Escrow & Title
A special assessment lien in Alaska is levied by a municipality to:
AFund general government operations
BPay for specific public improvements (street paving, sidewalks) that benefit the assessed properties✓ Correct
CCompensate condemnation of neighboring property
DCollect delinquent income taxes
Explanation
Special assessments are charges levied against properties that benefit from a specific public improvement (sewer installation, road paving). Only benefiting properties pay, unlike general property taxes.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Math Concepts
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