What is a tax based on the value of property. Example would be real estate tax.
100
Why some people think real estate taxes are not fair.
What is 1. Not based on ability to pay 2. Improve the property and taxes go up 3. Causes some people not to take care of their property 4. Exact same house in a different area pays different tax. 5. Whenever property is sold tax may increase.
100
A governmental unit's budget.
What is an appropriation ordinance?
100
Governmental unit ordinance to tell the taxing body how much of that unit's budget is to come from the collection of real estate taxes.
What is a levy ordinance?
100
In Illinois this is how I win a real estate tax sale in Illinois.
What is bid the lowest interest rate on the unpaid real estate taxes?
200
Board of Review
What is the entity in Illinois where a tax payer would go to complain about the amount of their real estate taxes?
200
Two common exemptions to real estate taxes.
What are churches, schools, government buildings, hospitals?
200
Special assessment
What might be added to your real estate tax bill for a public improvement to your property? Example paved street, new water and sewer line, street lights, sidewalks, etc.?
200
If a city is trying to revitalize a downtown area, the city might abate real estate taxes in that area for new construction or remodeling for a certain number of years to encouraging improvements to this area.
What is an enterprise zone?
200
Lender has the right to call in a loan early because the lender feels insecure about being paid. For instance the debtor has missed a payment.
What is an acceleration clause?
300
Because interest rates on mortgages has gone up or buyer does not qualify for a mortgage or does not have enough down payment.
Why might a person buy real estate subject to the seller's current mortgage?
300
Loan payment includes principle and interest. Equal installments are made for X amount of time and the loan is paid off in so many equal installments.
What is an amortized loan?
300
Term loan
What is a loan that comes due principle and interest on a certain date?
300
Loan where the last payment is larger than all other payments and includes principle and interest to pay off the loan.
What is a loan with a balloon payment?
300
Points
What is a charge by the lender for making the loan? For instance the lender charges two points on a $30,000 loan. the debtor would pay a fee of $600 for that loan.
400
What is a way for the lender to effectively raise the interest rate on a loan and still advertise a lower interest rate.
What is charge points?
400
Purpose of adjustable rate mortgage
What is how a lender might protect themselves if they thought interest rates would rise during the term of the loan?
400
Remedy for not following through a real estate sales contract.
What is the remedy of specific performance?
400
The reason for specific performance.
What is because real estate is considered to be unique?
400
Income taxes may be due on the gain earned by the seller of real estate.
What is the reason the seller of real estate might want to sell to the buyer on a long term contract?
500
Disinterested third party who holds documents of the parties to a real estate transaction and holds no interest in the property.
What is escrow agent?
500
Can I sell my real estate subject to my current mortgage?
What is Yes if there is no due on sale clause in the mortgage?
500
Advantage of having a real estate tax.
What is the real estate is subject to the tax, and the property can be sold to pay the tax. The governmental unit is virtually guaranteed collecting the tax?