Unit 3 Flashcards
Which of the following is an example of a specific lien?
A. judgement lien
B. special assessment lien
C. personal property tax lien
D. IRS income tax lien
C. personal property tax lien
Which of the following is an example of a general lien?
A. mortgage lien
B. real estate tax lien
C. mechanics’ lien
D. state income tax lien
D. state income tax lien
A mechanics’ lien
A. must be filed within 180 days after last day of labor
B. is a general lien that is good for 10 years
C. is used to collect payment from the general contractor
D. gives security to persons that work on real property owned by others
D. gives security to persons that work on real property owned by others
According to typical lien priority, which of the following would be paid first from proceeds from a court-ordered sale?
A. mortgage lien
B. judgment lien
C. real property tax lien
D. special assessment lien
C. real property tax lien
Which of the following liens typically would be given higher priority?
A. mortgage dated last year
B. current real estate taxes
C. mechanics’ liens for work started before the mortgage was made
D. judgements rendered yesterday
B. current real estate taxes
Under city contract, ABC Paving Company paved a dirt road that runs adjacent to your property. As property owner, you would pay for this in the form of
A. ad valorem real property taxes
B. personal property taxes
C. an invoice from the contractor
D. a special assessment
D. a special assessment
A property owner has the legal right to pass over the land owned by his neighbor. He holds an
A. easement
B. emblement
C. estate in land
D. encroachment
A. easement
After moving into his new home, Marco discovers that his neighbor gets to his workshop by regular use of Marco’s driveway. Marco’s lawyer explains that the neighbor’s lot owns an easement over Marco’s driveway. Marco’s property is called
A. the servant estate
B. a leasehold estate
C. a pur autre vie estate
D. the dominant estate
A. the servant estate
All of the following terms are related to easements EXCEPT
A. appurtenant
B. assessment
C. by necessity
D. by prescription
B. assessment
Which statement is TRUE regarding encumbrances?
A. Encumbrances make title to property unmarketable.
B. All encumbrances are liens.
C. Deed restrictions and tax liens are examples of encumbrances.
D. Encumbrances are physical intrusions of one person’s real estate onto another owner’s land.
C. Deed restrictions and tax liens are examples of encumbrances.
All of the following are requirements for North Carolina mechanics’ lien EXCEPT
A. a lien agent must be designated only for private residential construction projects that cost over $30,000.
B. a vendor must serve notice to the named lien agent of a construction project within 15 days of first furnishing materials or labor or the vendor will forfeit mechanics’ lien priority.
C. a private construction project on a single-family home does not require a lien agent if the pretty is owner-occupied.
D. a vendor must file the mechanics’ lien no later than 120 days after delivery of the vendor’s last labor or materials.
A. a lien agent must be designated only for private residential construction projects that cost over $30,000.
The following North Carolina brokers can file a lien to secure payment of brokerage fees EXCEPT
A. a listing agent for a $10 million mansion.
B. a tenant’s representative for the lease of a manufacturing plant.
C. a listing agent for the sale of a shopping center.
D. a buyer’s agent for the purchase of an office building.
A. a listing agent for a $10 million mansion.
In North Carolina, all real property MUST be reassessed every
A. four years.
B. six years.
C. eight years.
D. 10 years.
C. eight years.
The ad valorem property tax rates may be adjusted every
A. year.
B. two years.
C. four years.
D. five years.
A. year.
What is the assessed value of a house located in the city limits if the city tax rate is $0.80 per $100, the county tax rate is $0.50 per $100, and the owner’s annual taxes are $1,600?
A. $123,077
B. $200,000
C. $208,000
D. $320,000
A. $123,077
