Unit quiz 29

Question 1

To be enforceable, within how many days after job completion must a contractor file a mechanic’s lien with the clerk of district court?

Answer 1

90

A lien is required to prevent the property from being sold without paying the contractor. Therefore, in order for the title to be cleared, the lien must be satisfied. The 90 days helps protect an unsuspecting buyer from having a lien placed on the property after title transfer.

Question 2

How much is the monthly penalty for delinquent property taxes?

Answer 2

1.5%

Question 3

How much is the total penalty for delinquent property taxes?

Answer 3

The total penalty is 18% a year.

In order to redeem the property, the delinquent taxpayer must pay the purchaser from the tax sale 18% interest.

Question 4

Which growth limit system is used in Iowa to prevent accelerated assessments from burdening property owners?

Answer 4

Rollback

Question 5

Iowa uses an online registry system to log mechanics’ liens. It is called the

Answer 5

Mechanic’s Notice and Lien Registry.

According to Iowa Code Sections 572.13 and 572.13A

Question 6

Which appraising approach does the assessor use when determining market value for residential homes?

Answer 6

Sales comparison approach

Question 7

With municipal approval, a developer paid for street and sewer improvements and then relinquished ownership of them to the municipality. In this situation, what action took place?

Answer 7

Dedication

Question 8

What is it called when a developer pays the cost for paving a new street and then conveys ownership in it to a local municipality?

Answer 8

Dedication

Question 9

An owner failed to survey her property and built a detached garage that encroached four feet onto a neighboring property. If the action was open, notorious, and without permission for a statutory period of ten years, what kind of easement did the owner create for herself?

Answer 9

Prescriptive easement

Question 10

Prescriptive easements are created without permission and are notorious, hostile, open, and distinct, and they must be used without challenge for more than (?) years in Iowa.

Answer 10

ten

Question 11

In Iowa, mechanics’ liens are effective as of

Answer 11

the time the work was performed.

Question 12

How much notice must be given to the owner prior to filing a mechanics lien?

Answer 12

No notice must be given to the owner prior to filing a mechanic’s lien

Question 13

The mechanics lien must be filed within 90 days of completion of the work and have priority over each other based on

Answer 13

the date and time filed.

Question 14

Which type of easement occurs when a homeowner’s apple tree has encroached on a neighboring property without permission for over ten years?

Answer 14

Prescriptive