Property Ownership, Transfer of Title & Land Use 6.4 Flashcards Preview

Real Estate Module 1-9 > Property Ownership, Transfer of Title & Land Use 6.4 > Flashcards

Flashcards in Property Ownership, Transfer of Title & Land Use 6.4 Deck (7)
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1
Q

Estate and inheritance tax liens are?

A

involuntary, statutory, general liens and are usually paid during the probate court proceedings.

2
Q

Internal Revenue Service (income) tax liens are?

A

involuntary, statutory, general liens that result from a person’s failure to pay any portion of their federal tax liability; such as income and withholding taxes.

3
Q

Judgement Liens are?

A

involuntary, equitable, general Liens.

4
Q

A Judgement is?

A

is a decree issued by a court and its lien priority is assigned according to the laws of the state in which the property (real or personal) is located.

5
Q

How are Judgements enforced?

A

udgments are enforced through the issuance of a writ of execution and ultimately result in the sale of the property. When the property is sold, a satisfaction of judgment should be filed.

6
Q

Lis Pendens does what?

A

denotes that there is litigation pending regarding the title of the property. It is an encumbrance on and gives public notice of a possible future lien on the real estate.

7
Q

Lis Pendens attaches to what?

A

To the property and the real estate cannot be transferred until a decision is made by the court and the court retains custody of property until the conclusion of the lawsuit.

Decks in Real Estate Module 1-9 Class (35):