Escrow & Title
A special assessment lien in Missouri arises from:
AUnpaid income taxes
BGovernment charges for public improvements that benefit specific properties✓ Correct
CUnpaid utility bills
DAn agent's unpaid commission
Explanation
Special assessments are government charges levied on specific properties that benefit from a public improvement (e.g.
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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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