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Real Estate > Unit 10 Quiz > Flashcards

Unit 10 Quiz Flashcards

1
Q
  1. Which lien affects all real and personal property of a debtor?

A. specific
B. voluntary
C. general
D. statutory

A

Answer: C. general (174)

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2
Q
  1. priority of liens refers to the:

A. order in which a debtor assumes responsibility for payment and obligations
B. dates liens are filed for record
C. order in which liens will be paid if property is sold to satisfy a debt.
D. fact that specific liens have greater priority that general liens

A

Answer: C. order in which liens will be paid if property is sold to satisfy a debt. (175)

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3
Q
  1. which of these is a lien on real estate made to secure payment for a specific municipal improvement project?

A. mechanics lien
B. ad valorem
C. utility lien
D. special assessment

A

Answer: D. special assessment (175)

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4
Q
  1. Which of these is classified as a general lien?

A. mechanics lien
B. bail bond lien
C. real estate taxes
D. judgement

A

Answer: D. judgement (174)

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5
Q
  1. Which of these liens would usually be given highest priority in disbursing funds from a foreclosure sale?

A. mortgage dated last year
B. mechanics lien for work started before the mortgage was made
C. real estate taxes due
D. judgment rendered yesterday

A

Answer: C. real estate taxes due (175)

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6
Q
  1. a specific parcel of real estate has a market value of $160,000 and is assessed for a tax purposes at 75% of market value. The tax rate for the county in which the property is located is 4% the tax bill will be?

A. $4,800
B. $5,000
C. $5,200
D. $6,400

A

Answer: D. $6,400 (199)

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7
Q
  1. Which of these taxes targets homeowners in particular?

A. personal property tax
B. sales tax
C. real property tax
D. luxury tax

A

Answer: B. sales tax (216)

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8
Q
  1. A homeowner decided to add a family room onto his house. An electrician was hired to wire the room but has not been paid. The electrician has the right to:

A. record a notice of the mechanics lien and file a court suit within the time required by state law.
B. tear out his work
C. record a notice of the mechanics lien
D. have personal property of the owner sold to satisfy the lien

A

Answer: D. have personal property of the owner sold to satisfy the lien (217)

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9
Q
  1. What is the annual real estate tax on a property valued at $135,000 and assessed for tax purposes at $47,250 with an equalization factor of %125 when the tax rate is %2.5?

A. $945
B. $1,181
C. $1,418
D. $1,477

A

Answer: B $1,181 (202)

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10
Q
  1. Which of these is a voluntary, specific lien?

A. IRS tax lien
B. mechanics lien
C. mortgage lien
D. specific assessment

A

Answer: A IRS tax lien

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11
Q
  1. In two weeks, a general contractor will file a suit against a homeowner for nonpayment. The contractor just learned that the homeowner has listed the property for sale with a real estate broker. In this situation, which of the following with the contractors attorney use to protect the contractors interest?

A. lis pendents
B. sellers lien
C. buyers lien
D. assessment

A

Answer: C. buyers lien

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12
Q
  1. Which of these statements BEST describes special assessment liens?

A. they are general liens
B. they take priority over mechanics liens
C. they are paid on a monthly basis.
D. they cannot be prepaid in full without penalty

A

Answer: C. they are paid on a monthly basis. (193)

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13
Q
  1. which of these creates a lien on real estate?

A. unpaid mortgage loan
B. easement running with the land
C. license
D. Encroachment

A

Answer: D. Encroachment (193)

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14
Q
  1. A mechanics lien would be available to a:

A. sellers real estate agent
B. buyers real estate agent
C. taxing authority
D. contractor

A

Answer: A. sellers real estate agent (193)

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15
Q
  1. a person owns a primary residence and two apartment buildings. She pays property taxes on two of the three properties. The delinquent taxes will result in a lien on:

A. all three properties
B. all real and personal property that she owns
C. the property on which she has not paid the taxes
D. only her primary residence

A

Answer: B. all real and personal property that she owns (218)

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16
Q
  1. General real estate taxes levied for the operation of the government are called:

A. ad valorem taxes
B. assessment taxes
C. special taxes
D. improvement taxes

A

Answer: A. ad valorem taxes (176)

17
Q
  1. the equalization factor used in Illinois taxation is designed to:

A. increase the tax revenues of state
B. correct discrepancies between the assessed values of similar parcels of land in various counties
C. correct inequities in taxes for senior citizens an disabled persons
D. decrease taxes for the poor unemployed

A

Answer: B correct discrepancies between the assessed values of similar parcels of land in various counties (178)

18
Q

A man owns a condominium town house in cook county and a weekend retreat in sangamon county, both in Illinois. He also owns investment property Montana. If one of his creditors sues him in a cook county court and a judgement is issued against him and is recorded in both cook and sangamon counties, which of these is TRUE?

A. the judgement becomes a lien on the weekend retreat, the mans speedboat, and all other items of real and personal property in sangamon county.
B. the judgment becomes a lien on the property located in both cook and sangamon counties
C. the judgement becomes a lien on all

A

Answer: B the judgment becomes a lien on the property located in both cook and sangamon counties (175)

19
Q
  1. Which of these statements is TRUE of he successful bidder on property offered at an annual tax sale?

A. she may obtain a tax deed if the property is not redeemed within the redemption period.
B. she owns the property after paying the outstanding taxes
C. she bids the highest percentage of interest she will accept if the property is deemed
D. she receives a tax deed at the time of the sale

A

Answer: A. she may obtain a tax deed if the property is not redeemed within the redemption period. (181)

20
Q
  1. the first installment of the tax bill for all counties except cook is due on:

A. september 1
B. June 1
C. the first day in march
D. the day after the actual amount of the current years tax is determined.

A

Answer: B. June 1 (179)

Real Estate (20 decks)

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