Section 9 Unit 1 Exam

A  The seller is responsible for paying for owner’s and lender’s title insurance.

B  Constructive notice to the public of real property ownership occurs when the deed is recorded.

C  Title isn’t finalized until the deed has been recorded.

D  The last to record has priority.

A  The state will place a tax lien on their property so it can’t be transferred without satisfying the debt.

B  The state will place a mortgage lien on their home for the amount of property tax owed.

C  Dorcas and Ralph will be required to sell their home to the state for the amount of property tax owed.

D  The state will place a condemnation order on their property so they can’t transfer their property until the debt is satisfied.

A  An income tax lien is placed by the federal government and a property tax lien is placed by the state.

B  An income tax lien is voluntary and a property tax lien is involuntary.

C  An income tax lien is a general lien and a property tax lien is a specific lien.

D  An income tax lien has priority over a property tax lien and will be paid first upon foreclosure.

A  This is a legal judgment lien.

B  This is a legal mechanic’s lien.

C  Daisy can now place a lien on the general contractor’s property.

D  The lien is illegal.

A  A legal term that means “it depends” and requires a certain minimum sales price of the property.

B  A legal notice that a lawsuit is pending that affects the title of a property

C  A notice that notifies potential buyers of a pending lease

D  A public listing and notice of foreclosure of a property.

A  Whoever is owed the most money has priority.

B  Whoever filed their claim first receives priority.

C  The government has priority, followed by whoever is owed the most next.

D  Whoever paid to receive priority service at the county clerk’s office.

A  Estate/ inheritance tax lien

B  Mechanic’s lien

C  Deceased person’s debt lien

D  Real property tax lien

A  It impacts who owns the property.

B  It puts the public on notice regarding ownership.

C  It’s required by law.

D  It protects against foreclosure.