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Questions and Answers
What is the difference between a general lien and a specific lien?
What is the difference between a general lien and a specific lien?
To be entitled to a mechanic's lien on real estate, the person who did the work or supplied the materials for which payment is claimed must have a contract with?
To be entitled to a mechanic's lien on real estate, the person who did the work or supplied the materials for which payment is claimed must have a contract with?
Which tax targets homeowners in particular?
Which tax targets homeowners in particular?
A lien can be created in which four ways?
A lien can be created in which four ways?
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When a company furnishes materials for the construction of a house and is subsequently not paid, it may file?
When a company furnishes materials for the construction of a house and is subsequently not paid, it may file?
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An assessment equalization factor is used to achieve?
An assessment equalization factor is used to achieve?
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A specific parcel of real estate has a market value of $160,000 and is assessed for tax purposes at 75% of market value. The tax rate for the county is 40 mills. The tax bill will be?
A specific parcel of real estate has a market value of $160,000 and is assessed for tax purposes at 75% of market value. The tax rate for the county is 40 mills. The tax bill will be?
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What directs a sheriff to seize and sell as much of a debtor's property as necessary to pay for the debt and the expenses of the sale?
What directs a sheriff to seize and sell as much of a debtor's property as necessary to pay for the debt and the expenses of the sale?
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To enforce a judgment, what must the creditor obtain?
To enforce a judgment, what must the creditor obtain?
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The right of a defaulted taxpayer to recover property before its sale for unpaid taxes is?
The right of a defaulted taxpayer to recover property before its sale for unpaid taxes is?
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All of these liens must be recorded to be effective EXCEPT?
All of these liens must be recorded to be effective EXCEPT?
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When properly recorded in the county where the real estate of the defendant is located, a judgment becomes?
When properly recorded in the county where the real estate of the defendant is located, a judgment becomes?
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The market value of an undeveloped parcel is $40,000. Its assessed value is 40% of market value, and properties in its county are subject to an equalization factor of 1.50. If the tax rate is $4 per $100, what is the amount of the tax owed on the property?
The market value of an undeveloped parcel is $40,000. Its assessed value is 40% of market value, and properties in its county are subject to an equalization factor of 1.50. If the tax rate is $4 per $100, what is the amount of the tax owed on the property?
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Property tax liens?
Property tax liens?
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Is the contractor entitled to a lien?
Is the contractor entitled to a lien?
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Priority of liens refers to which of the following?
Priority of liens refers to which of the following?
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A lien is an encumbrance, which means that it attaches to property and?
A lien is an encumbrance, which means that it attaches to property and?
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What is another name for a federal tax lien?
What is another name for a federal tax lien?
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To give notice of a potential claim against property and to establish priority, a creditor may file?
To give notice of a potential claim against property and to establish priority, a creditor may file?
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Which of these characteristics apply to a real estate tax lien?
Which of these characteristics apply to a real estate tax lien?
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A mechanic's lien would be available to all of the following EXCEPT?
A mechanic's lien would be available to all of the following EXCEPT?
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When is the first installment of a special assessment generally due?
When is the first installment of a special assessment generally due?
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A lien is created in which of the following ways?
A lien is created in which of the following ways?
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In February, a homeowner contracted with a general contractor to have a basement storage space converted to a sauna, but never paid for the work. The homeowner stopped making mortgage payments in June. The owner is two years delinquent in property taxes to the county. If all of these creditors obtain judgments against the owner in November, what will be the priority of their liens (first to last)?
In February, a homeowner contracted with a general contractor to have a basement storage space converted to a sauna, but never paid for the work. The homeowner stopped making mortgage payments in June. The owner is two years delinquent in property taxes to the county. If all of these creditors obtain judgments against the owner in November, what will be the priority of their liens (first to last)?
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A lien against a parcel of real estate may result from a lawsuit currently before the court. Notice of a possible future judgment could be found by examining the public records for?
A lien against a parcel of real estate may result from a lawsuit currently before the court. Notice of a possible future judgment could be found by examining the public records for?
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Real estate taxes that are delinquent for the period specified in state law can be collected through?
