Chapter 8 - Real Estate Taxes and Liens Flashcards
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
General Lien
Priority of liens refers to the …
order in which liens will be paid if property is sold by court order to satisfy a debt
A lien on real estate made to secure payment for specific municipal improvements to a parcel of real estate is …
a special assessment
Which of the following is classified as a general lien?
- Judgement
- Bail Bond Lien
- Ad Valorem Real Estate Taxes
- Mechanic’s Lien
Judgement
In disbursing funds from a foreclosure sale, the highest priority is usually be given to …
real estate taxes due
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 …
$1,350
Which of the following may become a lien on real estate?
- An encroachment
- A restrictive covenant
- An easement
- Domestic Support Order
Domestic Support Order
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 …
record a notice of the lien and file a court suit within the time required by state law.
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 judgement
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 Lis Pendens
Taxes levied for the operation of the government are called
Ad Valorem Taxes
Which of the following is most likely subject to real estate taxes?
An Apartment Building
In what time frame, if any, is a Pennsylvania contractor permitted to file a mechanic’s lien?
Within six months of completing the work
The property owners whose land the city recently installed sidewalks will pay for these sidewalks through …
A Special Assessment
When a company furnishes materials for the construction of a house and is subsequently not paid, it may file …
-a mechanic’s lien
What encumbrance against real property is ALWAYS monetary?
-Tax Lien
What is an example of a voluntary lien?
-Mortgage Lien
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?
-Equitable Lien
Pennsylvania law requires counties and municipal governments to adopt budgets and to set tax rates on a
January -to-December calender year
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?
File a mechanic’s lien within six months after the wok was completed.
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
-General Lien
Priority of liens refers to the …
order in which liens will be paid if property is sold by the court order to satisfy a debt
A lien on real estate made to secure payment for specific municipal improvements to a parcel of real estate is
- a special assesment
Which of the following is classified as a general lien?
- Judgement
- Bail Bond Lien
- Ad Valorem real estate tax
- Mechanic’s Lien
-judgement
In disbursing funds from a foreclosure sale, the highest priority is usually to be given to …
real estate taxes due
Which if the following may become a lien on real estate?
- An encroachment
- A restrictive covenant
- An easement
- Domestic Support Order
-Domestic Support Order
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 …
record a notice of the lien and file a court suit within the time required by state law
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 judgement
What is a Lis Pendes?
- 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
What is a judgement?
- 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.
Taxes levied for the operation of the government are called?
-Ad Valorem Taxes
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
-An Apartment Building
In what time frame, if any, is a Pennsylvania contractor permitted to file a mechanics lien?
-Within 6 months of completing the work
The property owners on whose land the city recently installed sidewalks will pay for these sidewalks through
-special assessment
When a company furnishes materials for the construction of a house and is subsequently not paid, it may file
- a mechanic’s lien
What encumbrance against real property is ALWAYS monetary?
- Tax Lien
- Encroachment
- Easement in Gross
- Easement Appurtenant
-Tax Lien
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?
-Equitable Lien
Pennsylvania law requires counties and municipal governments to adopt budgets and to set tax rates on a …
-January to December Calendar Year
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?
-File a mechanic’s lien within six months after the work was completed
