Property Tax Lien

Question 1

Can there be a property tax lien if it’s not filed in the public record?

Answer 1

Yes, a property tax lien can be effective and take priority over other liens, even if its not made part of the public record

Question 2

Can property be sold for nonpayment of taxes, even if the currency owne was not aware of the debt against the property?

Answer 2

Yes, the property will be sold if the back taxes plus late fees are not paid.

Question 3

Is it possible for the present owner of the house to reclaim it, even if there is a tax sale?

Answer 3

Yes, depending on state law-if the owners state provides a statutory right of redemption following a tax sale, the present owner can reclaim the property by paying the amount collected at the tax sale plus interest and charges (including any taxes levied since the sale)

Question 4

The general real estate tax is an ad Valorem tax

Answer 4

True

Question 5

Tax lien usually are given the lowers priority over all other in against a property

Answer 5

False

Question 6

Mortgage Lien

Answer 6

Is a specific, voluntary lien on real estate given to a lender by a borrower as a security for real estate loan.

Question 7

Mechanic’s Lien

Answer 7

Is a specific, involuntary liens that gives security to persons or companies that perform labor or furnish material to improve real property.
- A mechanic’s lean may be established as of the date the construction began or material were first furnished;the date the work was completed; the date the individual…..

Question 8

Writ of execution

Answer 8

Directs the sheriff to seize and sell as much of the debto’s property as is necessary to pay both the debt and the expenses of the sale

Question 9

Lis pendens

Answer 9

There is often a considerable delay between the time a lawsuit is filed and the time final judgment is rendered when any suit that affects title to our possession of real estate is filed a special notice as lis pendens is recorded
It’s not itself a lien, but rather a notice of possible future lien.

Question 10

Writ of attachment

Answer 10

Is a court order against the property of another person that directs the sheriff or other officer of the court to seize or take control of a property .

Question 11

If improvements that were not ordered by the property owner have commenced, the property owner should execute a document called a notice of no responsibility to be relieved from possible mechanic’s liens

Answer 11

True

Question 12

When any suit that affects title to real estate is filed, a special notice, called lis pendens, can be recorded

Answer 12

True

Question 13

All of the following are true statements about real estate tax liens EXCEPT

Answer 13

Tax liens have less priority than mortgage liens after foreclosure-
-An outstanding tax lien would be paid first from the proceeds of a court-ordered sale of a property

Question 15

A mortgage for the unpaid purchase price that belongs to the seller of real estate is

Answer 15

A vendor’s lien-
The lien in favor of the seller attached to the property being purchased

Question 16

A lien on real estate made to secure payment for a specific municipal improvement project is which of the following?

Answer 16

Special assessment lien

Question 17

General real estate taxed levied for the operation of the government are

Answer 17

Ad Valoren taxes

Question 18

Ad Valoren taxes are based on the value of the property taxes and create liens that are

Answer 18

Statutory, involuntary, and general

Question 19

A buyer purchased a parcel of real estate. Title has passed, but to date the buyers has not paid the purchase price in full, as originally agreed. If the seller wants to force payment, which remedy id the seller entitled to seek?

Answer 19

Judment- the seller could seek a money judgment based on a vendor’s (seller’s) lien for un-paid portions of the purchase price not secured by a mortgage

Question 20

A lien that arises as a result of a judgement in which type of lien?

Answer 20

General-general lien attaches to all real and personal property until full payment is made

Question 21

A written agreement between lien holders to change the priority of a mortgage is

Answer 21

A subordination agreement

Question 22

A property owner’s real estate tax bill is computed by applying the tax rate to

Answer 22

The assessed valuation of the property

Question 23

A liens is created in which of the following ways?

Answer 23

Equitable, Voluntary, and Involuntary

Question 24

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

Answer 24

Apartment buildings

Question 25

Which lien usually would be given highest priority in disbursing funds from a foreclosure sale?

Answer 25

Real estate taxes due

Question 26

A local attorney was appointed guardian of property owner’s with no known relatives, who required care in a nursing home. The property owner has no will or any money available for expenses and hasn’t paid any property taxes in the past four years. What would the state file to eventually collect the unpaid back taxes?

Answer 26

Tax lien

Question 27

Which of the following is a voluntary, specific lien?

Answer 27

Mortgage lien

Question 28

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 in which the property is located is 40 mills. The tax bill will be

Answer 28

$4,800. A mill is 1/1000 of a dollar: $0.001. The mill rate is the tax on every dollar of the assessed value of property. A rate of 40 mills ($0.040) is applied to 75% of the $160,000 market value of the property: $160,000 x 75%=$120,000, and $120,000 x $0.040 = $4,800

Question 29

A dean of a small college is apt to run into ethical questions in all of the following EXCEPT

Answer 29

The calculation of grade point average- the calculation grade point average is done mathematically and should not be subject to unethical behavior .

Question 30

The MOST important element of developing a corporate Code of EThics is the

Answer 30

Way the code is written

Question 31

The Most effective way for a company to ensure a higher level of ethical behavior with its associates

Answer 31

Provide opportunities for open discussion of ethical situations

Question 32

The National Association Of REALTORS (NAR) code of ethics if ofthen referred to as a living document, which means it

Answer 32

Is constantly modified to meet the challenges of ongoing changes in the real estate market

Question 33

The revived interest in the study of ethics in business schoools came about due to the

Answer 33

Large number of corporate scandals that have occurred .

Question 34

Situational ethics can be BEST described as ethics based on

Answer 34

Behavior determined by circumstances

Question 35

The first organization to promote fairness and integrity in the market place was the

Answer 35

Better business bureau