RE ACTS A - EXAM

3. To terminate a homestead, one would record: (a) A notice of abandonment. (b) A termination of homestead. (c) A release of lien (d) A notice of release of homestead.

(a) A notice of abandonment.

5. In order to place a mechanic's lien against a property, the person must be able to prove that: (a) His work or material was integrated into the property. (b) The work or materal was valued in excess of $2,000. (c) The work or material was ordered by a general contractor. (d) He is a licensed genreal contractor or sub-contractor.

(a) His work or material was integrated into the property.

2. A woman has seven children and a husband. Two of the children have married and moved away, the others are still living at home. Under the Utah Exemterm-0ption Act, what exemption could she claim if she became involved in foreclosure proceedings on her home? (a) 60000 (b) 30000 (c) 4500 (d) 12000

(a) 60000

1. Z, who has never married or had children, owns a home worth $175,000, which has a mortgage balance of $35,000. Due to some finacial troubles, Z is considering bankrupcy, but would like to not lose the investment in the house. Under the Homestead Exemption Act, what is the most Z can protect? (a) 60000 (b) 30000 (c) In bankruptcy, none can be protected. (d) 125000

(b) 30000

10. According to the Marketable Record Title Act, old encumbrances can be extinguished after: (a) 7 years (b) 40 years (c) 25 years (d) 20 years

(b) 40 years

7. George Appleton has done $2,300 of plumbing for Bill Pearpound. He goes to Mr. Pearpound and requests payment. Mr. Pearpound immediately sits down and writes out a check for the entire amount, much to Mr. Appleton's surprise. If Mr. Pearpound is a wise businessman, he will require Mr. Appleton to give him a/an: (a) Release of lien. (b) Lien waiver. (c) Abandonment of debt. (d) Notice of abandonment.

(b) Lien waiver.

8. Once a mechanic's lien has been placed against a property, its priority against all other liens (except property taxes and municipal improvement liens) begins to run as of: (a) The day of work was completed. (b) The day the preliminary notice was filed. (c) The day the lien was filed. (d) The day the work began.

(b) The day the preliminary notice was filed.

9. All of the following can constitute an undivided fractionalized long-term estate, except? (a) Tenants in common (b) Life estate (c) Joint tenancy (d) Fee estate

(c) Joint tenancy

4. The only remedy for a mechanic's lien is: (a) Injunction (b) Home foreclosure (c) Attachment (d) Judgment

(d) Judgment

6. The owner hired a contractor to do some home repairs on an investment property. The owner didn't pay for the job. The mechanic immediately filed a mechanic's lien. Three months later, still having received no payment, the mechanic took legal action against the owner. The court found in the mechanic's favor and foreclosure action proceeded. Is this, in fact, a way a mechanic's lien could be satisfied? (a) Yes, except there are special foreclosure procedures for mechanic's liens. (b) He would have to satisfy the lien as though it were an unsecured note. (c) The lien would be satisfied by a deed in lieu of foreclosure. (d) This is exactly the way it could happen.

(d) This is exactly the way it could happen.