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Test > Unit 3 Encumbrances on Real Property > Flashcards

Unit 3 Encumbrances on Real Property Flashcards

1
Q 
Which of the following is an example of a specific lien?
A Judgment lien
B Special assessment lien
C Personal property tax lien
D IRS income tax lien
A

B Special assessment lien

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2
Q 
Which of the following is an example of a general lien?
A Mortgage lien
B Real estate tax lien
C Mechanic’s lien
D State income tax lien
A

D State income tax lien

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3
Q

A mechanic’s lien
A must be filed within 180 days after last day of labor.
B is a general lien that is good for 10 years.
C is used to collect payment from the general contractor.
D gives security to persons that work on real property owned by others.

A

D gives security to persons that work on real property owned by others.

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4
Q 
According to typical lien priority, which of the following would be paid first from proceeds from a court-ordered sale?
A Mortgage lien
B Judgment lien
C Real property tax lien
D Special assessment lien
A

C Real property tax lien

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5
Q

Which of the following liens typically would be given higher priority?
A Mortgage dated last year
B Current real estate taxes
C Mechanics’ liens for work started before the mortgage was made
D Judgments rendered yesterday

A

B Current real estate taxes

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6
Q 
Under city contract, ABC Paving Company paved a dirt road that runs adjacent to your property. As property owner, you would pay for this in the form of
A ad valorem real property taxes.
B personal property taxes.
C an invoice from the contractor.
D a special assessment.
A

D a special assessment.

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7
Q 
A property owner has the legal right to pass over the land owned by his neighbor. He holds an
A easement.
B emblement.
C estate in land.
D encroachment.
A

A easement.

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8
Q 
After moving into his new home, Marco discovers that his neighbor gets to his workshop by regular use of Marco’s driveway. Marco’s lawyer explains that the neighbor’s lot owns an easement over Marco’s driveway. Marco’s property is called
A the servient estate.
B a leasehold estate.
C a pur autre vie estate.
D the dominant estate.
A

A the servient estate.

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9
Q 
All of the following terms are related to easements EXCEPT
A appurtenant.
B assessment.
C by necessity.
D by prescription.
A

B assessment.

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10
Q

Which statement is TRUE regarding encumbrances?
A Encumbrances make title to property unmarketable.
B All encumbrances are liens.
C Deed restrictions and tax liens are examples of encumbrances.
D Encumbrances are physical intrusions of one person’s real estate onto another owner’s land.

A

C Deed restrictions and tax liens are examples of encumbrances.

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11
Q

All of the following are requirements for North Carolina mechanics’ liens EXCEPT
A a lien agent must be designated only for private residential construction projects that cost over $30,000.
B a vendor must serve notice to the named lien agent of a construction project within 15 days of first furnishing materials or labor or the vendor will forfeit mechanic’s lien priority.
C a private construction project on a single-family home does not require a lien agent if the property is owner-occupied.
D a vendor must file the mechanic’s lien no later than 120 days after delivery of the vendor’s last labor or materials.

A

A a lien agent must be designated only for private residential construction projects that cost over $30,000.

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12
Q

Which of the following North Carolina brokers can file a lien to secure payment of brokerage fees?
A A listing agent for a $10 million mansion
B A tenant’s representative for the lease of a manufacturing plant
C A listing agent for the sale of a shopping center
D A buyer’s agent for the purchase of an office building

A

C A listing agent for the sale of a shopping center

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13
Q 
In North Carolina, all real property MUST be reassessed every
A 4 years.
B 6 years.
C 8 years.
D 10 years.
A

C 8 years.

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14
Q 
The ad valorem property tax rates may be adjusted every
A year.
B two years.
C four years.
D five years.
A

A year.

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15
Q 
What is the assessed value of a house located in the city limits if the city tax rate is $0.80 per $100, the county tax rate is $0.50 per $100, and the owner’s annual taxes are $1,600?
A $123,077
B $200,000
C $208,000
D $320,000
A

A $123,077

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16
Q 
What is the monthly tax liability on a property assessed at $133,000 if the published tax rate is $1.678 per $100 of assessed value?
A $66.05
B $185.98
C $792.61
D $2,231.74
A

B $185.98

17
Q 
If you recently paid $2,000 in annual property taxes and the assessed value of your house is $183,500, what is the tax rate?
A $0.9175 per $100
B $1.09 per $100
C $9.12 per $100
D $10.90 per $100
A

B $1.09 per $100

18
Q 
Property is appraised at $129,000. If property is assessed at 75% of the appraised value, what is the assessed value of the property?
A $69,750
B $96,750
C $129,000
D $172,000
A

B $96,750

19
Q 
A house was appraised at $389,000 for tax purposes. It was assessed at 85% of the appraised value. The taxes were $1.10 per $100 of value. How much were the annual taxes?
A $281.35
B $356.58
C $3,637.15
D $4,279.00
A

C $3,637.15

20
Q 
Market value for a property outside the city limits of Greensboro is $295,000. Assessed value is calculated at 80% of market value. The city tax rate is $0.84 per $100 and the county tax rate is $0.63 per $100. What is the monthly tax liability for this property?
A $123.90
B $154.88
C $289.10
D $361.38
A

A $123.90

21
Q 
Jennifer owns property in Chapel Hill which has 100 feet of a street on one boundary. The town paves the street and agrees to pay 25% of the cost. The cost per running foot is determined to be $54. How much is Jennifer’s special assessment based on road frontage?
A $2,025
B $2,700
C $3,456
D $4,050
A

A $2,025

22
Q 
Eric owns property in Andover, Connecticut, where the mill rate is 27.3 per $1,000 of assessed value. His property is assessed at $150,000. Sixty percent of the property is assessed. What is his annual tax bill?
A $90
B $204.75
C $2,457
D $4,095
A

C $2,457

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