When multiple liens exist on a property, which type of lien generally holds the highest priority regardless of recording date?
Correct Answer
B) Property tax lien
Property tax liens hold the highest priority over all other liens on a property, regardless of when other liens were recorded. In Alaska, as in most states, unpaid property taxes take precedence over mortgages, mechanic's liens, and judgment liens, ensuring that government tax obligations are satisfied first in any foreclosure or sale proceeding.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
More Property Ownership Questions
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Which Hawaii rule controls when a parcel is classified in the agricultural district?
In a Hawaii real estate transaction, a shoreline-adjacent property is inside the mapped special management area. What should the licensee remember?
A Hawaii licensee is reviewing state land use classification is tested. What is the best answer?
For the Hawaii salesperson state portion, a question compares condominiums, cooperatives, and planned communities. Which statement is correct?
- → For the Hawaii salesperson state portion, a condominium question distinguishes a unit from common elements. Which statement is correct?
- → A Hawaii broker asks a salesperson about a time share plan is offered to the public in Hawaii. Which answer follows Hawaii law?
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- → In a Hawaii real estate transaction, a developer markets time share interests based on use nights. What should the licensee remember?
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- → Wisconsin adopted the Marital Property Act in 1986, creating a system similar to community property. Under this law, property acquired during marriage is generally considered:
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