3684161
Description
Quiz by Ryan Fryer, updated more than 1 year ago
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Created by Ryan Fryer
over 7 years ago
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Question 1
Question
Which of the following best refers to the type of lien that affects all real and personal property of a debtor?
Answer
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Specific Lien
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Voluntary Lien
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Involuntary Lien
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General Lien
Question 2
Question
Priority of Liens refers to the
Answer
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order in which a debtor assumes responsibility for payment of obligations
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order in which liens will be paid if property is sold by court order to satisfy a debt
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dates liens are filed for record: the lien with the earliest recording date will always take priority over other liens
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fact that specific liens have greater priority than general liens
Question 3
Question
A lien on real estate made to secure payment for specific municipal improvements to a parcel of real estate is
Answer
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a mechanics lien
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a special assessment
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an ad valorem tax
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a utility lien
Question 4
Question
Which of the following is classified as a general lien?
Answer
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Mechanic's lien
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Bail bond lien
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Judgement
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Ad valorem real estate taxes
Question 5
Question
In disbursing funds from a foreclosure sale, the highest priority would usually be given to
Answer
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a mortgage dated last year
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real estate taxes due
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a mechanic's lien for work started before the mortgage was made
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a judgement rendered the day before foreclosure
Question 6
Question
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
Answer
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$450
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$650
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$900
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$1,350
Question 7
Question
The cost of public services is distributed among real estate owners through
Answer
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personal property tax
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sales tax
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real property tax
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special assessment
Question 8
Question
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
Answer
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tear out the work
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record a notice of the lien
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record a notice of the lien and file a court suit within the time required by state law
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have personal property of the owner sold to satisfy the lien
Question 9
Question
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?
Answer
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$945
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$1,181
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$1,418
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$1,477
Question 10
Question
Which of the following is a voluntary, specific lien?
Answer
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IRS tax lien
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Mechanics Lien
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Mortgage Lien
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Seller's lien
Question 11
Question
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
Answer
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an attachment
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a mechanic's lien
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a lis pendens
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a judgement
Question 12
Question
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
Answer
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a seller's lien
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a buyer's lien
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an assessment
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a lis pendens
Question 13
Question
Which statement most accurately describes special assessment liens?
Answer
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The are general liens
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They are paid on a monthly basis
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The take priority over mechanics' liens
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They cannot be prepaid in full without penalty
Question 14
Question
Which of the following is a lien on real estate?
Answer
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An easement running with the land
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An unpaid mortgage loan
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An encroachment
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A license
Question 15
Question
Both a mortgage lien and a judgement lien
Answer
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must be entered by the court
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involve a debt
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are general liens
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are involuntary liens
Question 16
Question
A mechanic's lien would be available to all of the following except
Answer
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suppliers who provided materials used in construction
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subcontractors employed by a general contractor
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a surveyor who prepared a survey of a subdivision
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a broker employed by a builder to market homes in a new subdivision
Question 17
Question
Taxes levied for the operation of the government are called
Answer
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assessment taxes
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ad valorem taxes
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special assessments
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improvement taxes
Question 18
Question
All of the following would probably be exempt from real estate taxes except
Answer
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A medical research facility
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a public golf course
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a community church
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an apartment building
Question 19
Question
In what time frame, if any, is Pennsylvania contractor permitted to file a mechanic's lien?
Answer
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Within six months of the completing the work
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Anytime before the transfer of title
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up to one year after beginning the work
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Within six months of starting the work
Question 20
Question
The property owners on whose land the city recently installed sidewalks will pay for these sidewalks through
Answer
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a special assessment
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an ad valorem tax
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monthly billings
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a municipal utility lien
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