Unit 15 Flashcards
To enforce a judgment, what must the creditor obtain?
A writ of execution from the court
A town wants to construct new concrete curbs in a residential neighborhood. How will the town most likely raise the money necessary for the improvement?
Special assessment
Which of the following is classified as a general lien?
Judgement Lien
A provider of construction materials may give constructive notice of his unpaid invoices by
obtaining a mechanic’s lien against the subject property.
A buyer purchased a parcel of real estate. Title has passed, but to date the buyer has not paid the purchase price in full, as originally agreed. If the seller wants to force payment, which remedy is the seller entitled to seek?
Judgment
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 25 mills?
$1,477
If there are inequalities in statewide tax assessments, some jurisdictions might apply
an equalization factor.
Which of these characteristics apply to a real estate tax lien?
Specific, involuntary lien
What directs a sheriff to seize and sell as much of a debtor’s property as necessary to pay for the debt and the expenses of the sale?
Writ of execution
To be entitled to a mechanic’s lien on real estate, the person who did the work or supplied the materials for which payment is claimed must have a contract with
the property owner or the owner’s authorized representative.
A subordination agreement is a written agreement between lienholders to
change the priority of a mortgage.
The right of a defaulted taxpayer to recover property before its sale for unpaid taxes is
the equitable right of redemption.
Which statement is TRUE of both a mortgage lien and a judgment lien?
It involves a debtor-creditor relationship.
A special assessment is generally paid
in equal annual installments over a period of years.
The priority of liens means
first to record, first in right.
