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Real Estate

Quiz 10

admin 2019.05.12 21:28 Views : 12249

1 of 25 - Once a lien is placed on a property, the most common way to remove it is for the property owner to
request a release.
file for bankruptcy.
 
pay the debt.
retain an attorney.
You answered correctly
2 of 25 - Once a mechanic's lien has been paid, what must be recorded to show the lien has been discharged and satisfied?
A deficiency judgment
Equitable title
An expense report
 
A lien release
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3 of 25 - A lien is put on a property by
 
creditors.
owners.
lessees.
sellers.
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4 of 25 - What type of superior lien does local government entities place against certain properties to ensure payment for local improvement projects such as new roads, schools, sewers or libraries?
An ad valorem tax lien
 
A special assessment lien
A mechanic's lien
A judgment lien
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5 of 25 - What type of lien occurs when someone loses a lawsuit and a judgment is placed against real property to pay for the judgment?
A real estate tax lien
A franchise lien
 
A judgment lien
A state inheritance tax lien
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6 of 25 - What homestead law term describes the discontinued use of property?
 
Discarded
Uninhabited
Revoked
 
Abandoned
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Abandonment is the discontinued use of the property. If the owner does not intend to use it again as a home, then the rights are extinguished.
7 of 25 - What is an option a creditor can obtain to receive payment by forcing the sale of attached property and collect a debt?
 
A writ of execution
A constructive notice
A right of rescission
A credit assessment
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8 of 25 - What type of laws protect family members against losing their homes to general creditors attempting to collect on debts?
Land use laws
Familial laws
 
Homestead laws
Real estate laws
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9 of 25 - For how long can a California income tax lien be in force?
 
A maximum of 10 years
 
A maximum of 30 years
A maximum of 20 years
A maximum of 5 years
You answered incorrectly
A California income tax lien can be in force for 30 years.
10 of 25 - Which of the following is NOT a superior lien?
Special Assessment
Federal and State Inheritance Tax
 
Federal Income Tax
Real Estate Tax
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11 of 25 - What is not one of the four ways a judgment lien can be terminated?
Lien payment
Lien expiration
 
Discharge by exemption
Discharge by creditor
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12 of 25 - What describes involuntary, specific liens against real property by a local government entity such as street or sewer improvements?
An HOA lien
A state tax lien
 
A special assessment
A judgment lien
You answered correctly
13 of 25 - What puts a mechanic's lien on the balance of funds from a sale?
A lien release
 
A stop notice
 
A notice of responsibility
A notice of cessation
You answered incorrectly
While a lien is in place, a claimant may give a stop notice to a lender associated with the property. A stop notice puts a lien on the balance of funds from a sale
14 of 25 - What is the term used to describe an interest in and a right to real property that limits the legal owner's freehold interest?
An encroachment
 
An encumbrance
A deed restriction
A license
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15 of 25 - What type of lien is also known as a construction lien?
A vendor's lien
A federal lien
 
A mechanic's lien
An involuntary lien
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16 of 25 - What type of lien secures a purchase money mortgage, a seller's loan to a buyer to finance the sale of property?
A federal lien
An involuntary lien
 
A vendor's lien
A judgment lien
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17 of 25 - What is a nonfinancial encumbrance that restricts the use of a property itself and enables others to use the property, regardless of the owner's desires?
A lien
A profit encumbrance
 
An easement
A restriction
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18 of 25 - A creditor who places a lien on a property is called
the lienee.
the mortgagor.
the mortgagee.
 
the lienor.
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19 of 25 - The two types of homestead exemptions in California are the automatic homestead exemption and the
implied homestead exemption.
 
declared homestead exemption.
express homestead exemption.
equitable homestead exemption.
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20 of 25 - How many years are attachment liens valid from the date of the writ of attachment?
4 years
7 years
 
5 years
 
3 years
You answered incorrectly
Attachment liens are valid for three years from the date of the writ of attachment. The lien can be extended for two additional years.
21 of 25 - What type of lien exists when the IRS sends a taxpayer a bill entitled "Notice for Demand and Payment" and the bill is either ignored or not paid in full?
An equitable lien
A statutory lien
A general lien
 
A federal lien
You answered correctly
22 of 25 - What does a writ of attachment do?
 
It stops a debtor from selling or concealing property.
It forces the sale of a property.
 
It protects certain property from being sold.
It determines the sale price of a property.
You answered incorrectly
A writ of attachment prevents a person from selling or concealing property.
23 of 25 - What type of lien is one that a legal process places against a property which the property owner did not agree or consent to?
 
A statutory lien
 
An involuntary lien
An equitable lien
A judgment lien
You answered incorrectly
An involuntary lien is one that a legal process places against a property which the property owner did not agree or consent to.
24 of 25 - California law requires a lien filer to be a licensed contractor unless the homeowner knows the worker was unlicensed and the work performed was less than how much?
$700.00
$1,000.00
 
$500.00
$1,200.00
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25 of 25 - Many states have enacted their own homestead laws that specify
foreclosure timeframe.
 
exemption amounts for individuals and families.
minimum sale price.
payment for selling costs.
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