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Questions and Answers
A mechanics lien would be properly classified as a(n):
A mechanics lien would be properly classified as a(n):
- Equitable lien
- Involuntary lien (correct)
- Unstatutory lien
- General lien
Judgement liens are:
Judgement liens are:
- Voluntary liens
- Involuntary liens (correct)
- Specific liens
- Priority liens
After real estate taxes have been sold by the state or county to satisfy a delinquent tax lien, the defaulted owner usually has a right to:
After real estate taxes have been sold by the state or county to satisfy a delinquent tax lien, the defaulted owner usually has a right to:
- Record a notice of non-responsibility for the unpaid taxes
- Pay his or her creditors directly and have their liens removed
- Have the sale canceled by paying the back taxes and penalties
- Redeem the property within the time specific by law (correct)
Normally, the priority of general liens is determined by:
Normally, the priority of general liens is determined by:
The current value of a property is $248,500. The property is assessed at 40% of its current value, with an equalization factor of 1.5 applied to the assessed value. If the tax rate is $4 per $100 of assessed value, what is the amount of tax due on the property?
The current value of a property is $248,500. The property is assessed at 40% of its current value, with an equalization factor of 1.5 applied to the assessed value. If the tax rate is $4 per $100 of assessed value, what is the amount of tax due on the property?
If the market value of property is $584,500 and the assessed ratio is 40%, what are the monthly taxes if the tax rate is 30 mills?
If the market value of property is $584,500 and the assessed ratio is 40%, what are the monthly taxes if the tax rate is 30 mills?
Taxes levied on a property owner to pay to install sidewalks or sewers are called:
Taxes levied on a property owner to pay to install sidewalks or sewers are called:
Which of the following is true of the Illinois homestead exemption?
Which of the following is true of the Illinois homestead exemption?
When poorly recorded in the county where the real estate of the defendant is located, a judgment becomes a(n):
When poorly recorded in the county where the real estate of the defendant is located, a judgment becomes a(n):
When a company furnishes materials for the construction of a house and is subsequently not paid, it may file a(n):
When a company furnishes materials for the construction of a house and is subsequently not paid, it may file a(n):
Which of the following liens does not need to be recorded to be valid?
Which of the following liens does not need to be recorded to be valid?
When a lien against a parcel of real estate may result from a lawsuit currently before the court, one examining the public records would look for:
When a lien against a parcel of real estate may result from a lawsuit currently before the court, one examining the public records would look for:
The current market value of a property is $335,000. For tax purposes, it is assessed at 40 percent of market value. The tax rate is $4 per $100 of assessed value. What is the amount of the tax due?
The current market value of a property is $335,000. For tax purposes, it is assessed at 40 percent of market value. The tax rate is $4 per $100 of assessed value. What is the amount of the tax due?
Under which of the following types of liens can both the real property and the personal property of the debtor be sold to pay the debt?
Under which of the following types of liens can both the real property and the personal property of the debtor be sold to pay the debt?
Which of the following is a voluntary lien?
Which of the following is a voluntary lien?
Mechanic's liens are based on:
Mechanic's liens are based on:
A court orders real estate to be sold to satisfy an unpaid mortgage lien, is an action known as a(n):
A court orders real estate to be sold to satisfy an unpaid mortgage lien, is an action known as a(n):
A mechanic's lien can be filed against an owner's real estate by a(n):
A mechanic's lien can be filed against an owner's real estate by a(n):
Mechanics liens must be filed within _____ of job completion.
Mechanics liens must be filed within _____ of job completion.
Gordon has defaulted in the payment of several of his debts, and the court has ordered his property sold to satisfy them. A title search revealed several outstanding liens against the property. Which of the following liens has first priority?
Gordon has defaulted in the payment of several of his debts, and the court has ordered his property sold to satisfy them. A title search revealed several outstanding liens against the property. Which of the following liens has first priority?
All of the following are specific liens EXCEPT:
All of the following are specific liens EXCEPT:
Which of these is a lien on real estate?
Which of these is a lien on real estate?
The assessed value is based on:
The assessed value is based on:
What is the difference between a general and a specific lien?
What is the difference between a general and a specific lien?
