Chapter 15 Quiz

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Chapter 15 Quiz

Liens, Foreclosure, & Redemption

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The right by which a creditor has a claim against a borrower’s property is most broadly described as:

1 point

(A) a judgment.

(B) an attachment.

(D) a lien.

Clear selection

Which of the following statements is most correct concerning liens and encumbrances?

1 point

(A) The owner cannot encumber his property.

(B) Encumbrances lower the value of the property.

(D) A mortgage is an encumbrance but not a lien.

Clear selection

Which of the following is NOT an encumbrance?

1 point

(A) A mechanic’s lien.

(B) A mortgage.

(D) Dominant owner’s easement.

Clear selection

Which of the following is NOT a voluntary lien?

1 point

(A) A mortgage.

(B) A deed of trust.

(D) All the above.

Clear selection

The lien having priority over all others is:

1 point

(A) the one first created and recorded.

(B) a federal income tax lien.

(D) a property tax lien.

Clear selection

In New Jersey the redemption period for the property owner after a tax sale is:

1 point

(A) ten days.

(B) two years.

(D) 20 years.

Clear selection

Which of the following may NOT file a mechanic’s lien for completed work that remains unpaid:

1 point

(A) Carpenter.

(B) Real estate broker.

(D) Architect.

Clear selection

Which of the following statements is true?

1 point

(A) All liens are encumbrances.

(B) All encumbrances are liens.

(D) Judgments are specific liens.

Clear selection

When the court issues an order to sell property to satisfy a judgment, it is known as a (an):

1 point

(A) easement.

(B) encumbrance.

(D) writ of execution.

Clear selection

Which of the following encumbrances would constitute a lien on real property?

1 point

(A) Encroachment.

(B) Restriction.

(D) Judgment.

Clear selection

If the proceeds of a foreclosure sale are less than the outstanding debt and foreclosure expenses, which of the following remedies are available?

1 point

(A) There is no remedy.

(B) The mortgagee must absorb the loss since the mortgagor is liable only for foreclosure expenses.

(D) The mortgagee may obtain a deficiency judgment against the mortgagor.

Clear selection

A lien filed by a sub-contractor is:

1 point

(A) a claim against the general contractor.

(B) a claim against the mortgage lender.

(D) a claim against the property.

Clear selection

Which of the following is an encumbrance, but NOT a lien?

1 point

(A) Mortgage.

(B) Restriction.

(D) Taxes.

Clear selection

A recorded notice of a current lawsuit involving title to real property is termed:

1 point

(A) a lis pendens.

(B) an attachment.

(D) suitus currentia.

Clear selection

A mechanic’s lien takes precedence over which of the following?

1 point

(A) A subsequently recorded judgment.

(B) A lien for delinquent real property taxes.

(D) Neither A nor B.

Clear selection

Property taxes may be increased or decreased by adjusting the:

1 point

(A) assessed value.

(B) tax rate.

(D) Neither of the above is correct.

Clear selection

Which of the following is true?

1 point

(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.

(D) tax liens are satisfied before all liens except mechanic's (construction) liens.

Clear selection

A lien which is applicable to one property in particular versus a general lien, which applies to all property of the individual involved. 15-333

1 point

Involuntary Lien

Mechanic's Lien

Specific Lien

Foreclosure

Clear selection

The interest or value which an owner has in real estate over and above the liens against it; branch of remedial justice by and through which relief is afforded to parties in courts of equity.

1 point

Judgment

Equity of Redemption

Deficiency Judgement

Equity

Clear selection

A federal law that protects servicemen and women, including reservists and members of the National Guard (when on active duty) from loss of their homes through foreclosure. 15-335

1 point

Servicemember's Civil Relief Act

Attachment

Writ of Execution

General Lien

Clear selection

The final determination of the rights and liabilities of the parties by a court in an action before it. 15-336

1 point

Equity

Equity of Redemption

Lis Pendens

Judgment

Clear selection

A lien imposed against property without consent of an owner; e.g., tax, special assessment and federal income tax liens. 15-333

1 point

Specific Lien

Mechanic's Lien

Foreclosure

Involuntary Lien

Clear selection

A writ or court order authorizing and directing an officer of the court to carry out the judgment or decree of the court. 15-336

1 point

Equity of Redemption

Writ of Execution

Lien

Attachment

Clear selection

A judgment for the balance of a debt, issued when the difference between the indebtedness sued upon and the sale price obtained at the foreclosure sale is less than the debt. 14-311

1 point

Deficiency Judgement

Mechanic's Lien

Equity of Redemption

Specific Lien

Clear selection

The act of taking realty by judicial order and placing it within the custody of the court. 15-336

1 point

Judgment

Lien

Writ of Execution

Attachment

Clear selection

The right of an owner to reclaim property before it is sold through foreclosure proceedings by payment of the debt, interest and cost. 15-334

1 point

Equity

Mechanic's Lien

Equity of Redemption

Deficiency Judgement

Clear selection

A right, given by law, whereby a creditor may satisfy a debt out of the proceeds of the sale of real or personal property belonging to the debtor; an encumbrance, usually naming property as security for payment of a debt or for the discharge of an obligation. 15-333

1 point

Attachment

Equity

Lien

Writ of Execution

Clear selection

Procedure whereby property pledged as security for a debt is sold to pay the debt in event of default in payments or terms. 15-333

1 point

Specific Lien

Mechanic's Lien

Involuntary Lien

Foreclosure

Clear selection

A lien which exists against real property in favor of persons who have performed work or furnished materials for the improvement of the real estate. 15-335

1 point

Specific Lien

Deficiency Judgement

Mechanic's Lien

Involuntary Lien

Clear selection

A lien which attaches to all property owned by the debtor. 15-336

1 point

Servicemember's Civil Relief Act

General Lien

Attachment

Writ of Execution

Clear selection

A legal document giving constructive notice that legal action is pending. 15-333

1 point

Judgment

Lis Pendens

Specific Lien

Mechanic's Lien

Clear selection

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