Podcast
Questions and Answers
Which type of lien generally has priority over others?
Which type of lien generally has priority over others?
- Trust deeds
- Mechanic's liens
- Public improvement assessments (correct)
- Private property liens
When did the public improvement assessment take place in relation to the other liens?
When did the public improvement assessment take place in relation to the other liens?
- On the same date as the mechanic's lien
- After all other liens
- Before all other liens (correct)
- After the trust deed executed on March 27, 1998
What was the date of the trust deed that recorded on March 29, 2004?
What was the date of the trust deed that recorded on March 29, 2004?
- April 15, 2004
- March 27, 1998 (correct)
- March 25, 2004
- March 29, 2004
Which lien is most likely to be subordinate to the public improvement assessment?
Which lien is most likely to be subordinate to the public improvement assessment?
Which statement about mechanic's liens is correct based on the priority rules?
Which statement about mechanic's liens is correct based on the priority rules?
Flashcards
Public Improvement Assessment Lien
Public Improvement Assessment Lien
A type of lien that is levied by a local government for public improvements, such as roads or sewers, that benefit the property.
Real Estate Tax Lien
Real Estate Tax Lien
A lien that arises when a property owner fails to pay real estate taxes.
Mechanic's Lien
Mechanic's Lien
A lien that is recorded in the public records to secure a debt. It involves a specific amount of money owed for improvements made to a property.
Trust Deed
Trust Deed
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Lien Priority
Lien Priority
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Study Notes
Lien Priority
- Public improvement assessments take priority over other liens.
- This is true even when the assessment lien is created after another, recorded lien.
- A mechanic's lien is not a priority lien.
- A trust deed, executed on March 27, 1998, recorded on March 29, 2004, holds no priority.
- A trust deed executed and recorded on March 28, 2004, holds no priority.
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