ENCUMBRANCES AND LIENS

ENCUMBRANCES AND LIENS

University

20 Qs

quiz-placeholder

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ENCUMBRANCES AND LIENS

ENCUMBRANCES AND LIENS

Assessment

Quiz

Business

University

Hard

Created by

Maenetta Jackson

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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 sales 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

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A property is secured by a mortgage that does not contain a "power of sale
clause. To foreclose, the lien holder will have to

File a deficiency suit

File a foreclosure suit

Obtain a deed in lieu of foreclosure

Obtain a writ to extinguish the lien

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a strict foreclosure

A lender takes title to the liened property directly

A lender receives the proceeds from the forced sale of the liened property

The defaulting owner does not have the opportunity to prevent the foreclosure by paying the amounts owed

A foreclosure suit is optional

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A property is secured by a mortgage that does not contain a "power of sale" clause. To foreclose, the lien holder will have to

File a deficiency suit

File a foreclosure suit

Obtain a deed in lieu of foreclosure

Obtain a writ to extinguish the lien

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Foreclosure is

A court-ordered acceleration of loan payments

The final step in a bankruptcy filing

A proceeding to enforce a lien by forcing sale or transfer of a secured property

A proceeding to take equitable title to a property that was liened as security for a mortgage loan

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following tax liens is a junior lien?

Special assessment tax lien

Inheritance tax lien

Income tax lien

Ad valorem tax lien

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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