Real estate taxes that are delinquent for the period specified in state law can be collected through?
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What type of lien should the buyer be MOST concerned about when looking at a new construction home?
What type of lien should the buyer be MOST concerned about when looking at a new construction home?
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A mortgage becomes a lien on real property when?
A mortgage becomes a lien on real property when?
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Which of these would permit a law enforcement officer to seize and sell a debtor's property?
Which of these would permit a law enforcement officer to seize and sell a debtor's property?
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A mechanic's lien is properly classified as?
A mechanic's lien is properly classified as?
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If a property owner believes an error was made in determining the assessed property value, the owner can?
If a property owner believes an error was made in determining the assessed property value, the owner can?
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All of the following probably would be exempt from real estate taxes EXCEPT?
All of the following probably would be exempt from real estate taxes EXCEPT?
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The priority of liens means?
The priority of liens means?
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What type of judgment establishes the amount a debtor owes and provides for money to be awarded?
What type of judgment establishes the amount a debtor owes and provides for money to be awarded?
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A provider of construction materials may give constructive notice of his unpaid invoices by?
A provider of construction materials may give constructive notice of his unpaid invoices by?
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Which of the following creates a lien on real estate?
Which of the following creates a lien on real estate?
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A mortgage for the unpaid purchase price that belongs to the seller of real estate is?
A mortgage for the unpaid purchase price that belongs to the seller of real estate is?
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A subordination agreement is a written agreement between lienholders to?
A subordination agreement is a written agreement between lienholders to?
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Which statement is TRUE of both a mortgage lien and a judgment lien?
Which statement is TRUE of both a mortgage lien and a judgment lien?
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How might a jurisdiction raise or lower property assessments?
How might a jurisdiction raise or lower property assessments?
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A property owner's real estate tax bill is computed by applying the tax rate to?
A property owner's real estate tax bill is computed by applying the tax rate to?
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Study Notes
Liens
- A specific lien is against a particular parcel, while a general lien encompasses all property owned by the debtor.
- Mechanic's liens require a contract with the property owner or an authorized representative.
- Liens can be categorized by their creation methods: voluntary, involuntary, statutory, and equitable.
- A mechanic's lien allows suppliers who are unpaid for materials to seek compensation through legal claim.
Property Tax
- Real property tax specifically targets homeowners, calculated based on market assessments.
- An assessment equalization factor is aimed at achieving uniformity in tax assessments across properties.
- Property tax liens hold priority over other liens in terms of payment when property is sold to satisfy debts.
Legal Processes
- A writ of execution allows a sheriff to seize and sell a debtor's property to cover unpaid debts and sale expenses.
- To enforce a judgment, a creditor must obtain a writ of execution from the court.
- A lis pendens serves as a notice to the public regarding a potential claim on property due to ongoing litigation.
Property Assessments
- The first installment of special assessments is typically due a year after the assessment is approved.
- Property owners can challenge assessed values by presenting objections to local boards of appeal.
Exemptions & Obligations
- Certain properties such as public hospitals and churches may be exempt from real estate taxes, while apartment buildings usually are not.
- A money judgment specifies the exact amount owed by a debtor, establishing a legal basis for recovery.
Liens and Contracts
- The equitable right of redemption allows taxpayers to reclaim property before tax sale.
- A mechanic's lien is a specific lien that arises from unpaid construction work; buyers of new homes should be cautious of these liens.
Mortgage and Debt Relationships
- Mortgages become liens when financing documents are recorded, establishing a legal claim on the property.
- Subordination agreements can change the priority of mortgages among lienholders.
Calculating Taxes
- Though the property market value may be $160,000, the taxable value is calculated based on a lower assessed percentage and multiplied by the mill rate.
- Tax obligations arise from unpaid mortgage loans and can lead to involuntary liens on real estate.
Rights and Responsibilities
- A provider can give constructive notice of unpaid invoices by obtaining a mechanic's lien, which serves as formal notice to potential buyers.
- If a property owner disagrees with an assessment, they can challenge the decision rather than just pay the assessed amount.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge on the differences between specific and general liens in real estate with these flashcards. This quiz will help you understand how various liens operate and their implications on property ownership.
