Escrow & Title
In Tennessee, a 'special assessment' that appears on a title search is:
AA government-mandated property tax increase
BA charge levied against specific benefited properties to fund improvements like sidewalks or sewers✓ Correct
CAn insurance premium for flood coverage
DA TREC fine recorded against the property
Explanation
Special assessments are charges levied against properties that directly benefit from a public improvement (streets, sewers, sidewalks). They are separate from general property taxes and may appear as liens on title.
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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.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Math Concepts
State-Specific Concepts
TREC Regulation
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