cp 5

Question 1

a claim or charge against property to enforce payment of money

Answer 1

a lien

Question 2

The party holding the lean is called the ______. the party who has property encumbered by the lien is called the ________.

Answer 2

lienor…. lienee

Question 3

what are the classification by how liens affect the property

Answer 3

specific and general

Question 4

a claim against all person’s property, both real and personal

Answer 4

general lien

Question 5

a claim against specific property, the property affected may be either real or property

Answer 5

specific lien

Question 6

three way a lien can be created

Answer 6

contractual- by agreement of parties
statutory- by law
equitable- by the courts to ensure fairness and justice

Question 7

a written agreement between lien holders to change priority of their liens

Answer 7

subordination agreement

Question 8

created by law, either by statute or by the court

Answer 8

involuntary lien

Question 9

what are the two types of real estate taxes

Answer 9

ad valorem and special assessments

Question 10

the tax is based on the assessed value of the property being taxed

Answer 10

ad valorem

Question 11

what types of real estate is exempt for taxes

Answer 11

1. property owned by local, state, and federal government
2. parks and schools
3. educational institutions

Question 12

special real estate tac for improvements that benefit the property redemption rights

Answer 12

special assessment

Question 13

the borrower’s right to redeem the property after the foreclosure sale

Answer 13

statutory redemption right

Question 14

a value put a real estate as a bases to calculate the amount of tax

Answer 14

assessment

Question 15

the borrower’s right to redeem the property before a foreclosure sale

Answer 15

equitable

Question 16

used to adjust property assessments so that they are equitable throughout a state

Answer 16

equalizer

Question 17

an amount equal to one-tenth of a cent

Answer 17

mills

Question 18

what are the three most common methods to assess taxes

Answer 18

percentages, mills, dollars per 100

Question 19

what method is used

$2,500 = $50,000 x 0.05

Answer 19

percentage

Question 20

what method is used

$2,500 = $50,000 x 50 (0.001 x 50 = 0.05)

Answer 20

mills

Question 21

what method is used

$2,500 = $50,000 / $100 x $5

Answer 21

dollars per 100

Question 22

a mortgage lien is

Answer 22

specific, voluntary lien

Question 23

a lien that protects the suppliers of goods and services to the real estate

Answer 23

mechanic lien

Question 24

decree issued by the court at the conclusion

Answer 24

judgment

Question 25

notice in the public records of a pending lawsuit

Answer 25

lis pendens

Question 26

a lien on the property to satisfy unpaid utility bills

Answer 26

municipal utilities lien

Question 27

mechanic lien are

Answer 27

specific and involuntary

Question 28

judgment lien are

Answer 28

general and involuntary

Question 29

liens against a deceased person’s estate

Answer 29

general and involuntary

Question 30

income tax lien are

Answer 30

general and involuntary

Question 31

municipal utilities liens are

Answer 31

specific and involuntary

Question 32

mortgage liens are

Answer 32

specific and voluntary