Fundamentals | Unit 7

Question 1

General Lien

Answer 1

Covering all real and personal property of a debtor/owner

Question 2

Specific Lien

Answer 2

Covering only identified property

Question 3

Voluntary Lien

Answer 3

Arising from an action of the debtor

Question 4

Involuntary Lien

Answer 4

Created by statute

Question 5

Lis Pendes

Answer 5

Recorded notice of a lawsuit that is awaiting trial in court and that may result in a judgment that will affect title to a parcel of real estate

Question 6

In what timeframe (in PA) is a contractor permitted to file a mechanic’s lien?

Answer 6

Within 6 months of completing the work

Question 7

Equitable Lien

Answer 7

Arises out of common law

Question 8

Judgment

Answer 8

A court decree obtained by a creditor, usually for money award from a debtor.

Question 9

Attachment

Answer 9

Prevents a defendant from conveying real estate before completion of a suit in which judgment is sought

Question 10

Formula for Determining Tax Bill

Answer 10

(Market Value * Tax Ratio) * Mills