Ryan Fryer
Test por , creado hace más de 1 año

300 Real Estate Test sobre Chapter 8, creado por Ryan Fryer el 06/10/2015.

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Ryan Fryer
Creado por Ryan Fryer hace alrededor de 9 años
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Chapter 8

Pregunta 1 de 20

1

Which of the following best refers to the type of lien that affects all real and personal property of a debtor?

Selecciona una de las siguientes respuestas posibles:

  • Specific Lien

  • Voluntary Lien

  • Involuntary Lien

  • General Lien

Explicación

Pregunta 2 de 20

1

Priority of Liens refers to the

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 3 de 20

1

A lien on real estate made to secure payment for specific municipal improvements to a parcel of real estate is

Selecciona una de las siguientes respuestas posibles:

  • a mechanics lien

  • a special assessment

  • an ad valorem tax

  • a utility lien

Explicación

Pregunta 4 de 20

1

Which of the following is classified as a general lien?

Selecciona una de las siguientes respuestas posibles:

  • Mechanic's lien

  • Bail bond lien

  • Judgement

  • Ad valorem real estate taxes

Explicación

Pregunta 5 de 20

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 6 de 20

1

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

Selecciona una de las siguientes respuestas posibles:

  • $450

  • $650

  • $900

  • $1,350

Explicación

Pregunta 7 de 20

1

The cost of public services is distributed among real estate owners through

Selecciona una de las siguientes respuestas posibles:

  • personal property tax

  • sales tax

  • real property tax

  • special assessment

Explicación

Pregunta 8 de 20

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 9 de 20

1

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?

Selecciona una de las siguientes respuestas posibles:

  • $945

  • $1,181

  • $1,418

  • $1,477

Explicación

Pregunta 10 de 20

1

Which of the following is a voluntary, specific lien?

Selecciona una de las siguientes respuestas posibles:

  • IRS tax lien

  • Mechanics Lien

  • Mortgage Lien

  • Seller's lien

Explicación

Pregunta 11 de 20

1

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

Selecciona una de las siguientes respuestas posibles:

  • an attachment

  • a mechanic's lien

  • a lis pendens

  • a judgement

Explicación

Pregunta 12 de 20

1

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

Selecciona una de las siguientes respuestas posibles:

  • a seller's lien

  • a buyer's lien

  • an assessment

  • a lis pendens

Explicación

Pregunta 13 de 20

1

Which statement most accurately describes special assessment liens?

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 14 de 20

1

Which of the following is a lien on real estate?

Selecciona una de las siguientes respuestas posibles:

  • An easement running with the land

  • An unpaid mortgage loan

  • An encroachment

  • A license

Explicación

Pregunta 15 de 20

1

Both a mortgage lien and a judgement lien

Selecciona una de las siguientes respuestas posibles:

  • must be entered by the court

  • involve a debt

  • are general liens

  • are involuntary liens

Explicación

Pregunta 16 de 20

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 17 de 20

1

Taxes levied for the operation of the government are called

Selecciona una de las siguientes respuestas posibles:

  • assessment taxes

  • ad valorem taxes

  • special assessments

  • improvement taxes

Explicación

Pregunta 18 de 20

1

All of the following would probably be exempt from real estate taxes except

Selecciona una de las siguientes respuestas posibles:

  • A medical research facility

  • a public golf course

  • a community church

  • an apartment building

Explicación

Pregunta 19 de 20

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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

Explicación

Pregunta 20 de 20

1

The property owners on whose land the city recently installed sidewalks will pay for these sidewalks through

Selecciona una de las siguientes respuestas posibles:

  • a special assessment

  • an ad valorem tax

  • monthly billings

  • a municipal utility lien

Explicación