Chapter 8

Beschreibung

300 Real Estate Quiz am Chapter 8, erstellt von Ryan Fryer am 06/10/2015.
Ryan Fryer
Quiz von Ryan Fryer, aktualisiert more than 1 year ago
Ryan Fryer
Erstellt von Ryan Fryer vor etwa 9 Jahre
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Zusammenfassung der Ressource

Frage 1

Frage
Which of the following best refers to the type of lien that affects all real and personal property of a debtor?
Antworten
  • Specific Lien
  • Voluntary Lien
  • Involuntary Lien
  • General Lien

Frage 2

Frage
Priority of Liens refers to the
Antworten
  • 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

Frage 3

Frage
A lien on real estate made to secure payment for specific municipal improvements to a parcel of real estate is
Antworten
  • a mechanics lien
  • a special assessment
  • an ad valorem tax
  • a utility lien

Frage 4

Frage
Which of the following is classified as a general lien?
Antworten
  • Mechanic's lien
  • Bail bond lien
  • Judgement
  • Ad valorem real estate taxes

Frage 5

Frage
In disbursing funds from a foreclosure sale, the highest priority would usually be given to
Antworten
  • 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

Frage 6

Frage
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
Antworten
  • $450
  • $650
  • $900
  • $1,350

Frage 7

Frage
The cost of public services is distributed among real estate owners through
Antworten
  • personal property tax
  • sales tax
  • real property tax
  • special assessment

Frage 8

Frage
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
Antworten
  • 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

Frage 9

Frage
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?
Antworten
  • $945
  • $1,181
  • $1,418
  • $1,477

Frage 10

Frage
Which of the following is a voluntary, specific lien?
Antworten
  • IRS tax lien
  • Mechanics Lien
  • Mortgage Lien
  • Seller's lien

Frage 11

Frage
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
Antworten
  • an attachment
  • a mechanic's lien
  • a lis pendens
  • a judgement

Frage 12

Frage
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
Antworten
  • a seller's lien
  • a buyer's lien
  • an assessment
  • a lis pendens

Frage 13

Frage
Which statement most accurately describes special assessment liens?
Antworten
  • 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

Frage 14

Frage
Which of the following is a lien on real estate?
Antworten
  • An easement running with the land
  • An unpaid mortgage loan
  • An encroachment
  • A license

Frage 15

Frage
Both a mortgage lien and a judgement lien
Antworten
  • must be entered by the court
  • involve a debt
  • are general liens
  • are involuntary liens

Frage 16

Frage
A mechanic's lien would be available to all of the following except
Antworten
  • 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

Frage 17

Frage
Taxes levied for the operation of the government are called
Antworten
  • assessment taxes
  • ad valorem taxes
  • special assessments
  • improvement taxes

Frage 18

Frage
All of the following would probably be exempt from real estate taxes except
Antworten
  • A medical research facility
  • a public golf course
  • a community church
  • an apartment building

Frage 19

Frage
In what time frame, if any, is Pennsylvania contractor permitted to file a mechanic's lien?
Antworten
  • 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

Frage 20

Frage
The property owners on whose land the city recently installed sidewalks will pay for these sidewalks through
Antworten
  • a special assessment
  • an ad valorem tax
  • monthly billings
  • a municipal utility lien
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