A mechanics lien can be placed on:
A mechanics lien can be placed on:
Specific liens include all of the following except for:
Specific liens include all of the following except for:
Debts that are incurred by an individual and become liens against all real property owned by that person are:
Debts that are incurred by an individual and become liens against all real property owned by that person are:
What would a judgment, a lis pendens notice and a foreclosure have in common?
What would a judgment, a lis pendens notice and a foreclosure have in common?
Which of the following is NOT a specific lien?
Which of the following is NOT a specific lien?
George owns a principal place of residence and a duplex. He pays the property taxes on his home, but fails to pay the property taxes on the duplex. George may find that a lien has been placed against his:
George owns a principal place of residence and a duplex. He pays the property taxes on his home, but fails to pay the property taxes on the duplex. George may find that a lien has been placed against his:
What is the rate assessment in most of Illinois?
What is the rate assessment in most of Illinois?
At which of the following sales do interested parties try to purchase the tax lien to a property?
At which of the following sales do interested parties try to purchase the tax lien to a property?
In Illinois, a contractor's right to a lien expires how long after completion of the work, if no suit is filed within that time?
In Illinois, a contractor's right to a lien expires how long after completion of the work, if no suit is filed within that time?
In Illinois, when does a judgment become a general lien on a defendant's real and personal property?
In Illinois, when does a judgment become a general lien on a defendant's real and personal property?
All of the following are entitled to a lien on property in Illinois, EXCEPT:
All of the following are entitled to a lien on property in Illinois, EXCEPT:
Study Notes
Mechanics and Judgment Liens
- A mechanics lien is classified as an involuntary lien, which doesn’t require the property owner’s consent.
- Judgment liens are categorized as involuntary liens, created from court decisions without mutual consent.
Property Tax Redemption and Assessment
- After taxes are sold due to delinquency, property owners typically have the right to redeem the property as specified by law.
- Properties are assessed at a percentage of their current value. In some cases, this is set at 40%, with an equalization factor applied to adjust assessments for tax calculations.
Tax Calculations and Special Assessments
- Tax due on a property is determined based on the assessed value and applicable tax rates, for example, $4 per $100 of assessed value.
- Special assessments are taxes levied for specific improvements like sidewalks or sewers.
Illinois Homestead Exemption
- The Illinois homestead exemption reduces the assessed value of qualifying residential properties, providing financial relief to homeowners.
Priority of Liens
- Priority for general liens is established by the order of filing or recording; real estate tax liens generally take precedence over other liens.
- Specific liens include real estate taxes, mechanics liens, but not judgments, which are classified differently.
Property Liens and Tax Rates
- Real estate tax liens do not require recording to be valid; other types of liens generally do.
- The assessed value for properties is often based on the sale prices of comparable properties.
Types of Liens
- A general lien can cover all of a debtor's property, while a specific lien is limited to a particular property.
- Mechanic's liens can only be filed against real property, reflecting the rights of material suppliers in construction.
Expiration of Liens and Enforcement
- Mechanic’s liens must be filed within 4 months of job completion.
- If no legal action is taken against a contractor’s lien within 2 years of work completion, the right to the lien expires.
General Knowledge on Liens
- Involuntary liens include judgments, lis pendens notices, and foreclosures, and do not require the debtor's consent.
- IRS liens do not classify as specific liens, differentiating them from real estate taxes or mechanics liens.
Property Ownership and Liens
- An incomplete payment of property taxes may result in a lien solely against the affected property, not other owned properties.
- In Illinois, a judgment becomes a general lien when recorded with the county recorder’s office.
General Assessment in Illinois
- The standard assessment rate for properties in Illinois is 33.33% of the fair market value.
Tax Lien Sales
- Interested buyers often purchase tax liens at annual tax sales as part of municipal revenue collection strategies.
Rights to Lien in Illinois
- Rights to a lien on property exclude residential real estate brokers, though commercial brokers and contractors typically hold such rights.
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Description
This quiz covers critical concepts in property law, including mechanics and judgment liens, property tax redemption, and assessment. It also addresses tax calculations and exemptions applicable in Illinois. Test your understanding of these essential legal principles related to property and taxation.
