ch2 day3

A lien is an interest in real property that serves as security for an obligation. Which of the following is an example of a general lien?

• property tax and assessment lien

• mortgage lien

• lien arising from a court judgment unrelated to ownership of the property

• mechanics’ lien

Which of the following types of liens is automatically superior to any other lien?

• government property tax and assessment lien

• mortgage lien

• lien arising from a court judgment unrelated to ownership of the property

• mechanics’ lien

Once senior liens such as property tax, assessment, and CDD liens have been addressed in the case of default, the priority sequence for processing the remaining liens on the property is determined by the:

• relative size of the liens in dollar terms.

• relative timing of the establishment of the lien.

• relative reputation of the entity that established the lien.

• relative complexity of the structure of the lien.

Following the completion of a contract for construction or other improvements to a property, a contractor has the right to establish a lien on a property as protection against the case that a property owner defaults on the construction contract and/or fails to pay for the completed work. This lien is more commonly referred to as a(n):

• property tax lien.

• mortgage lien.

• assessment lien.

• mechanics’ lien.

Specific liens derive directly from events related to a property. One such lien is established when the issuance of bonds is used to finance improvements within a private community This type of lien is more commonly referred to as a(n):

• property tax lien.

• mortgage lien.

• community development district (CDD) lien.

• mechanics’ lien.

Co-ownership can occur in a variety of ways, with significant variation in how the bundle of rights is jointly held. All of the following entities are forms of direct co-ownership EXCEPT:

• tenancy in common.

• tenancy by the entirety.

• condominium.

• partnership.

Direct co-ownership implies that each co-owner holds a titled interest in the property, but without exclusive possession with respect to the other co-owners. Which of the following types of direct co-ownership is considered the closest to the fee simple absolute estate?

• tenancy in common

• tenancy by the entirety

• condominium

• tenancy at Will

Which of the following types of direct co-ownership is a form of joint tenancy for spouses created by marriage that protects each spouse from liens arising from either spouse alone?

• tenancy in common

• tenancy by the entirety

• condominium

• tenancy at Will

Which of the following types of direct co-ownership combines single person ownership with tenancy in common?

• cooperative

• tenancy by the entirety

• condominium

• partnership

Which of the following forms of co-ownership, historically used for apartment buildings, is not considered a form of true direct co-ownership, but rather qualifies as a proprietary corporation?

• cooperative

• tenancy by the entirety

• condominium

• partnership