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CRE: Law & Practice 4 Exam
Terms in this set (32)
Possession under a claim of adverse possession must be:
open, hostile, notorious, and continuous
A court orders real property sold, to satisfy an unpaid lien, is an action known as a(n):
Writ of execution
What kind of liens come from judgments (i.e. courts)?
General liens (against everything the lienee owns)
Which of the following is a lien that does not need to be recorded?
real estate taxes
Mechanic's liens have a priority date of:
The day the work first began
When a lien against a parcel of real estate may result from a lawsuit currently before the courts, one examining the public records would look for:
A lis pendens notice
Bob Burnside has defaulted in payment of several debts, and a court has ordered his property sold to satisfy them. A report reveals several outstanding liens against the property. Which has first priority?
Current real estate taxes
The current value of a property is $255,000, and it is assessed at 35% of its current market value. What is the amount of the real estate tax due on the property if the tax rate is $3.50 per $100 of assessed value?
255,000 x .35 = 89,250.00
89,250 x .035 = 3,123.75
When a firm furnishes materials for the construction of a house and the firm is not paid, it may file a(n):
Which of the following is a voluntary lien?
Before the government can exercise the right of eminent domain, the use must be:
Public, and the property owner given just compensation
Real estate property taxes are:
Specific- involuntary liens
The tax on a given piece of real property is always determined by multiplying the mill levy by the:
Assessed valuation of the property
Property taxes are also referred to as:
A government official who evaluates property for tax purposes is a(n):
A charge levied by a local government to finance improvements such as repairing sidewalks in a neighborhood is:
If the Title Company discovers a delinquent sewer assessment, the party that would normally be required to pay for the portion that is in arrears is:
An instrument, which requires recordation to be legally effective, is a(n):
If a debtor owns three pieces of real estate located in the same county, and a judgment is entered against him, it will be a lien against:
All three properties
Mr. and Mrs. Davis, tenants, decide to have their apartment redecorated, on June 15. Contractor Jones says he will do the job for $4,000 and informs Smith (the property owner), by registered letter, the job will be completed by June 13. Upon completion, Davis tells Jones to see Smith for payment. Will Smith be liable?
Smith may be liable since he had notice and did nothing
A utility company has an easement to service its equipment. This is an example of:
Easement in gross
A lien is a monetary claim that if unpaid awards the lien holder the right of:
A lien that covers all real and personal property of the debtor within the county where recorded is a:
Unauthorized use of land may mature into an easement by prescription:
after 18 years
A lien's priority is determined by:
The date the lien is recorded determines priority except mechanic's lien
The term for something that grants the right to use another's land for a specific purpose, and is considered an incorporeal interest in land is:
In an appurtenant easement, the party that benefits is known as the:
A lien placed on the property without the consent of the owner is known as a(n)
All of the following are examples of a specific lien, EXCEPT:
What is the difference between a specific and a general lien?
A general lien affects all of an individual's property, a specific lien does not
You have listed a house for $197,800. If the house sells for the listed price, the seller will make a profit of 15%. What price did the seller pay for the house?
The selling price is 115% of what the seller paid for it. To find out what the seller paid for it, divide $197,800 by $115% = $172,000
An encumbrance issued by a court on a property of a defendant in a pending lawsuit for money damages is called an:
writ of attachment
THIS SET IS OFTEN IN FOLDERS WITH...
CRE: Law & Practice 2 Terms
CRE: Law & Practice 2 Exam
CRE: Law & Practice 3 Terms
CRE: Law & Practice 3 Exam
OTHER SETS BY THIS CREATOR
CRE: Final National Exam
CRE: Final State Exam
CRE: Final Focus Exam
CRE: Colorado Contracts and Regs Prep Exam
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