Unit 11: Involuntary Liens And Homestead

Which lien would have priority? (a) Mechanics lien (b) Judgment lien (c) Property tax lien (d) Homeowner association lien

(c) Property tax lien

A tenant made extensive modifications to a commercial rental. The owners would be protected against claims of unpaid contractors if (a) they filed a notice of nonresponsibility. (b) the lease required tenant to obtain a completion bond. (c) they had no notice of work. (d) the tenant signed an exculpatory clause.

(a) they filed a notice of nonresponsibility.

A written contract provided for $100,000 when work was completed.The work was completed in a proper fashion but the court refused to honor the agreement because (a) the contractor used a fictitious name. (b) the contractor was unlicensed. (c) the contractor was delinquent with taxes. (d) the contractor did not have worker's compensation coverage.

(b) the contractor was unlicensed.

If there is not notice of completion after completion, a mechanic's lien MUST be filed (a) within 30 days (b) within 60 days (c) within 90 days (d) within 120 days

(c) within 90 days

An example of a general lien would be (a) a property tax lien. (b) a homeowners association lien. (c) a mechanic's lien. (d) a judgment lien.

(d) a judgment lien.

When there are multiple mechanic's lien (a) all mechanics liens have equal priority. (b) all mechanics liens date back to date when work commenced on property. (c) the liens take priority over other liens after start of work. (d) all of the above are correct.

(d) all of the above are correct.

The homestead exemption (a) applies to an owner's equity. (b) is $75,000 for a single person. (c) is $100,000 for a family unit (d) all of the above.

(d) all of the above.

To foreclose on a condominium unit for nonpayment of assessment the assessment (a) foreclosure sale is subject to a 90-day right of redemption. (b) must exceed $1,800. (c) delinquency must be over 1 year. (d) all of the above.

(d) all of the above.

A homestead declaration does not protect an owner against (a) a prior judgments. (b) mortgage debt. (c) tax liens. (d) any of the above.

(d) any of the above.

Judgment liens would be terminated by (a) expiration of 10-year period unless extended. (b) bankruptcy discharging the debt. (c) payment and recordation of satisfaction of judgment. (d) any of the above.

(d) any of the above.