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Collector > Collector II Final exam > Flashcards

Collector II Final exam Flashcards

1
Q

Parties having the right to redeem a tax title lien certificate are:

A

OwnerHeirsHolder of a prior outstanding tax lien certificateMortgageeLegal Occupant of the Property sold at tax sale

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2
Q

Upon redemption, the collector must deliver the actual certificate of sale, receipted for ______

A

cancellation

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3
Q

Immediately upon receipt of redemption monies, the collector must ______ the holder of the Certificate / Certificates.

A

Notify

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4
Q

Upon receipt of the endorsed tax sale certificate, the tax collector shall:

A

Refund money to the lien holder & forward certificate to Party who redeemed for cancellation

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5
Q

Whether the certificate is held by the municipality, or by an outside holder, the amount required to redeem prior to the issuance of the certificate is the amount paid at the tax sale, plus ______ from the ______ ______ ______ at the redemption rate ______ at the sale.

A

InterestDate of SaleBid

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6
Q

If the municipality has imposed fiscal restrictions upon the tax collector, whereby the collector does not have a redemption account, then refund amounts must be calculated to the date of the appropriate ______ ______ ______ ______ ______ ______.

A

Date of the governing body’s approval

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7
Q

The Tax Collector must issue the tax title lien certificate within ______ ______ counting the date of the sale.

A

10 Days

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8
Q

Redemption should always occur through the office of the ______ ______.

A

Tax Collector

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9
Q

If redemption occurs after the issuance of a tax sale certificate, then the lien holder is entitled to a redemption penalty. The penalty only occurs if the certificate amount is more than ______. The amount of this penalty would be: ______

A

$200.2%, $200 - $4,9994%, $5,000 - $9,9996%, $10,000 and greater

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10
Q

The lien holder is entitled to certain fees, however ______ must be filed with the tax collector for recovery of these costs.

A

Affidavits

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11
Q

The maximum fee for a tax search reimbursement by a lien holder is ______

A

$12

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12
Q

After March 28, 1991, the amount of the redemption penalty was changed to ______ if the total amount of the tax sale certificate was over ______, and to the rate of ______ if the certificate was over ______

A

4%$5,0006%$10,000

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13
Q

If the tax collector has a redemption account, an can issue redemption checks upon payment from an interested party, a ______ is still required.

A

Resolution

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14
Q

Abstract of title filed with the tax collector must cover a period of not less than ______.

A

20 Years

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15
Q

Upon redemption of a municipally held lien, the interested party must pay all ______ with ______ at the rate chargeable by the municipality on all delinquencies.

A

Delinquencies Interest

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16
Q

By means of a ______ ______ or a ______ ______ a municipality may authorize the redemption of a tax sale certificate through an installment payment plan.

A

Special ResolutionGeneral Resolution

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17
Q

Provisions of an adopted installment redemption are:

A

Payments regularly & promptly paidSpecial form of receiptEqual monthly payments over 3 yearsAnnual Interest CompoundedAppropriate Statement of Privilege of redemption

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18
Q

Final payment of an installment plan must be large enough to include all amounts due to the municipality and secured by the tax sale certificate, except the ______ ______ ______.

A

Current Year’s Taxes

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19
Q

If the resolution requires that a special installment certificate be used, then the tax collector must keep a ______ ______ ______ ______.

A

duplicate of the certificate

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20
Q

Amounts paid through an installment redemption plan must be credited against the property covered by the ______ ______ ______.

A

Tax Sale Certicate

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21
Q

If an installment is not paid when due, or is not completed within the time fixed by the resolution, generally ______ ______, then the municipality is legally free to ______, ______ or ______ the unpaid balance of the lien.

A

30 DaysEnforceForecloseAssign

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22
Q

The two methods of foreclosure are ______ and ______ ______ .

A

StrictIn Rem

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23
Q

The ______ ______ has the statutory power to provide properties with ______ and marketable titles that may be sold and insured.

A

Superior CourtGood

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24
Q

The ______ ______ also has the authority to:

A

Superior Court1. Bar Right of Redemption2. Foreclosure all interest in land3. Provide fee simple title

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25
Q

An outside lien holder may institute an action to foreclose an time after ______ ______ from the date of sale.

A

2 Years

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26
Q

A municipality may institute an action to foreclose any time after ______ ______ .

A

6 Months

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27
Q

When a judgement is granted against unknown owners or claimants, notice must be made. The foreclosure notice made on this land must be posted ______ ______ ______ at least ______ ______ before the date of redemption.

