CH 10 Quiz - Liens & Encumbrances

13 of 25 California law requires a lien filer to be a licensed contractor unless the homeowner knows the worker was unlicensed and the work performed was less than how much? $700.00 $1,000.00 $500.00 $1,200.00

$500.00

16 of 25 How many years are attachment liens valid from the date of the writ of attachment? 4 years 7 years 5 years 3 years

3 years

24 of 25 What type of lien exists when the IRS sends a taxpayer a bill entitled "Notice for Demand and Payment" and the bill is either ignored or not paid in full? An equitable lien A statutory lien A general lien A federal lien

A federal lien

21 of 25 What type of lien occurs when someone loses a lawsuit and a judgment is placed against real property to pay for the judgment? A real estate tax lien A franchise lien A judgment lien A state inheritance tax lien

A judgment lien

5 of 25 Once a mechanic's lien has been paid, what must be recorded to show the lien has been discharged and satisfied? A deficiency judgment Equitable title An expense report A lien release

A lien release

23 of 25 For how long can a California income tax lien be in force? A maximum of 10 years A maximum of 30 years A maximum of 20 years A maximum of 5 years

A maximum of 30 years

4 of 25 What type of lien is also known as a construction lien? A vendor's lien A federal lien A mechanic's lien An involuntary lien

A mechanic's lien

14 of 25 What describes involuntary, specific liens against real property by a local government entity such as street or sewer improvements? An HOA lien A state tax lien A special assessment A judgment lien

A special assessment

22 of 25. What type of superior lien does local government entities place against certain properties to ensure payment for local improvement projects such as new roads, schools, sewers or libraries? An ad valorem tax lien A special assessment lien A mechanic's lien A judgment lien

A special assessment lien

3 of 25 What puts a mechanic's lien on the balance of funds from a sale? A lien release A stop notice A notice of responsibility A notice of cessation

A stop notice

20 of 25 What type of lien secures a purchase money mortgage, a seller's loan to a buyer to finance the sale of property? A federal lien An involuntary lien A vendor's lien A judgment lien

A vendor's lien

12 of 25 What is an option a creditor can obtain to receive payment by forcing the sale of attached property and collect a debt? A writ of execution A constructive notice A right of rescission A credit assessment

A writ of execution

11 of 25 What homestead law term describes the discontinued use of property? Discarded Uninhabited Revoked Abandoned

Abandoned

17 of 25 What is a nonfinancial encumbrance that restricts the use of a property itself and enables others to use the property, regardless of the owner's desires? A lien A profit encumbrance An easement A restriction

An easement

15 of 25 What is the term used to describe an interest in and a right to real property that limits the legal owner's freehold interest? An encroachment An encumbrance A deed restriction A license

An encumbrance

25 of 25 What type of lien is one that a legal process places against a property which the property owner did not agree or consent to? A statutory lien An involuntary lien An equitable lien A judgment lien

An involuntary lien

6 of 25 What is not one of the four ways a judgment lien can be terminated? Lien payment Lien expiration Discharge by exemption Discharge by creditor

Discharge by exemption

9 of 25 Which of the following is NOT a superior lien? Special Assessment Federal and State Inheritance Tax Federal Income Tax Real Estate Tax

Federal Income Tax

18 of 25 What type of laws protect family members against losing their homes to general creditors attempting to collect on debts? Land use laws Familial laws Homestead laws Real estate laws

Homestead laws

7 of 25 What does a writ of attachment do? It stops a debtor from selling or concealing property. It forces the sale of a property. It protects certain property from being sold. It determines the sale price of a property.

It stops a debtor from selling or concealing property.

2 of 25. A lien is put on a property by creditors. owners. lessees. sellers.

creditors

1 of 25 The two types of homestead exemptions in California are the automatic homestead exemption and the implied homestead exemption. declared homestead exemption. express homestead exemption. equitable homestead exemption.

declared homestead exemption.

19 of 25 Many states have enacted their own homestead laws that specify foreclosure timeframe. exemption amounts for individuals and families. minimum sale price. payment for selling costs.

exemption amounts for individuals and families.

10 of 25 Once a lien is placed on a property, the most common way to remove it is for the property owner to request a release. file for bankruptcy. pay the debt. retain an attorney.

pay the debt.

8 of 25 A creditor who places a lien on a property is called the lienee. the mortgagor. the mortgagee. the lienor.

the lienor.