following:
real estate taxes, mechanics lien, special assessments.
A mechanics lien can be placed on:
real property only.
Specific liens include all of the following except for:
judgements.
Debts that are incurred by an individual and become liens against all real property owned by that person are:
voluntary liens.
What would a judgment, a lis pendens notice and a foreclosure have in common?
They are all involuntary liens.
Which of the following is NOT a specific lien?
IRS lien
George 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. George may find that a lien has been placed against his:
duplex.
At which of the following sales do interested parties try to purchase the tax lien to a property?
Annual
What is the rate of assessment in most of Illinois?
33.33% of fair market value.
In Illinois, a contractor’s right to a lien expires how long after completion of the work, if no suit is filed within that time?
2 years
In Illinois, when does a judgment become a general lien on a defendant’s real and personal property?
At the time it is recorded in the county recorder’s office
All of the following are entitled to a lien on property in Illinois:
commercial real estate brokers, subcontractors, general contractors.
All of the following are entitled to a lien on property in Illinois, EXCEPT:
residential real estate brokers.