A

On the Property20 Days

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28
Q

The search prepared for unknown owners of the lands being foreclosed on is required to extend back ______ ______ prior to the date of the sale.

A

60 Years

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29
Q

The “Notice of Intent” must be mailed to interested parties ______ ______ prior to filing of the complaint.

A

30 Days

30
Q

After the foreclosure filing has been made with the court, redemption can only be affected with approval of the court, call “______ ______ ______ ______”.

A

In The Cause Only

31
Q

Except where a municipality is filing a foreclosure action, no final foreclosure judgment can be entered unless evidence is provided that all ______ ______ ______ have been paid to the time of the commencement of the action.

A

Subsequent Municipal Liens

32
Q

“IN REM” is from the Latin meaning:______ ______ ______

A

Against the Thing

33
Q

Specific requirements of the “IN REM” foreclosure are:

A
  1. Must be 6 months fro date of sale2. Delinquency must be at least 21 months old (Continuous Unpaid Taxes)3. The certificate must be recorded4. Governing Body Authorizes the Action
34
Q

In order to proceed with the “IN REM” foreclosure, the governing body must adopt a ______ and a ______ ______ ______ must be prepared by the ______ ______ .

A

ResolutionTax Foreclosure ListTax Collector

35
Q

In Rem foreclosure proceedings may be also use by either the ______ or the ______ .

A

StateCounty

36
Q

Copies of the foreclosure complaint must be filed with the ______ ______, the ______ ______ , and the ______ ______ .

A

Tax CollectorCounty ClerkAttorney General

37
Q

Once and “IN REM” foreclosure has been instituted (in litigation) and the owner wishes to redeem, the municipality should provide:

A
  1. Notice of dismissal2. Discharge of Lis Pendens3. Original Certificate
38
Q

Once judgment has been awarded on an In Rem foreclosure, upon recording the judgment, the plaintiff has “______ ______ “ Title of the land.

A

Fee Simple

39
Q

Where a person becomes owner of a property by virtue of a faulty tax sale or defective tax foreclosure proceeding, the owner who purchased the faulty title must ______ ______ ______ ______ ______ ______ ______ ______ , for a sum equal to the amount paid to acquire the title plus interest at the rate of ______ .

A

Convey that Title to the Claimant of rights6%

40
Q

The owner, mortgagee or other party of interest may apply to ______ ______ or a ______ ______ to have a tax sale certificate cancelled, if he proves that the certificate holder has been paid all moneys expended by him/her plus interest as prescribed by law.

A

Superior CourtCounty Court

41
Q

When a certificate is cancelled of record at the county, it discharges the lands from the ______ , the ______ ______ , and the ______ ______ ______ ______ .

A

LienTax SaleCertificate of Tax Sale

42
Q

When a municipality becomes the owner of property for which it held a tax sale certificate and had not started foreclosure, it may by resolution, authorize execution of a certificate of cancellation. An example of why a municipality would go through this process is when an ______ ______ ______ ______ ______ ______ ______ .

A

Owner Donates the Land to the Municipality

43
Q

Sale of property acquired by municipalities at tax sales is more commonly referred to as “______” of tax sale certificates.

A

Assignment

44
Q

The two types of sales which a municipality may hold are known as ______ sales for the full amounts owned to a municipality, or ______ sales which may be for the full or lesser amount.

A

PrivatePublic

45
Q

The private sale method is done by council resolution selling the certificate to any person for the certificate of tax sale together with all ______ ______, ______ ______ ______

A

Subsequent ChargesTaxesLiens

46
Q

Although, the statutes make reference to a deed under the private sale method, it is really to the ______ ______ ______

A

Tax Sale Certificate

47
Q

The purchaser of the assigned certificate has all the same rights, as same as if the certificate was purchased at the tax sale from which the certificate originated. In addition, even if the certificate was issued prior to ______ , the purchaser is entitled to the ______ , ______ or ______ ______ .

A

March 28, 1991246% Penalty

48
Q

The governing body of a municipality, either on its own or jointly with other municipalities, may assign in bulk and accept partial consideration ______ , ______ , or other consideration as set forth in the authorizing resolution.

A

NotesBonds

49
Q

However, bulk sale of certificates must be approved by the ______ ______ ______ and must be ______ ______ and ______ ______ .

A

Local Finance BoardPublicly AdvertisedPublicly Bid

50
Q

Public Sale method of assignment is also authorized by resolution, but is similar to a tax sale whereby the successful assignment is sold to the ______ ______ .

