Chp 10 Real Estate Taxes and Liens

  1. A tax levied according to value, generally used
    to refer to real estate tax, Also called the general tax.
    Ad valorem tax
  2. The imposition of a tax, charge, or levy,
    usually according to established rates.
  3. The act of taking a person’s property into legal
    custody by writ or other judicial order to hold it available for application to
    that person’s debt to a creditor.
  4. A factor (number) by which the assessed value of
    a property is multiplied to arrive at a value for the property that is in line
    with statewide tax assessments. The ad valorem tax would be based on this
    adjusted value.
    Equalization factor
  5. See statutory lien.
    Equitable lien
  6. The right of a defaulted property owner to
    recover the property prior to its sale by paying the appropriate fees and
    Equitable right of redemption
  7. Federal tax on a decedent’s real and personal
    Estate tax
  8. The right of a creditor to have all of a
    debtor’s property both real personal sold to satisfy a debt.
    General liens
  9. A tax that is made up of the taxes levied on the
    real estate by government agencies and municipalities.
    General real estate tax
  10. State imposed taxes on a decedent’s real and
    personal property.
    Inheritance taxes
  11. A lien placed on property without the consent of
    the property owner.
    Involuntary lien
  12. The formal decision of a court upon the
    respective rights and claims of the parties to an action or suit. After a
    judgment has been entered and recorded with the county recorder, it usually
    becomes a general lien on the property of the defendant.
  13. A right given by law to certain creditors to
    have their debts paid out of the property of a defaulting debtor, usually by
    means of a court sale.
  14. A recorded legal document giving constructive
    notice that an action affecting a particular property has been filed in either
    a state or a federal court.
    Lis pendens
  15. A statutory lien created in favor of
    contractors, laborers, and materialmen who have performed work or furnished
    materials in the erection or repair of a building.
    Mechanic’s lien
  16. One-tenth of one cent. Some states use a mill
    rate to compute real estate taxes; for example, a rate of 52 mills would be
    $0.052 tax for each dollar of assessed valuation of a property.
  17. A lien or charge on the property of a mortgagor
    that secures the underlying debt obligations.
    Mortgage lien
  18. The right of a defaulted property owner to
    recover his or her property by curing the default.
  19. A tax or levy customarily imposed against only
    those specific parcels of real estate that will benefit from a proposed public
    improvement like a street or sewer.
    Special assessments
  20. A lien affecting or attaching only to a certain,
    specific parcel of land or piece of property.
    Specific liens
  21. A lien imposed on property by statute a tax
    lien, for example in contrast to an equitable lien, which arises out of common
    Statutory lien
  22. A
    written agreement between holders of liens on a property that changes the
    priority of mortgage, judgment, and other liens under certain circumstances.
    Subordination agreements
  23. A court ordered sale of real property to raise
    money to cover delinquent taxes.
    Tax sale
  24. A lien that belongs to a vendor for the unpaid
    purchase price of land, where the vendor has not taken any other lien or
    security beyond the personal obligation of the purchaser.
    Vendor’s lien
  25. a lien placed on property with the knowledge and
    consent of the property owner.
    Voluntary lien
Card Set
Chp 10 Real Estate Taxes and Liens
Real Estate