Which of the following best refers to the type of lien that affects all real and personal property of a debtor?
Specific Lien
Voluntary Lien
Involuntary Lien
General Lien
Priority of Liens refers to the
order in which a debtor assumes responsibility for payment of obligations
order in which liens will be paid if property is sold by court order to satisfy a debt
dates liens are filed for record: the lien with the earliest recording date will always take priority over other liens
fact that specific liens have greater priority than general liens
A lien on real estate made to secure payment for specific municipal improvements to a parcel of real estate is
a mechanics lien
a special assessment
an ad valorem tax
a utility lien
Which of the following is classified as a general lien?
Mechanic's lien
Bail bond lien
Judgement
Ad valorem real estate taxes
In disbursing funds from a foreclosure sale, the highest priority would usually be given to
a mortgage dated last year
real estate taxes due
a mechanic's lien for work started before the mortgage was made
a judgement rendered the day before foreclosure
A specific parcel of real estate has a market value of $180,000 and is assessed for tax purposes at 25% of market value. The tax rate for the county in which the property is located is 30 mills. The tax bill will be
$450
$650
$900
$1,350
The cost of public services is distributed among real estate owners through
personal property tax
sales tax
real property tax
special assessment
A mechanic's lien claim arises when a general 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
tear out the work
record a notice of the lien
record a notice of the lien and file a court suit within the time required by state law
have personal property of the owner sold to satisfy the lien
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?
$945
$1,181
$1,418
$1,477
Which of the following is a voluntary, specific lien?
IRS tax lien
Mechanics Lien
Mortgage Lien
Seller's 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 on. To force payment, the seller should seek
an attachment
a mechanic's lien
a lis pendens
a judgement
A general contractor will soon file a suit against a homeowner for nonpayment. The contractor just learned that the homeowner has listed the property for sale with a real estate broker. In this situation, to protect the contractor's interest, the contractor's attorney will use
a seller's lien
a buyer's lien
an assessment
Which statement most accurately describes special assessment liens?
The are general liens
They are paid on a monthly basis
The take priority over mechanics' liens
They cannot be prepaid in full without penalty
Which of the following is a lien on real estate?
An easement running with the land
An unpaid mortgage loan
An encroachment
A license
Both a mortgage lien and a judgement lien
must be entered by the court
involve a debt
are general liens
are involuntary liens
A mechanic's lien would be available to all of the following except
suppliers who provided materials used in construction
subcontractors employed by a general contractor
a surveyor who prepared a survey of a subdivision
a broker employed by a builder to market homes in a new subdivision
Taxes levied for the operation of the government are called
assessment taxes
ad valorem taxes
special assessments
improvement taxes
All of the following would probably be exempt from real estate taxes except
A medical research facility
a public golf course
a community church
an apartment building
In what time frame, if any, is Pennsylvania contractor permitted to file a mechanic's lien?
Within six months of the completing the work
Anytime before the transfer of title
up to one year after beginning the work
Within six months of starting the work
The property owners on whose land the city recently installed sidewalks will pay for these sidewalks through
monthly billings
a municipal utility lien
