Messy Title Quiz 1

What term describes a legal claim on a property?

• Loan

• Mortgage

• Lien

• Delinquent

What happens if a property owner fails to pay taxes on time?

• The property is foreclosed

• The owner is considered delinquent

• A lien is placed on the property

• The loan is forgiven

Which of the following is usually associated with long-term financial commitments?

• Lien

• Loan

• Mortgage

• Delinquent

What is the primary use of a mortgage?

• To buy a car

• To purchase real estate

• To pay off credit card debt

• To invest in a business

What is a tax suit/case?

• A legal lawsuit before a tax sale/auction

• The sale of real estate due to tax delinquency

• The lowest price a bidder offers at an auction

• The fair market value of a property

What occurs during a tax sale/tax auction?

• A legal lawsuit is filed

• Real estate is sold due to tax delinquency

• The fair market value is determined

• Maximum profit is calculated

What does the minimum bid amount refer to?

• The highest price a bidder is willing to offer

• The fair market value of a property

• The lowest price a bidder is willing to offer

• The maximum possible profit

What is adjudged value?

• The maximum possible profit

• The fair market value determined by the county or court

• The lowest price a bidder offers

• The sale of real estate due to tax delinquency

A sum of money borrowed from a lender.

• Deliquency

• Lien

• Loan

• Mortgage

_____ refers to the maximum possible profit.