Unit 6-7c Flashcards
(17 cards)
Which of the following is an encumbrance but NOT a lien?
a) Mortgage.
b) Restriction.
c) Trust of Deed.
d) Taxes.
b) Restriction.
A recorded notice of a current lawsuit involving title to real property is termed:
a) a lis pendens.
b) an attachment.
c) an ackowledgment.
d) suitus currentia.
a) a lis pendens.
This Latin term, which translates to “suit pending,” serves as a public
A mechanic’s lien takes precedence over which of thee following?
a) A subsequently recorded judgment.
b) A lien for delinquent real property taxes.
c) Both A and B.
d) Neither A nor B.
a) A subsequently recorded judgment.
Property taxes may be increased or decreased by adjusting the:
a) assessed value.
b) tax rate.
c) Both o f the above are correct.
d) Neither of the above is correct.
c) Both o f the above are correct.
Which of the following is true?
a) If taxes are delinquent, the property will be taken by the government by escheat.
b) Real property assessment for tax purposes is determined by the state and county.
c) The redemption period is two years after a tax lien sale.
d) tax liens are satisfied before all liens except mechanic’s (construction) liens.
c) The redemption period is two years after a tax lien sale.
6) The right by which a creditor has a claim against a borrower’s property is most broadly described as:
a) a judgment.
b) an attachment.
c) a writ of execution.
d) a lien.
d) a lien.
7) Which of the following statements is most correct concerning liens and encumbrances?
a) The owner cannot encumber his property.
b) Encumbrances lower the value of the property.
c) An easement is both a lien and encumbrance.
d) A mortgage is an encumbrance but not a lien.
b) Encumbrances lower the value of the property.
Which of the following is NOT an encumbrance?
a) A mechanic’s lien.
b) A mortgage.
c) An easement.
d) Dominant owner’s easement.
d) Dominant owner’s easement.
Which of the following is NOT a voluntary lien?
a) A mortgage.
b) A deed of trust.
c) A mechanic’s lien.
d) All the above.
c) A mechanic’s lien.
The lien having priority over al others is:
a) the one first created and recorded.
b) a federal income tax lien.
c) a mechanic’s lien.
d) a property tax lien.
d) a property tax lien.
In New Jersey the redemption period for the property owner after a tax sale is:
a) ten days.
b) two years.
c) six years.
d) 20 years.
b) two years.
Which of the following may NOT file a mechanic’s lien for completed work that remains unpaid:
a) Carpenter.
b) Real estate broker.
c) Electrician.
d) Architect.
b) Real estate broker.
Which of the following statements is true?
a) All liens are encumbrances.
b) All encumbrances are liens.
c) Specific liens affect all property of the debtor locate in the state.
d) Judgments are specific liens.
a) All liens are encumbrances.
When the court issues an order to sell property to satisfy a judgment, it is known as a (an):
a) easement.
b) encumbrance.
c) attachment.
d) writ of execution.
d) writ of execution.
Which of the following encumbrances would constitute a lien on real property?
a) Encroachment.
b) Restriction.
c) Easement.
d) Judgment.
d) Judgment.
If the proceeds of a foreclosure sale are less than the outstanding debt and foreclosure expenses, which of the following remedies are available?
a) There is no remedy.
b) The mortgagee must absorb the loss since the mortgagor is liable only for foreclosure
expenses.
c) The owner has statutory right of redemption.
d) The mortgagee may obtain a deficiency judgment against the mortgagor.
d) The mortgagee may obtain a deficiency judgment against the mortgagor.
A lien filed by a sub-contractor is:
.
a) a claim against the general contractor.
b) a claim against the mortgage lender.
c) a claim against the broker handling the sale.
d) a claim against the property.
d) a claim against the property.
