National Ownership: Unit 5
placed against any and all property owned by an individual.
A general lien is a lien: - imposed by statutory law. - imposed by court order. - placed against an individual rather than against any particular property. - placed against any and all property owned by an individual.
subordinate the lien.
A lien holder can change the priority of a junior lien by agreeing to: - change the date of recording. - lower the amount of the claim. - vacate the lien. - subordinate the lien.
another's interest in a real property that limits the interests of the freehold property owner.
An encumbrance is most broadly defined as: - another's right to use a property without the permission of the property owner. - another's right to claim the sale proceeds of a property that has been used as collateral for a loan. - another's interest in a real property that limits the interests of the freehold property owner. - another's right to control how the freehold owner of a real property uses the property.
An easement appurtenant
In which kind of easement is there a dominant tenement and a servient tenement? - An easement in gross - A commercial easement - A personal easement - An easement appurtenant
Deed restriction
Oak Hill subdivision only allows homes over 2,000 sq ft to be built. What is this an example of? - Deed restriction - Encroachment - Prescription - Zoning restriction
take priority over mechanic's liens.
Special assessment tax liens: - are general liens. - are paid on a monthly basis. - take priority over mechanic's liens. - cannot be prepaid in full without penalty
The date of beginning or ending the mechanic's work, per state law
What date is used to establish lien priority for a mechanic's lien? - The date of recording the lien - The date of contracting between the mechanic and the lienee. - The date of beginning or ending the mechanic's work, per state law - The date the lienee borrows money to pay the debt
Can only exist one at a time against the same property.
Which of the following is NOT a legal property of liens? - Attaches to the property. - Terminates when payment is recorded. - Generally conveys an equitable interest. - Can only exist one at a time against the same property.
Mortgage lien
Which of the following is an example of a voluntary lien? - Judgment lien - Mortgage lien - Vendor's lien - Mechanic's lien
They involve the property that contains the easement and a non-owning party.
Which of the following is true of easements in general? - They involve the property that contains the easement and a non-owning party. - They apply to a whole property, not to any specific portion of the property. - They cannot be assigned or transferred. - They may require a specific use, but cannot prohibit one.
Merger of the two properties
Which would terminate an easement? - Sale of the property by the dominant tenement - Sale of the property by the servient tenement - Revocation by the servient tenement - Merger of the two properties
enroachment
an unauthorized physical intrusion of one property into another
