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Real Estate > Chapter 8 - Real Estate Taxes and Liens > Flashcards

Chapter 8 - Real Estate Taxes and Liens Flashcards

1
Q

Which of the following BEST refers to the type of lien that affects all real and personal property of a debtor?

  • Voluntary Lien
  • Specific Lien
  • Involuntary Lien
  • General Lien
A

General Lien

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2
Q

Priority of liens refers to the …

A

order in which liens will be paid if property is sold by court order to satisfy a debt

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3
Q

A lien on real estate made to secure payment for specific municipal improvements to a parcel of real estate is …

A

a special assessment

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4
Q

Which of the following is classified as a general lien?

  • Judgement
  • Bail Bond Lien
  • Ad Valorem Real Estate Taxes
  • Mechanic’s Lien
A

Judgement

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5
Q

In disbursing funds from a foreclosure sale, the highest priority is usually be given to …

A

real estate taxes due

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6
Q

A specific parcel of real estate has a market value of $180, 000 and is assessed for tax purpose at 25% of market value. The tax rate for the country in which the property is located is 30 mills. The tax bill will be …

A

$1,350

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7
Q

Which of the following may become a lien on real estate?

  • An encroachment
  • A restrictive covenant
  • An easement
  • Domestic Support Order
A

Domestic Support Order

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8
Q

A mechanic’s lien claim arises when a general contractor has performed work or provided material to improve a parcel of real estate on the owner’s order and the work has not been paid for. Such a contractor has a right to …

A

record a notice of the lien and file a court suit within the time required by state law.

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9
Q

A seller sold a buyer a parcel of real estate. Title has passed, but to date the buyer has not paid the purchase price in full, as originally agreed. To force payment, the seller should seek …

A

A judgement

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10
Q

A general contractor will soon file a suit against a homeowner for nonpayment. The contractor just learned that the homeowner has listed the property for sale with a real estate broker. In this situation, to protect the contractor’s interest, the contractor’s attorney will use …

A
  • A Lis Pendens
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11
Q

Taxes levied for the operation of the government are called

A

Ad Valorem Taxes

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12
Q

Which of the following is most likely subject to real estate taxes?

A

An Apartment Building

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13
Q

In what time frame, if any, is a Pennsylvania contractor permitted to file a mechanic’s lien?

A

Within six months of completing the work

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14
Q

The property owners whose land the city recently installed sidewalks will pay for these sidewalks through …

A

A Special Assessment

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15
Q

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

A

-a mechanic’s lien

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16
Q

What encumbrance against real property is ALWAYS monetary?

A

-Tax Lien

17
Q

What is an example of a voluntary lien?

A

-Mortgage Lien

18
Q

What type of lien is a court-ordered judgement entered against the real property owned by the debtor requiring the debtor to pay the balance on a delinquent charge account?

A

-Equitable Lien

19
Q

Pennsylvania law requires counties and municipal governments to adopt budgets and to set tax rates on a

A

January -to-December calender year

20
Q

A lumber company that furnished materials ordered by the property owner was not paid for the materials. What recourse is available to the lumber company in Pennsylvania?

A

File a mechanic’s lien within six months after the wok was completed.

21
Q

Which of the following BEST refers to the type of lien that affects all real and personal property?

  • Voluntary Lien
  • Specific Lien
  • Involuntary Lien
  • General Lien
A

-General Lien

22
Q

Priority of liens refers to the …

A

order in which liens will be paid if property is sold by the court order to satisfy a debt

23
Q

A lien on real estate made to secure payment for specific municipal improvements to a parcel of real estate is

A
  • a special assesment
24
Q

Which of the following is classified as a general lien?

  • Judgement
  • Bail Bond Lien
  • Ad Valorem real estate tax
  • Mechanic’s Lien
A

-judgement

25
Q

In disbursing funds from a foreclosure sale, the highest priority is usually to be given to …

A

real estate taxes due

26
Q

Which if the following may become a lien on real estate?

  • An encroachment
  • A restrictive covenant
  • An easement
  • Domestic Support Order
A

-Domestic Support Order

27
Q

A mechanic’s lien claim arises when a general contractor has performed work or provided material to improve a parcel of real estate on the owner’s order and the work has not been paid for. Such a contractor has a right to …

A

record a notice of the lien and file a court suit within the time required by state law

28
Q

A seller sold a buyer a parcel of real estate. Title has passed, but to date the buyer has not paid the purchase price in full, as originally agreed. To force payment, the seller should seek

A
  • a judgement
29
Q

What is a Lis Pendes?

A
  • a recorded notice of a lawsuit that is awaiting trial in court and that may result in a judgement that will affect title to a parcel of real estate
30
Q

What is a judgement?

A
  • a court decree obtained by a creditor, usually for a money award from a debtor. The lien of a judgement can be enforced by issuance of a writ of execution and sale by the sheriff to pay the judgement amount and costs.
31
Q

Taxes levied for the operation of the government are called?

A

-Ad Valorem Taxes

32
Q

Which of the following is most likely subject to real estate taxes?

  • An Apartment building
  • A public golf course
  • A medical research facility
  • A community church
A

-An Apartment Building

33
Q

In what time frame, if any, is a Pennsylvania contractor permitted to file a mechanics lien?

A

-Within 6 months of completing the work

34
Q

The property owners on whose land the city recently installed sidewalks will pay for these sidewalks through

A

-special assessment

35
Q

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

A
  • a mechanic’s lien
36
Q

What encumbrance against real property is ALWAYS monetary?

  • Tax Lien
  • Encroachment
  • Easement in Gross
  • Easement Appurtenant
A

-Tax Lien

37
Q

What type of lien is a court ordered judgement entered against the real property owned by the debtor requiring the debtor to pay the balance on a delinquent charge account?

A

-Equitable Lien

38
Q

Pennsylvania law requires counties and municipal governments to adopt budgets and to set tax rates on a …

A

-January to December Calendar Year

39
Q

A lumber company that furnished materials ordered by the property owner was not paid for the materials. What recourse is available to the lumber company in Pennsylvania?

A

-File a mechanic’s lien within six months after the work was completed

Real Estate (22 decks)

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