What type of lien affects only identified property?

Study for the Rhode Island Real Estate Sales Test. Access multiple choice questions with detailed explanations. Prepare effectively and ace your exam with confidence!

A specific lien affects only identified property, which distinguishes it from other types of liens. Specific liens are tied to a particular asset or property, meaning that they are enforceable only against that certain property. For example, a mortgage lien is a specific lien that applies only to the property that secures the loan. Similarly, a mechanics lien can be filed against a property for unpaid work or materials provided for that specific property, not impacting the owner's other assets.

In contrast, a general lien encumbers all of a debtor's assets, rather than just a single piece of property. This type of lien can arise from a legal judgment and is not limited to a specific property. Contractual and commercial liens are terms that do not specifically denote a type of lien commonly recognized in real estate law, and are often more context-specific. Therefore, understanding that specific liens relate only to designated properties is critical in real estate transactions and legal considerations.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy