Which lien type is specifically attached to just one parcel of property?

Get ready to ace the Metro Brokers Academy Test. Enhance your skills with flashcards and multiple-choice questions, complete with hints and explanations. Prepare thoroughly for your exam!

A specific lien is a type of lien that is directly tied to a particular piece of property rather than affecting multiple properties or assets. This means that the claim represented by the lien is restricted to one parcel, allowing the lienholder to seek satisfaction for debts or obligations from that specific property alone.

For example, if a property owner takes out a mortgage, a specific lien is placed on that property to secure the loan. This security interest would not extend to the owner's other properties or assets, distinguishing it from general liens, which can cover a broader range of a debtor's assets.

While mechanics liens and Ad Valorem tax liens can also pertain to specific properties, they are typically categorized under broader classifications of liens. Mechanics liens, for instance, secure payment for work or materials provided to improve a property, while Ad Valorem taxes are based on the value of the property but are typically classified under specific statutory guidelines. However, the primary feature of a specific lien is that it is solely associated with one parcel of real estate, making it the most accurate identification among the options provided.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy