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Chapter 1 : Intro to Real Estate and Real Property > Chapter 5 quiz > Flashcards

Chapter 5 quiz Flashcards

1
Q

A mechanic’s lien would be properly classified as a(n):
Equitable lien
Involuntary lien
General lien
Unstatutory lien

A

Involuntary lien

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2
Q

Judgment liens are:
Specific liens
Voluntary liens
Priority liens
Involuntary liens

A

Involuntary liens

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3
Q

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:
Have the sale canceled by paying the back taxes and penalties
Pay his or her creditors directly and have their liens removed
Redeem the property within the time specified by law
Record a notice of non-responsibility for the unpaid taxes

A

Redeem the property within the time specified by law

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4
Q

Normally, the priority of general liens is determined by:
The order in which they are filed or recorded
The order in which the cause of action arose
The size of the claim
The court

A

The order in which they are filed or recorded

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5
Q

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?
$5,640
$5,964
$51,600
$52,400

A

$5,964

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6
Q

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?
$5887.25
$5942.50
$584.50
$587.72

A

$584.50

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7
Q

Taxes levied on a property owner to pay to install sidewalks or sewers are called:
Ad valorem taxes
General property taxes
Special excise taxes
Special assessments

A

Special assessments

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8
Q

Which of the following is true of the Illinois homestead exemption?
It exempts all of a homeowner’s property from real estate taxes
it reduces the assessed value of certain residential properties
It does not apply to homeowners. over the age of 65
It shelters up to $15,000 of a homeowner’s land buildings from creditors

A

it reduces the assessed value of certain residential properties

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9
Q

When properly recorded in the county where the real estate of the defendant is located, a judgment becomes a(n):
voluntary lien.
involuntary lien.
specific lien.
juried lien.

A

involuntary lien.

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10
Q

When a company furnishes materials for the construction of a house and is subsequently not paid, it may file a(n):
deficiency judgment.
lis pendens.
estoppel certificate.
mechanic’s lien.

A

mechanic’s lien.

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11
Q

Which of the following liens does not need to be recorded to be valid?
Mortgage lien
Real estate tax lien
Judgment lien
is pendens lien

A

Real estate tax lien

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12
Q

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:
the chain of title.
a lis pendens.
a suit to quiet title.
a judgment lien.

A

a lis pendens.

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13
Q

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
$5,625
$5,705
$5,740

A

$5,360

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14
Q

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?
Real estate tax lien
Mechanic’s lien
Judgment lien
Assessment lien

A

Judgment lien

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15
Q

Which of the following is a voluntary lien?
Mortgage lien
Estate tax lien
Real estate tax lien
Judgment lien

A

Mortgage lien

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16
Q

Mechanic’s liens are based on:
federal law.
state law.
common law.
case law.

A

state law.

17
Q

A court orders real estate to be sold to satisfy an unpaid mortgage lien is an action known as a(n):
encumbrance.
attachment.
seizure.
foreclosure.

A

foreclosure.

18
Q

A mechanic’s lien can be filed against an owner’s real estate by a(n):
real estate salesperson claiming part of the broker’s commission.
lumber company furnishing materials ordered by the property owner.
real estate broker claiming a commission under a rejected offer.
individual who obtained a judgment against the property owner.

A

lumber company furnishing materials ordered by the property owner.

19
Q

Mechanics liens must be filed within _________ of job completion.
4 months
6 months
1 months
2 months

A

4 months

20
Q

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 outstanding first mortgage lien dated and recorded one year ago
The current year’s real estate tax lien
The judgment lien rendered and recorded last month
The mechanic’s lien for work started two months before the mortgage was recorded

A

The current year’s real estate tax lien

21
Q

All of the following are specific liens EXCEPT:
real estate taxes.
judgments.
mortgages.
mechanic’s liens.

A

judgments.

22
Q

Which of these is a lien on real estate?
An easement
A recorded mortgage
An encroachment
A restrictive covenant

A

A recorded mortgage

23
Q

The assessed value is based on:
Sales price of comparable properties
Tax adjustment of the property
Board of appeals evaluation
Market value

A

Sales price of comparable properties

24
Q

What is the difference between a general and a specific lien?
A general lien cannot be enforced in court, while a specific lien can be enforced.
A specific lien is held by one person, while a general lien is held by at least two persons.
A general lien covers all of the debtor’s property, while a specific lien covers only a certain piece of real property.
A specific lien covers real estate, while a general lien covers personal property.

A

A general lien covers all of the debtor’s property, while a specific lien covers only a certain piece of real property.

25
Q

A mechanics lien can be placed on:
real and personal property.
personal property only.
real property only.
neither real nor personal property.

A

real property only.

26
Q

Specific liens include all of the following except for:
real estate taxes.
judgements.
mechanics lien.
special assessments.

A

judgements.

27
Q

Debts that are incurred by an individual and become liens against all real property owned by that person are:
voluntary liens.
specific liens.
fiduciary encumbrances.
special assessments.

A

voluntary liens.

28
Q

What would a judgment, a lis pendens notice and a foreclosure have in common?
They are all voluntary liens.
They are all involuntary liens.
They are liens but would not create a cloud on the title.
They are all general liens.

A

They are all involuntary liens.

29
Q

Which of the following is NOT a specific lien?
ad valorem taxes
mechanics’ lien
IRS lien
special assessment

A

IRS lien

30
Q

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:
home.
duplex.
home and duplex.
home, duplex and personal property.

A

duplex.

31
Q

What is the rate of assessment in most of Illinois?
15 percent of fair market value.
33.33% of fair market value.
33.33% of sales price.
15 percent of average assessed valuation.

A

33.33% of fair market value.

32
Q

At which of the following sales do interested parties try to purchase the tax lien to a property?
Scavenger
Forfeiture
Annual
General

A

Annual

33
Q

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?
6 months
1 year
18 months
2 years

A

2 years

34
Q

In Illinois, when does a judgment become a general lien on a defendant’s real and personal property?
Seven years after it is recorded in the Illinois Office of Title and Recordation
At the time it is recorded in the county recorder’s office
Six months after judgment is entered in the county record
As soon as all creditors and lien holders receive written notice by certified mail

A

At the time it is recorded in the county recorder’s office

35
Q

All of the following are entitled to a lien on property in Illinois, EXCEPT:
commercial real estate brokers.
residential real estate brokers.
subcontractors.
general contractors.

A

residential real estate brokers.

Chapter 1 : Intro to Real Estate and Real Property (12 decks)

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