Unit 3 : Property Taxation and Assessment Flashcards
Which of the follow is an example of a special lien?
a) judgement lien
b) special assessment lien
c) personal property tax lien
d) IRS income tax lien
Which of the follow is an example of a special lien?
B) Special Assessment Lien
52
Which of the following is an example of a general lien? A) mortgage lien b) real estate tax lien C) mechanic's lien D) state income tax lien
Which of the following is an example of a general lien?
D) state income tax lien
52
A mechanic’s lien
a) must be filed with 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 real estate property owned by others.
A mechanic’s lien
D) gives security to persons that work real estate property owned by others.
53
According to typical lien priority, which of the following would be paid first from proceeds from a court-ordered sale? A)Mortgage Lien B)Judgement lien C)Real property tax lien D)Special assessment lien
According to typical lien priority, which of the following would be paid first from proceeds from a court-ordered sale?
C)Real property tax lien
(53)
Which of the following liens typically would be given higher priority?
A) Mortgage dated last year
B) Current real property taxes
C) Mechanic’s liens for work stated before the mortgage was made
D)Judgements rendered yesterday
Which of the following liens typically would be given higher priority?
B)Current real property taxes
(55)
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
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 \
D)a special assessment
(62)
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 property owner has the legal right to pass over the land owned by his neighbor. he holds an
A)Easement
(56)
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 servient estate B) a leasehold estate C) a pur autre vie estate D) the dominant estate
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 servient estate
(56)
All of the following terms are related to easements EXCEPT? A) Appurtenant B) Assessment C) by necessity D) by prescription
All of the following terms are related to easements EXCEPT?
B) Assessment
56,58
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’s land
Which statement is TRUE regarding encumbrances?
C)Deed restrictions and tax liens are examples of encumbrances.
(52)
All of the following are requirements for North Carolina’s mechanic’s liens EXCEPT?
A) alien 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 mechanic’s lien priority
C) a private construction project on a single-family home does not require a lien agent if the property is owner occupied.
D) a vendor must file r the mechanic’s lien no later than 120 days after delivery of the vendor’s last labor or materials
All of the following are requirements for North Carolina’s mechanic’s liens EXCEPT?
A) alien agent must be designated only for private residential construction projects that cost over $30,000.
(53)
Which of the following North Carolina brokers can file a lien to secure payment of brokerage fees?
A) a listing agent for $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
Which of the following North Carolina brokers can file a lien to secure payment of brokerage fees?
C)a listing agent for the sale of a shopping center
(53)
In North Carolina, all real property MUST be reassessed every A) 4 Years B) 6 Years C) 8 Years D) 10 Years
In North Carolina, all real property MUST be reassessed every
C)8 Years
(61)
The ad valorem property tax rates may be adjusted every A) year B) two years C) four years D) five years
The ad valorem property tax rates may be adjusted every
A) year
(61)
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, the annual taxes are $1,600? A) $123,077 B) $200,000 C) $208,000 D) $320,000
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, the annual taxes are $1,600?
A)$123,077
(63)$0.80 + 0.50 = $1.30 city + county tax rate / 100 =0.013; $1,600 annual taxes / 0.013 = $123,076.92 assessed value
