Ryan Fryer
Quiz by , created more than 1 year ago

300 Real Estate Quiz on Chapter 8, created by Ryan Fryer on 06/10/2015.

89
0
0
Ryan Fryer
Created by Ryan Fryer over 8 years ago
Close

Chapter 8

Question 1 of 20

1

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

Select one of the following:

  • Specific Lien

  • Voluntary Lien

  • Involuntary Lien

  • General Lien

Explanation

Question 2 of 20

1

Priority of Liens refers to the

Select one of the following:

  • 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

Explanation

Question 3 of 20

1

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

Select one of the following:

  • a mechanics lien

  • a special assessment

  • an ad valorem tax

  • a utility lien

Explanation

Question 4 of 20

1

Which of the following is classified as a general lien?

Select one of the following:

  • Mechanic's lien

  • Bail bond lien

  • Judgement

  • Ad valorem real estate taxes

Explanation

Question 5 of 20

1

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

Select one of the following:

  • 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

Explanation

Question 6 of 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

Select one of the following:

  • $450

  • $650

  • $900

  • $1,350

Explanation

Question 7 of 20

1

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

Select one of the following:

  • personal property tax

  • sales tax

  • real property tax

  • special assessment

Explanation

Question 8 of 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

Select one of the following:

  • 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

Explanation

Question 9 of 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?

Select one of the following:

  • $945

  • $1,181

  • $1,418

  • $1,477

Explanation

Question 10 of 20

1

Which of the following is a voluntary, specific lien?

Select one of the following:

  • IRS tax lien

  • Mechanics Lien

  • Mortgage Lien

  • Seller's lien

Explanation

Question 11 of 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

Select one of the following:

  • an attachment

  • a mechanic's lien

  • a lis pendens

  • a judgement

Explanation

Question 12 of 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

Select one of the following:

  • a seller's lien

  • a buyer's lien

  • an assessment

  • a lis pendens

Explanation

Question 13 of 20

1

Which statement most accurately describes special assessment liens?

Select one of the following:

  • 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

Explanation

Question 14 of 20

1

Which of the following is a lien on real estate?

Select one of the following:

  • An easement running with the land

  • An unpaid mortgage loan

  • An encroachment

  • A license

Explanation

Question 15 of 20

1

Both a mortgage lien and a judgement lien

Select one of the following:

  • must be entered by the court

  • involve a debt

  • are general liens

  • are involuntary liens

Explanation

Question 16 of 20

1

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

Select one of the following:

  • 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

Explanation

Question 17 of 20

1

Taxes levied for the operation of the government are called

Select one of the following:

  • assessment taxes

  • ad valorem taxes

  • special assessments

  • improvement taxes

Explanation

Question 18 of 20

1

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

Select one of the following:

  • A medical research facility

  • a public golf course

  • a community church

  • an apartment building

Explanation

Question 19 of 20

1

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

Select one of the following:

  • 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

Explanation

Question 20 of 20

1

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

Select one of the following:

  • a special assessment

  • an ad valorem tax

  • monthly billings

  • a municipal utility lien

Explanation

Previous
Next