Real Estate Law 10

admin 2019.05.05 20:20 Views : 208

Check Your Understanding Answers

  1. What is a lien?

    A creditor's claim against personal or real property as security for a debt of the property owner
     
  2. What are four legal features of a lien?
    • A lien does not convey ownership, with the exception of mortgage liens.
    • A lien attaches to the property.
    • A property may be subject to multiple liens.
    • A lien terminates on payment of the debt and recording of
  1. List four types of liens not subject to the homestead exemption. (Additional answers on page 34.)
    • Purchase money on the homestead
    • Taxes on the homestead
    • Debts owed to the federal government
    • Encumbrance that existed on the property prior to becoming a homestead
  1. What additional benefits does a California homeowner gain by recording a homestead declaration?
    • Protection for voluntary sale of the property
    • Rebuttable presumption that the homestead is valid
    • A judgment creditor’s lien attaches only to surplus equity
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222 Real Estate Law 17 admin 2019.05.06 574
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