Chapter 13 Review

General real estate taxes levied for the operation of the government are:

• Improvement taxes

• Assessment taxes

• Ad valorem taxes

• Special taxes

A mechanic's lien is available to:

• surveyors

• Financial planners

• Accountants

• Real estate professionals

Properties on which real estate taxes must be paid include:

• Golf courses operated by the park district

• Synagogues and churches

• Public hospitals

• Apartment buildings

Which of the following creates a lien on real estate?

• Unpaid mortgage loan

• Easement running with the land

• License

• Encroachment

How many square feet are in an acre of land?

• 40,450 square feet

• 20,560 square feet

• 49,110 square feet

• 43,560 square feet

Which tax targets homeowners in particular?

• Luxury tax

• Real property tax

• Personal property tax

• Franchise tax

Which lien usually would be given highest priority in disbursing funds from a foreclosure sale?

• Mortgage dated last year

• Judgment rendered the day before foreclosure

• Mechanic’s lien for work stated before the mortgage was made

• Real estate taxes due

Which lien affects all real and personal property of a debtor?

• General

• Specific

• Involuntary

• Voluntary

The final decision on a property's asking price should be made by

• the seller's attorney

• the seller's broker

• the seller

• the appraised value

A real estate broker was responsible for a chain of events that resulted in the sale of a client's property. This is called

• procuring cause

• private offering

• proffered offer

• pro forma