LIENS

Question 1

A monetary claim which one person has upon the property of another as security for a debt is called a

Answer 1

Lien

Question 2

A person who has a right ofr lien upon the property of another is called

Answer 2

A lienor

Question 3

A person whose property is subject to a lien is called the

Answer 3

Lienee

Question 4

A lien which arises when a mortgage is used to finance a home is called a

Answer 4

Mortgage Lien

Question 5

A special assessment tax lien occurs when

Answer 5

A special assessment tax is levied. - A lien remains until the tax is fully paid

Question 6

Ad Valorem and Special Assessment tax liens attach to:

Answer 6

The real property that is taxed.

Question 7

A lien which can be filled by anyone who supplies labor or materials in the construction or repair of property is called a

Answer 7

Mechanics lien

Question 8

a Mechanics lien attaches to

Answer 8

The real propert on which the work was done

Question 9

How do you give notice of a claim against real property under a Mechanics lien?

Answer 9

fine a notice of LIS PENDENS

Question 10

Does a deficiency judgement lien occur before or after the foreclosure sale?

Answer 10

After. It occurs when the foreclosure sale DID NOT pay for the loan.

Question 11

A deficiency judgement lien attaches to

Answer 11

all real and personal property of the lienee

Question 12

The lien which arises when the proceeds from a foreclosure sale are insufficient to satisfy the outstanding indebtedness is called a

Answer 12

DEFICIENCY JUDGMENT LIEN

Question 13

LIENS created by agreement of the parties are called

Answer 13

VOLUNTARY LIENS

Question 14

Liens created by the operation of law are called

Answer 14

INVOLUNTARY LIENS

Question 15

Another name for a lien is

Answer 15

Statutory lien

Question 16

A lien which attaches to all property owned by the lienee is called

Answer 16

A GENERAL LIEN

Question 17

A Judgement Lien is categorized as a

Answer 17

General Lien

Question 18

A Judgement Lien is categorized as a

Answer 18

Involuntary Lien

Question 19

A deficiency judgement lien is categorized as a

Answer 19

General Lien

Question 20

A deficiency Judgment lien is categorized as a

Answer 20

Statutory Lien

Question 21

A federal income tax lien would be categorized as

Answer 21

General Lien AND a Statutory Lien

Question 22

A lien which attaches ONLY to a particular property identified in th elein is called a

Answer 22

Specific lien

Question 23

Another name for a specific lien is

Answer 23

a SPECIAL LIEN

Question 24

A Mortgage lien is categorized as a

Answer 24

SPECIFIC LIEN

Question 25

A MORTGAGE LIEN IS CATEGORIZED AS

Answer 25

VOLUNTARY LIEN

Question 26

AD VALOREM TAX LIEN IS CATEGORIZED AS A

Answer 26

SPECIFIC LIEN AND

STATUTORY LIEN

Question 27

A MECHANIC’S LIEN IS CATEGORIZED AS A

Answer 27

SPECIFIC LIEN

Question 28

A MECHANIC’S LIEN IS CATAGORIZED AS A

Answer 28

INVOLUNTARY LIEN (CREATED BY THE OPERATION OF THE LAW)

Question 29

GENERAL LIENS ATTACH TO ALL PROPERTY OWNED

Answer 29

LIENS CREATED BY AGREEMENT OF THE PARTIES ARE CALLED VOLUNTARY LIENS

Question 30

LIENS CREATED BY THE OPERATION OF LAW ARE CALLED

Answer 30

INVOLUNTARY LIENS

Question 31

Another name for an INVOLUNTARY LIEN IS

Answer 31

STATUTORY

Question 32

A JUDGEMENT LIEN ATTACHES TO “ALL” THE LIENEE’S PROPERTY

Answer 32

A JUDGEMENT LIEN IS CATEGORIZED AS A GENERAL LIEN

Question 33

FEDERAL INCOME TAX LIENS ARE “GENERAL” BECAUSE FEDERAL INCOME TAX LIENS ATTACH TO ALL THE LIENEE’S PROPERTY

Answer 33

FEDERAL INCOME TAX LIEN WOULD BE CATEGORIZED AS

‘GENERAL’

Question 34

Specific Liens attach only to a specific property identified

Answer 34

A lien which attaches only to a particular property identified in the lein is called a “specific Lean”

Question 35

Another name for a specific lien

Answer 35

Special Lien

Question 36

A mortgage lien is categorized as a

Answer 36

SPECIFIC LIEN: Mortgage liens attach ONLY to a mortgaged property

Question 37

A mechanic’s lien is categorized as a

Answer 37

specific lien: A mechanic’s lien attaches ONLY to the property worked