A

Highest Bidder

51
Q

At public sale, acceptance of the bid is subject to actio of the ______ ______ .

A

Governing Body

52
Q

Under the public sale statute, the governing body agrees to assign the tax sale certificate for the amount of the certificate but not including the ______ ______ .

A

Subsequent Delinquencies

53
Q

Also, under the public sale method, the governing body may assign by resolution any certificate of tax sale it holds for ______ ______ the amount of the certificate.

A

Less Than

54
Q

Another method of assignment, which may be either public or private is known as the ______ ______ . Under this method of assignment, the municipality may sell the entire lien, certificate and subsequent municipal liens, except for the current year’s unpaid taxes, to the highest bidder. These bids may be “discounted”, which means they may be ______ ______ ______ ______. These bids are also subject to ______ ______ ______ ______ ______ .

A

Jone’s ActLess than the AmountConfirmation of Governing Body

55
Q

The distinction under this act is that the purchaser must complete ______ and record the final judgment within ______ ______ of the confirmation of the sale date.

A

Foreclosure2 Years

56
Q

If the assigned purchaser does not complete this requirement before the time period has expired, the sale becomes ______ and the tax sale certificate ______ ______ ______ ______ and the purchaser is not entitled to ______ ______ .

A

VoidReverts to the MunicipalityAny Refund

57
Q

Under this statute, the purchaser receives a ______ assignment and the certificate is not ______ to the purchaser.

A

RestrictedSurrendered

58
Q

Only upon completion of foreclosure action, and final judgment has been recorded the tax collector is to ______ the original ______ ______ .

A

DeliverTax Certificate

59
Q

BULK SALE: A municipality may sell its ______ to a third party at public sale which may be done by ______ ______ or ______ ______

A

Total Property Tax LevySealed BidPublic Auction

60
Q

The municipality may set a minimum bid price which may be expressed in ______ or ______ or both an may include a premium or discount from the levy amount and may reject all bids if sale price is inadequate

A

DollarsPercent

61
Q

The contract may require the levy sale payment to be made ______ or in ______ ______ at the ______ ______ ______ ______ .

A

QuarterlyLump SumEnd of the Year

62
Q

If the tax levy is paid in ______ ______ they are due not earlier than ______ ______ or no later than ______ ______ after the quarterly due date.

A

Quarterly Installments10 Days30 Days

63
Q

Successful bidders shall be required to post a ______ or ______ ______ ______ ______ to secure payment.

A

BondIrrevocable Letter of Credit

64
Q

BULK SALE: The penalty interest provision must be included in ______ ______ .

A

The Contract

65
Q

Prepayment discounts by the levy purchaser ______ ______ .

A

Not Authorized

66
Q

Certification by the Tax Collector of delinquent taxes must be delivered to the levy purchaser within ______ ______ ______ following ______ ______ after the ______ ______ .

A

5 Business Days10 DaysDue Date

67
Q

Even though the levy is purchased and even if a tax sale certificate is issued to the levy purchaser, properties with unpaid taxes, assessments or municipal charges ______ ______ for the purposes of all aspects of ______ ______ ______ ______ or for ______ ______ ______ .

A

Remain DelinquentThe Tax Title Lien CertificateFiling an Appeal

68
Q

Levy purchasers receive only interest amounts attributable to properties in the sale and collected by the collector at rates normally charged by the municipality and excludes any ______ ______ collected by the collector prior to ______ ______ ______ ______ ______ .

A

Delinquent InterestWhen Levy payment is made

69
Q

In order to maintain proper internal control of levy sale transactions, collectors will have to maintain a ______ ______ to track tax payments and refunds from levy payments.

A

Subsidiary Ledger

70
Q

Rules related to advertisement and notice of a tax sale apply to all delinquent properties in order to give ______ ______ the opportunity to avoid ______ ______ ______ ______ ______ ______ ______ ______ which the levy purchaser is obligated to accept.

A

Property OwnersThe creation of lien and tax sale certificate

71
Q

On issuance of a tax sale certificate to the levy purchaser, the purchaser has right to foreclose ______ ______ ______ .

A

After 2 years

72
Q

If the levy purchaser fails to make the required payment within ______ ______ ______ from the time the collector’s statement is received, the municipality may charge a penalty not to exceed ______ ______ ______ ______ ______ ______ ______ permitted by statute.

A

5 Business Days3 Times the Maximum rate of interest

Collector (7 decks)

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