Liens, Taxes, and Foreclosures

This course 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 lien holders collect the unpaid portion of a debt. Because liens represent an interest in real property, it is crucial that real estate 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 and explains the classification of liens and types of non-tax liens. Lesson 2 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 also discusses the priority of liens. Lesson 3 addresses the methods of foreclosure, redemption, deficiency judgments, tips for homeowners facing foreclosure, and fraudulent behaviors related to foreclosure. The conclusion of this course presents real world dilemmas and applications of the information presented. As the student completes the course, he or she should try to paint a big picture of the issues surrounding liens, taxes, and foreclosures with comprehensive questions, activities, and case studies.