CRES CHAPTER 5 QUESTIONS WITH 100%
ACCURATE ANSWERS
A mechanic's lien would be properly classified as a(n):
A. Equitable lien
B. Involuntary lien
C. General lien
D. Unstatutory lien - Accurate answers B. Involuntary lien
Judgment liens are:
A. Specific liens
B. Voluntary liens
C. Priority liens
D. Involuntary liens - Accurate answers D. Involuntary lien
After real estate taxes have been sold by the state or county to satisfy a delinquent tax lien, the
defaulted owner usually has a right to:
A. Have the sale canceled by paying the back taxes and penalties B. Pay his or her creditors
directly and have their liens removed
C. Redeem the property within the time specified by law
D. Record a notice of non-responsibility for the unpaid taxes - Accurate answers C.
redeem the property within the time specified by law
Normally, the priority of general liens is determined by:
A. The order in which they are filed or recorded
B. The order in which the cause of action arose
C. The size of the claim
D. The court - Accurate answers A. the order in which they are filed or recorded
The current value of a property is $248,500. The property is assessed at 40% of its current
value, with an equalization factor of 1.5 applied to the assessed value. If the tax rate is $4 per
$100 of assessed value, what is the amount of tax due on the property?
A. $5,640
B. $5,964
C. $51,600
D. $52,400 - Accurate answers B. $5,964
If the market value of property is $584,500 and the assessed ratio is 40%, what are the monthly
taxes if the tax rate is 30 mills?
A. $5,887.25
B. $5942.50
C. $584.50
, D. $587.72 - Accurate answers C. $584.50
Taxes levied on a property owner to pay to install sidewalks or sewers are called:
A. Ad valorem taxes
B. General property taxes
C. Special excise taxes
D. Special assessments - Accurate answers D. Special assessments
Which of the following is true of the Illinois homestead exemption? A. It exempts all of a
homeowner's property from real estate taxes B. it reduces the assessed value of certain
residential properties
C. It does not apply to homeowners. over the age of 65
D. It shelters up to $15,000 of a homeowner's land buildings from creditors - Accurate
answers B. it reduces the assessed value of certain residential properties
When properly recorded in the county where the real estate of the defendant is located, a
judgment becomes a(n):
A. voluntary lien.
B. involuntary lien.
C. specific lien.
D. juried lien. - Accurate answers B. involuntary
When a company furnishes materials for the construction of a house and is subsequently not
paid, it may file a(n):
A. deficiency judgment.
B. lis pendens.
C. estoppel certificate.
D. mechanic's lien. - Accurate answers D. mechanic's lien
Which of the following liens does not need to be recorded to be valid?
A. Mortgage lien
B. Real estate tax lien
C. Judgment lien
D. lis pendens lien - Accurate answers B. Real estate tax lien
When a lien against a parcel of real estate may result from a lawsuit currently before the court,
one examining the public records would look for:
A. the chain of title.
B. a lis pendens.
C. a suit to quiet title.
D. a judgment lien - Accurate answers B. a lis pendens
ACCURATE ANSWERS
A mechanic's lien would be properly classified as a(n):
A. Equitable lien
B. Involuntary lien
C. General lien
D. Unstatutory lien - Accurate answers B. Involuntary lien
Judgment liens are:
A. Specific liens
B. Voluntary liens
C. Priority liens
D. Involuntary liens - Accurate answers D. Involuntary lien
After real estate taxes have been sold by the state or county to satisfy a delinquent tax lien, the
defaulted owner usually has a right to:
A. Have the sale canceled by paying the back taxes and penalties B. Pay his or her creditors
directly and have their liens removed
C. Redeem the property within the time specified by law
D. Record a notice of non-responsibility for the unpaid taxes - Accurate answers C.
redeem the property within the time specified by law
Normally, the priority of general liens is determined by:
A. The order in which they are filed or recorded
B. The order in which the cause of action arose
C. The size of the claim
D. The court - Accurate answers A. the order in which they are filed or recorded
The current value of a property is $248,500. The property is assessed at 40% of its current
value, with an equalization factor of 1.5 applied to the assessed value. If the tax rate is $4 per
$100 of assessed value, what is the amount of tax due on the property?
A. $5,640
B. $5,964
C. $51,600
D. $52,400 - Accurate answers B. $5,964
If the market value of property is $584,500 and the assessed ratio is 40%, what are the monthly
taxes if the tax rate is 30 mills?
A. $5,887.25
B. $5942.50
C. $584.50
, D. $587.72 - Accurate answers C. $584.50
Taxes levied on a property owner to pay to install sidewalks or sewers are called:
A. Ad valorem taxes
B. General property taxes
C. Special excise taxes
D. Special assessments - Accurate answers D. Special assessments
Which of the following is true of the Illinois homestead exemption? A. It exempts all of a
homeowner's property from real estate taxes B. it reduces the assessed value of certain
residential properties
C. It does not apply to homeowners. over the age of 65
D. It shelters up to $15,000 of a homeowner's land buildings from creditors - Accurate
answers B. it reduces the assessed value of certain residential properties
When properly recorded in the county where the real estate of the defendant is located, a
judgment becomes a(n):
A. voluntary lien.
B. involuntary lien.
C. specific lien.
D. juried lien. - Accurate answers B. involuntary
When a company furnishes materials for the construction of a house and is subsequently not
paid, it may file a(n):
A. deficiency judgment.
B. lis pendens.
C. estoppel certificate.
D. mechanic's lien. - Accurate answers D. mechanic's lien
Which of the following liens does not need to be recorded to be valid?
A. Mortgage lien
B. Real estate tax lien
C. Judgment lien
D. lis pendens lien - Accurate answers B. Real estate tax lien
When a lien against a parcel of real estate may result from a lawsuit currently before the court,
one examining the public records would look for:
A. the chain of title.
B. a lis pendens.
C. a suit to quiet title.
D. a judgment lien - Accurate answers B. a lis pendens
