
ENCUMBRANCES AND LIENS

Quiz
•
Business
•
University
•
Hard

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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