Which lien affects all real and personal property of a debtor?
a. Specific
b. Voluntary
c. Involuntary
d. General
d. General
Priority of liens refers to which of the following?
a. Order in which a debtor assumes responsibility for payment of obligations
b. Order in which liens will be paid if property is sold to satisfy a debt
c. Dates liens are filed for record
d. Fact that sp
b. Order in which liens will be paid if property is sold to satisfy a debt
A lien on real estate made to secure payment for a specific municipal improvement project is which of the following?
a. Mechanic's lien
b. Special assessment
c. Ad valorem
d. Utility lien
b. Special assessment
Which of the following would be classified as a general lien?
a. Mechanic's lien
b. Bail bond lien
c. Judgment
d. Real estate taxes
c. Judgment
Which lien usually would be given highest priority in disbursing funds from a foreclosure sale?
a. Mortgage dated last year
b. Real estate taxes due
c. Mechanic's lien for work started before the mortgage was made
d. Judgment rendered the day before forec
b. Real estate taxes due
A specific parcel of real estate has a market value of $160,000 and is assessed for tax purposes at 75
percent of market value. The tax rate for the county in which the property is located is 40 mills. The tax bill
will be
a) $6,400.
b) $5,000.
c) $5,200.
d) $4,800.
Which tax would target homeowners in particular?
a. Personal property tax
b. Sales tax
c. Real property tax
d. Luxury tax
c. Real property tax
A mechanic's lien claim arises when a contractor has performed work or provided material to improve a parcel of real estate on the owner's order and the work has not been paid for. Such a contractor has a right to
a. Tear out the work
b. Record a notice o
c. Record a notice of the lien and file a court suit within the time required by state law
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 percent, when the tax rate is 25 mills?
a) $945
b) $1,181
c) $1,418
d) $1,477
d) $1,477
Which of the following is a voluntary, specific lien?
a. IRS tax lien
b. Mechanic's lien
c. Mortgage lien
d. Seller's lien
c. Mortgage lien
A seller sold a buyer 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 would the seller be entitled to seek?
a. Attachment
b.
d. Judgment
A general contractor recently filed suit against a homeowner for nonpayment. the contractor now learns that the homeowner has listed the property for sale with a real estate broker. In this situation, which of the following will the contractor's attorney
d. Lis pendens
Which statement MOST accurately describes special assessment liens?
a. They are general liens
b. They are paid on a monthly basis
c. They take priority over mechanics' liens
d. They cannot be prepaid in full without penalty
c. They take priority over mechanics' liens
Which of the following creates a lien on real estate?
a. Easement running with the land
b. Unpaid mortgage loan
c. License
d. Encroachment
b. Unpaid mortgage loan
Which statement is TRUE of both a mortgage lien and a judgment lien?
a. They must be entered by the court.
b. They involve a debtor-creditor relationship.
c. They are general liens.
d. They are involuntary liens.
b. They involve a debtor-creditor relationship.
A mechanic's lien would be available to all of the following EXCEPT a
a. subcontractor
b. contractor.
c. surveyor.
d. real estate professionals.
d. real estate professionals.
The right of a defaulted taxpayer to recover property before its sale for unpaid taxes is the
a. statutory right of reinstatement.
b. equitable right of appeal.
c. statutory right of assessment.
d. equitable right of redemption.
d. equitable right of redemption.
Which of the following is a specific, involuntary, statutory lien?
a. Real estate tax lien
b. Income tax lien
c. Estate tax lien
d. Judgment lien
a. Real estate tax lien
General real estate taxes levied for the operation of the government are called
a. assessment taxes.
b. ad valorem taxes.
c. special taxes.
d. improvement taxes.
b. ad valorem taxes.
All of the following probably would be exempt from real estate taxes EXCEPT a(n)
a. public hospital
b. golf course operated by the park district
c. community church
d. apartment building
d. apartment building