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Flashcards in Leins & Encumbrances Deck (20)
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1

A/An _____ is where an existing mortgage is made secondary to a new mortgage
- satisfaction
- modification
- assignment
- subordination

Subordination is where an existing mortgage is made secondary to a new mortgage

2

Voluntary leins do NOT include
- mortgages
- equity loans
- judgement leins
- ucc financing statements

Judgement leins are NOT voluntary leins

3

Involuntary liens do not include
- judgement leins
- UCC financing statements
- mechanics leins
- taxes and assessments

UCC financing leins are not involuntary leins

4

When a mortgage has been assigned, the future satisfaction of mortgage should be signed by the
- original mortgagee
- current mortgagor
- original mortgagor
- current assignee

The current assignee should sign the future satisfaction of mortgage when a mortgage has been assigned

5

Within ___ days after receipt of written request, the holder of a mortgage must deliver or cause the servicer of the mortgage to deliver to the person making the request, at a place designated in the written request, an estoppel letter setting forth the unpaid balance of the loan secured by the mortgage
- 7
- 14
- 21
- 30

Within 14 days after receipt of written request

6

Within ____ days after receipt of full payment, the recorded satisfaction must be sent to the person who made the full payment
- 15
-30
- 45
- 60

Within 60 days after receipt of full payment

7

A united states judgment, once filed in the jurisdiction in which the subject property is located, remains a lien for ____ years and may be refiled, extending the lien an additional ____ years, upon recording a notice of renewal
- 5 plus 5
- 7 plus 7
- 10 plus 10
- 20 plus 20

A united states judgement lein (fha loans or student loans ect) are 20 plus 20

8

A federal tax lien is good for 10 years plus 30 das from date of assessment referenced in the lien, with refiling extending the lien for an additional _____ years
- 5
- 7
-10
-15

Ten years plus 30 days and renewable for another 10 years

9

The maximum lifespan of a standard money judgement is ____ years from the date of entry of the judgement
- 10
- 20
- 30
- 40

The max is 20 years which is 10 plus another 10

10

In Florida a judgement becomes a lien on real property when a/an _____ is recorded in the official records or judgement lien records of the county in which the property is situate, provided that the judgment contains the address of the person who has a lien as a result of such judgement or a separate affidavit is recorded simultaneously with the judgment state the address of the person who has a lien as a result of such judgment
- original judgement
- certified copy of the judgement
- UCC final judgement
- copy of the expired judgement

Certified copy of the judgement

11

The statute of limitations for bringing an action to enforce a construction lien is ____ years from the date on which the claim of lien was recorded
- 1
-3
-5
-7

Statute of limitations on construction lien is 1 year

12

On a construction lien, an owner can shorten the time period for commencement of action by lienor by
- abandoning the property
- filing a notice of contest of lien
- recording a building permit
- bringing suit against the lender

Filing a notice of contest of lien will shorten the time period for a commencement of a construction lien

13

On a construction lien, filing a notice of contest of lien shortens the time period within which to commence an action to enforce the claim of lien to
- 20 days
- 45 days
- 60 days
- 90 days

A contest of lien on a construction lien will shorten the timeline to 60 days to which an action must be commenced

14

On a construction lien, an owner can shorten the time period for commencement of action by lienor by
- certifying the notice of contest of lien
- bringing suit against the general contractor
- filing a complaint against the lienor with the better business bureau
- filing a complaint for discharge of lien

By filing a "complaint for discharge of lien" the homeowner can shorten the time period for commencement of action by the lienor

15

On a construction lien, filing a complaint for discharge of lien give the lienor _____ days to show cause why such a complaint should not be enforced
- 20
- 45
- 60
- 90

the lienor will have 20 days to show why the complaint should not be enforced

16

Encroachments should be shown as a/an ______ on the final title policy
- covered risk
-exclusion
- exception
- conditions

An encroachment will be shown as an exception on the final title policy

17

A natural increase of land upon the shore or bank of a river or stream due to the gradual washing or motion of the water and addition of material is known as
- accretion
- reliction
- alluvion
- recession

Accretion is the changing of land on a river or stream due to movement of water and addition of materials

18

Riparian rights are those incident to land bordering upon navigable waters and include
- right of ingress and egress
- boating and fishing rights
- bathing rights
- consumption rights

Ingress and egress, boating and fishing, and bathing rights are all incident riparian rights to land bordering upon navigable water

19

A mean high water line is
- the mark on shore to which high tide rises during normal weather conditions
- zero elevation with lands above it being positive and those below it being negative
- the commonly designated water mark for non-tidal waters
- the average of all high tides as calculated over a specific period of time

The mark on short to which high tide rises during normal weather conditions is the mean high water line

20

An ordinary high water line is
- the mark on shore to which high tide raises during normal weather conditions
- a frame of reference assumed to be at zero elevation with those lands above it being positive and those below it being negative
- the average of all high tides as calculated over a specified period of time
- the commonly designated water mark for non-tidal waters

The commonly designated water mark for non- tidal waters is called "an ordinary high water line