Title Producer 2022
Chapters 12-14 Exam
Questions and Complete
Solutions Graded A+
Denning [Date] [Course title]
, The document filed to establish the priority of a federal tax lien is: - Answer: Federal tax liens do not
have to be filed and recorded to be effective. However, recording the liens is necessary to establish
priority rights against certain other creditors. Other than for federal estate tax liens, a document
entitled "Notice of Federal Tax Lien" is recorded with the applicable local recording office. For Federal
estate tax liens, the "Notice of Federal Estate Tax Lien" is recorded.
The correct answer is: Notice of Federal Tax Lien
If a federal tax debt is reduced to a judgment, a resulting judgment lien is effective, unless satisfied, for:
- Answer: A federal tax assessment may be collected through a judgment governed by the Federal Debt
Collections Procedures Act (FDCPA). Under the FDCPA, when a judgment is obtained in a suit to reduce
assessments to judgment, the Government may file a certified copy of the abstract of judgment in order
to create a judgment lien against the taxpayer's real property. The certified copy of the abstract of
judgment must be filed in the same manner as a Notice of Federal Tax Lien. The judgment lien created
by the filing of the abstract of judgment attaches only to real property. The judgment lien is effective,
unless satisfied, for 20 years. Upon court approval, the judgment lien may be renewed for one additional
period of 20 years by filing a notice of renewal.
The correct answer is: 20 years
What determines the specific property that can be attached via a federal tax lien? - Answer: Federal tax
liens attach "all property and rights to property." State statutes determine the specific property that can
be attached via a federal tax lien.
The correct answer is: State statutes
When two parties involved in a real estate transaction keep promises and fulfill their respective
responsibilities in a thorough, honest and timely manner so that the transaction can come to closing,
they are demonstrating: - Answer: If a party to the real estate transaction does not act in good faith, it
can be considered a breach of contract. Good faith requires that the buyer and seller follow the
contract's provisions and fulfill its purpose. If either the buyer or seller fails to fulfill their contractual
obligations or breaks a material promise, the real estate contract can be considered breached. Breaching
a contract causes harm that leads to legal and financial consequences for the party responsible for the
breach.
The correct answer is: good faith
Chapters 12-14 Exam
Questions and Complete
Solutions Graded A+
Denning [Date] [Course title]
, The document filed to establish the priority of a federal tax lien is: - Answer: Federal tax liens do not
have to be filed and recorded to be effective. However, recording the liens is necessary to establish
priority rights against certain other creditors. Other than for federal estate tax liens, a document
entitled "Notice of Federal Tax Lien" is recorded with the applicable local recording office. For Federal
estate tax liens, the "Notice of Federal Estate Tax Lien" is recorded.
The correct answer is: Notice of Federal Tax Lien
If a federal tax debt is reduced to a judgment, a resulting judgment lien is effective, unless satisfied, for:
- Answer: A federal tax assessment may be collected through a judgment governed by the Federal Debt
Collections Procedures Act (FDCPA). Under the FDCPA, when a judgment is obtained in a suit to reduce
assessments to judgment, the Government may file a certified copy of the abstract of judgment in order
to create a judgment lien against the taxpayer's real property. The certified copy of the abstract of
judgment must be filed in the same manner as a Notice of Federal Tax Lien. The judgment lien created
by the filing of the abstract of judgment attaches only to real property. The judgment lien is effective,
unless satisfied, for 20 years. Upon court approval, the judgment lien may be renewed for one additional
period of 20 years by filing a notice of renewal.
The correct answer is: 20 years
What determines the specific property that can be attached via a federal tax lien? - Answer: Federal tax
liens attach "all property and rights to property." State statutes determine the specific property that can
be attached via a federal tax lien.
The correct answer is: State statutes
When two parties involved in a real estate transaction keep promises and fulfill their respective
responsibilities in a thorough, honest and timely manner so that the transaction can come to closing,
they are demonstrating: - Answer: If a party to the real estate transaction does not act in good faith, it
can be considered a breach of contract. Good faith requires that the buyer and seller follow the
contract's provisions and fulfill its purpose. If either the buyer or seller fails to fulfill their contractual
obligations or breaks a material promise, the real estate contract can be considered breached. Breaching
a contract causes harm that leads to legal and financial consequences for the party responsible for the
breach.
The correct answer is: good faith
