Liens, Taxes and Foreclosures
This module discusses liens, taxes and foreclosures. There are many types of liens as well as several kinds of taxes that can attach to a parcel of real estate. When borrowers default on a debt, foreclosure is the process by which lienholders collect the unpaid portion of a debt. Because liens represent an interest in real property, it is crucial that real state licensees develop an in-depth understanding of liens and lien-related issues. Such knowledge also helps licensees to better advise buyers and sellers. The first lesson presents a general overview of liens, explains the classification of liens and discusses the types of non-tax liens. Lesson two discusses taxes and tax issues, including ad valorem taxes, real estate tax computation, special assessments, real estate transfer taxes, federal income taxes, capital gains taxes and tax shelters for homeowners and investors. It is also discusses the priority of liens. Lesson three addresses the methods of foreclosure, redemption, deficiency judgments, tips for homeowners facing foreclosure and scams related to foreclosure. The conclusion of this module presents real world dilemmas and applications of the information presented. As the student completes the module, he or she should try to paint a big picture of the issues surrounding liens, taxes and foreclosures, which the module addresses with comprehensive content questions, practices and case studies.
- Course Delivery Online Interactive
- Credit Hours 3 hours
- Credit Type General, Elective
- Skill level All levels
- Language English
- Maximum students 1000
Upon completion of this course, the student will be able to:- Define the terms lien and tax lien and understand their operation.- Recognize the different types of liens and know how their priority is established.- Identify and describe types of non-tax liens.- Understand how ad valorem taxes and special assessments are levied.- Know how homeowners and investors can save on federal income taxes and capital gains taxes through the use of tax shelters.- Describe and list different types of foreclosures.- Recognize alternatives to foreclosure and common scams related to foreclosure.