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Real Estate Study > Review on Liens > Flashcards

Review on Liens Flashcards

1
Q

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

A

Lien

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2
Q

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

A

lienor

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3
Q

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

A

Lienee

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4
Q

a Lien which arises when a mortgage is used to finance a home is called a

A

Mortgage lien

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5
Q

An AD VALOREM TAX LIEN occurs when

A

AD VALOREM TAXES ARE NOT PAID.

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6
Q

A SPECIAL ASSESSMENT TAX LIEN occurs wehn

A

a special assessment tax is levied. (imposed)

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7
Q

Ad Valorem and special assessment tax liens attach to

A

The REAL PROPERTY THAT IS TAXED.

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8
Q

FEDERAL INCOME TAX LIENS ATTACH TO

A

ALL REAL AND PERSONAL property of the lienee

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9
Q

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

A

Mechanics Lien

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10
Q

A mechanics lien attaches to

A

the real property on which work was done.

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11
Q

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

A

file a notice of LIS PENDENS

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12
Q

A lien which results from a legal action in court is called a

A

Judgement Lien

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13
Q

A judgement lien attaches to

A

All real AND personal property of the lienee

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14
Q

When a lawsuit results in a judgment lien, the sheriff is directed to see the property of the lienee through a

A

Writ of execution

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15
Q

After a judgement lien is awarded, a writ of execution results in a

A

Sheriffs sale

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16
Q

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

A

Deficiency judgment lien

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17
Q

A deficiency judgment lien is associated with which of the following situations?

A

Foreclosure

18
Q

Does a deficiency judgment lien occur before or after a foreclosure sale?

A

after

19
Q

a deficiency judgment lien attaches to

A

all real and personal property of the lienee

20
Q

Liens created by agreement of parties are called

A

VOLUNTARY LIENS

21
Q

LIENS CREATED BY THE OPERATION OF LAW ARE CALLED

A

INVOLUNTARY LIENS

22
Q

ANOTHER NAME FOR AN INVOLUNTARY LIEN IS

A

A STATUTORY LIEN

23
Q

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

A

a General lien

24
Q

A judgment lien is categorized as a

A

General Lien:

  1. Federal income tax lien.
  2. Judgement lien (statutory lien (court action brought against the lienee.
  3. Deficiency Judgement lien- a statutory lien which results when the proceeds from the foreclosure sale are insufficient to satisfy the outstanding debt.
25
Q

A judgement lien is categorized as a

A

an involuntary lien

26
Q

a deficiency judgment lien is categorized as a

A

General Lien

27
Q

a Deficiency judgement lien is categorized as a

A

Statutory Lien

28
Q

A federal income tax lien would be categorized as a

A

General Lien

29
Q

a federal income tax lien would be categorized as a

A

Statutory Lien

30
Q

A lien which attaches only to a particular property identified in the lien is called a

A

Specific Lien

31
Q

Another name for a specific lien is a

A

SPECIAL LIENS

32
Q

A MORTGAGE LIEN IS CATEGORIZED AS A

A

SPECIFIC LIEN

33
Q

A MORTGAGE LIEN IS CATAGORIZED AS

A

VOLUNTARY LIEN

34
Q

AN AD VALOREM TAX LIEN IS CATEGORIZED AS A

A

SPECIFIC LIEN

35
Q

AN AD VALOREM TAX LIEN IS CATEGORIZED AS A

A

** A STATUTORY LIEN

36
Q

A MECHANICS LIEN IS CATEGORIZED AS A

A

SPECIFIC LIEN

37
Q

A MECHANIC’S LIEN IS CATEGORIZED AS AN

A

INVOLUNTARY LIEN

38
Q

THE LEGISLATION WHICH ESTABLISHES PRIORITY OF LIENS IN MOST STATES IS CALLED

A

RACE STATUTES

39
Q

WITH 2 EXCEPTIONS, LIENS HAVE PRIORITY FROM THE DATE THEY ARE

A

RECORDED

40
Q

HE TYPE OF LIEN WHICH HAS PRIORITY OVER ALL OTHERS IS A

A

REAL PROPERTY TAX LIEN

41
Q

MECHANIC’S LIENS TAKE PRIORITY FROM THE DATE

A

THE WORK BEGAN

42
Q

TO TRANSFER A TITLE ENCUMBERED BY A LIEN, THE LIEN MUST BE

A

SATISFIED OR ASSUMED BY THE PERSON TO WHOM THE TITLE IS BEING TRANSFERRED

Real Estate Study (28 decks)

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