Houtan HormozianExpert on Real Estate, Finance and PropTech

Question of the Day! Listen and Learn!

24 Dec 2024 · 2 min

Watch on YouTube

1:51

In this short educational video, the presenter poses two multiple‑choice questions covering fundamental property‑law concepts. The first question asks what legal instrument a plaintiff obtains to force the sale of a debtor’s real property after obtaining a judgment; the answer explained is a writ of execution, a court order that authorizes a sheriff to seize and sell the property, with proceeds applied to the judgment. The second question asks how the value used for property‑tax purposes is termed; the answer is assessed value, defined as the dollar amount assigned by a tax assessor based on comparable sales and inspections to calculate taxes. The video briefly defines each term, outlines the procedural role of a writ of execution, and notes that an execution can be recorded to freeze title until satisfied.

Questions this video answers

A writ of execution

Assessed value

Chapters

Question of the day. Question number one: Once a judgment has been obtained against real property, a plaintiff would obtain which of the following in order to cause the property to be sold? A. A writ of execution. B. An estoppel. C. An attachment. D. A lis pendens. The answer is A. A writ of execution. A writ of execution is a court order to sell property to satisfy a judgment. It is a court order granted to put in force a judgment of possession obtained by a plaintiff from a court, which will typically order a sheriff or similar official to take possession of property owned by a judgment debtor. Such property will then be sold in a sheriff's sale and the proceeds remunerated to the plaintiff In partial or full satisfaction of the judgment. If the judgment debtor owns real property, the judgment creditor can record the execution to freeze the title until the execution is satisfied. Question number 2: Value placed upon property for property tax purposes by the tax assessor is known as: A. Estimated value. B. Actual value. C. Appraised value. D. Assessed value. The answer is D. Assessed value. An assessed value is the dollar value assigned to a property to measure applicable taxes. Assessed valuation determines the value of a residence for tax purposes and takes comparable home sales and inspections into consideration.