Chapter 9 Review Flashcards
If a lienor agrees to subordinate the junior lien he or she holds, what is the lienor agreeing to do?
Change the lien priority
A real estate tax lien is what type of lien?
Statutory lien
New York allows brokers to file claims for unpaid leasing commissions as mechanic’s liens if
The broker was working under a written commission agreement.
Rancher Norm is allowed to bring his cattle onto the neighbor’s property to access a public water source. What type of easement does Norm have?
Easement by implication
What type of lien is placed against a single item owned by a debtor?
Specific
When an individual holds the right to take fruit or timber from someone else’s land, the individual holds what right?
Profit
Which of the following encumbrances would restrict the landowner’s ownership, value, and right to transfer a clear title?
Lien
A brick fence straddles the property line of two neighbors. The neighbors agree not to damage it in any way. This is an example of what?
A party wall
When does a mortgage lien actually become a lien?
When the borrower signs the mortgage documents and receives the loan money
What type of action might a creditor take to force the sale of attached property to collect a debt?
Writ of execution
Which type of lien has priority over all other liens regardless of the date placed?
Ad valorem tax liens
Which of the following describes a situation in which an easement might be created against the wishes of the property owner?
The property has been continuously used as an easement with the knowledge but without the permission of the owner for a period of time.
Estate and inheritance tax liens are determined by
probate.
Which type of estate is an encumbrance?
None of the above
What type of lien is placed against any and all real and personal property owned by a particular debtor?
General
