Vocabulary for Encumbrances

Question 1

anything that affects or limits the fee simple (or fee simple absolute) title to property

Answer 1

Encumbrance

Question 2

a right or interest in a property held by one who is not the legal owner of the property

Answer 2

Encumbrance

Question 3

An easement, deed restriction, encroachment and lien are examples of what?

Answer 3

Encumbrances

Question 4

a non-revocable right of USE of property not your own which can be created by necessity, implication (eg mineral rights) or prescription (adverse possession)

Answer 4

Easement

Question 5

PRIVATE controls on USE of property by an entity not owning the property

Answer 5

Deed restrictions

Question 6

declaration of restrictions, restrictive covenants, and CCR’s are also names for

Answer 6

Deed Restrictions

Question 7

covenants, conditions and restrictions

Answer 7

CC&Rs

Question 8

2 ways to enforce deed restrictions

Answer 8

HOAs and the courts

Question 9

a physical trespass or nuisance from a neighbor

Answer 9

Encroachment

Question 10

a way to resolve an encroachment through the HOA or courts

Answer 10

Abatement action

Question 11

a charge or claim one has on the property of another as security for a debt or obligation; can be specific or general, voluntary or involuntary and is enforceable

Answer 11

Lien

Question 12

a mortgage, trust deed or carry-back are examples of this

Answer 12

Voluntary lien

Question 13

a judgment, assessment, attachment, mechanics lien, property taxes, IRS and decedent debts are are types of this

Answer 13

Involuntary lien

Question 14

a court decree which after being entered and recorded becomes a lien on all the property of a defendant (general lien)

Answer 14

Judgment

Question 15

money paid for street improvements is an example of this specific lien

Answer 15

Assessment

Question 16

money paid on property as a specific lien

Answer 16

Property taxes

Question 17

seizure of real or personal property by the court as security for satisfaction of debt like credit care debt is this type of specific lien

Answer 17

Attachment

Question 18

a lien, usually by contractor for unpaid services; would be filed AFTER completion of the project; this can be assigned

Answer 18

Mechanic Lien

Question 19

a general lien for unpaid taxes

Answer 19

IRS lien

Question 20

a lien on an estate where a probate court must give claims consideration

Answer 20

Decedent debts

Question 21

filing Liz Pendens, writ of attachment and garnishment are the 3 steps to this lien

Answer 21

Attachment

Question 22

meaning “legal action pending”, this is document giving constructive notice to interested persons that an action against a specific piece of property has been taken.

Answer 22

Liz Pendens

Question 23

a recorded legal writ giving the court custody of real property until a creditor’s suit is settled; also known as “freezing an asset”.

Answer 23

Writ of Attachment

Question 24

the legal taking of wages, goods or effects through a third party to satisfy a debt (will use a writ)

Answer 24

Garnishment

Question 25

word that means "incomplete"

Answer 25

Inchoate

Question 26

a decision by the court on an action or lawsuit; it becomes a general lien on all property owned in the county where recorded; remains on credit report for 7 years, but enforceable only 5 years

Answer 26

Judgment

Question 27

a court order directing the sheriff to seize and sell as much of the defendant's property as necessary to satisfy the debt and expense of the sale

Answer 27

Writ of Execution

Question 28

a legal period of time in which parties may bring suit to enforce their rights;in AZ it is 5 years to obtain a writ of execution

Answer 28

Statute of Limitations

Question 29

if done within 90 days of the end of the statute of limitations for the judgment, the period can be extended another 5 years and is called this

Answer 29

Renewal

Question 30

if the plaintiff tries to assert claim after the statute period has passed it is called this

Answer 30

Laches

Question 31

a judgement lien takes its priority when?

Answer 31

At the time it is recorded

Question 32

a document acknowledging payment of a judgment with interest (to be charged annually at 1% above prime at time of judgment or 10% of judgment, whichever is less)

Answer 32

Satisfaction

Question 33

name of the theory where a borrower has legal title to mortgaged property and the lender is the holder of the deed of trust or mortgage lien (AZ); title is held by mortgagor while lien is held by lender

Answer 33

Lien Theory

Question 34

name of the theory where the lender has legal title to a mortgaged property and the borrower has equitable title; lender holds the title.

Answer 34

Title Theory

Question 35

a voluntary bank lien in which real estate is pledged as security for a debt

Answer 35

Mortgage

Question 36

a voluntary lien in which the trustor conveys title to a trustee who holds it as security for the beneficiary

Answer 36

Trust deed

Question 37

a property lien in which the seller assumes the lender's role and carries the unpaid balance of the purchase price as a loan to the buyer

Answer 37

Seller carry-back

Question 38

a lien that covers work done and materials, usually filed by a contractor, for home improvement; require a written contract between homeowner and worker

Answer 38

Mechanics Lien

Question 39

priority begins when work begins or materials are delivered for this lien

Answer 39

Mechanics Lien

Question 40

the number of days of notification required for a mechanics pre-lien notice

Answer 40

20 days from signed contract

Question 41

the number of days for a mechanics lien to be recorded

Answer 41

120 days from completion of work

Question 42

the priority is the date the work began or materials are delivered for this lien

Answer 42

Mechanics Lien

Question 43

the number of days to file a lawsuit if contractor is not paid

Answer 43

180 days from date of recordation

Question 44

when an improvement is physically finished, used by the owner or given final inspection

Answer 44

Completion of work by contractor