Which Option Describes A Real Property Tax Lien? (Solution)

Can a tax lien be placed on a property?

  • Tax liens Tax liens are involuntary general liens, created by state or federal statute. If an individual or company fails to pay their taxes, federal or local, the IRS or some other government entity can place a lien on the property for the amount of unpaid taxes. This includes all types, such as income taxes, business taxes, and property taxes.

What type of individual’s property is affected by a general lien?

A general lien is a lien on all property. This is both the real property and personal property an individual owns, not just one specific real property (like in the case of a foreclosure). For instance, a general lien can stem from an IRS tax lien pursuant to income taxes owned by a taxpayer to the federal government.

What is a lien real estate quizlet?

Lien. A charge or claim against a person’s property made to enforce the payment of money. Interest in ownership, encumbrance on title.

Which lien is an example of a specific lien?

Examples of specific liens include: – Property tax lien when taxes are not paid. -Mortgage lien when a mortgage is used in financing. -Mechanic’s lien when work done is not paid for.

What is the priority of property tax liens quizlet?

In general, the rule for priority of the liens is first to record, first in right (priority). Typically, the priority of payment is from the date the liens are recorded in the public records of the county in which the property is located.

What is a lien in real estate?

A property lien is a legal claim on assets that allows the holder to obtain access to the property if debts are not paid. A property lien must be filed and approved by a county records office or state agency.

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What type of lien affects all real property and personal property of a debtor?

General liens affect all the property, both real and personal, of a debtor.

What is a tax lien quizlet?

Terms in this set (48) Lien. A charge or claim against a person’s property made to enforce the payment of money.

What is another name for an IRS tax lien quizlet?

What is another name for a federal tax lien? subordination agreement.

What makes an income tax lien different from a property tax lien?

(An income tax lien is an example of a general lien because it’s a lien against all of the person’s assets, while the property tax lien is a lien on the real property for which the tax was assessed.) It prevents the debtor from transferring the property until the debt has been repaid.

What type of lien means that the lien is attached to a piece of real estate?

What Is a Voluntary Lien? Liens are attached to the property and not to a person. A voluntary lien is contractual or consensual, meaning that the lien is created by an action taken by the debtor, such as a mortgage loan to buy real estate.

Is estate tax a specific lien?

Answer: A specific lien is a claim against a specific property either real or personal NEVER BOTH like auto loans or a mortgage, a mechanics lien, or real estate taxes.

Which of the following defines an income tax lien?

A tax lien is a legal claim against the assets of an individual or business that fails to pay taxes owed to the government. In general, a lien serves to guarantee payment of a debt such as a loan, or in this case, taxes. If the obligation is not satisfied, the creditor may proceed to seize the assets.

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What are tax lien properties?

Tax debt generally differs from other types of debt in that it is not written off when a person is declared bankrupt. Tax liens may be placed on someone’s home due to non-payment of income tax or non-payment of taxes related to the property itself.

Which type of lien is the deed of trust on a property quizlet?

Which type of lien is the deed of trust on a property? The answer is voluntary, specific.

Which of the following is a right included with real property?

The “bundle of rights” is the common term in the United States for the collection of legal rights that are granted to a property owner upon purchase of (and receipt of a title to) a piece of real estate. These property rights include possession, control, exclusion, derivation of income, and disposition.

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