Florida Real Estate Sales Associate Examination Content OutlineReal Estate Property and OwnershipHard
A homeowner has a mortgage on their property. The mortgage document contains a clause stating that if the homeowner defaults on the loan, the lender has the right to take possession of the property and sell it to satisfy the debt. What type of lien does this mortgage create?
- AInvoluntary, general lien
- BInvoluntary, specific lien
- CVoluntary, specific lien
- DVoluntary, general lien
Show answer & explanationAnswer & explanation
Correct answer: C. Voluntary, specific lien
A mortgage is a voluntary lien because the homeowner willingly enters into the agreement. It is a specific lien because it attaches to a particular piece of property (the home), not all of the borrower's assets.
Why the other options are wrong
- A. This is incorrect as a mortgage is both voluntary and specific.
- B. Involuntary liens are imposed by law (e.g., tax liens), not by agreement.
- D. General liens attach to all of a person's property, not just a specific parcel (e.g., judgment liens).
Voluntary, Specific Lien (Mortgage)
A lien created by an agreement between the property owner and a creditor, attaching only to a particular piece of property.
- Voluntary: created by the property owner's choice (e.g., mortgage, deed of trust).
- Specific: attaches only to a single, identified property.
- Contrasts with involuntary (e.g., tax) or general (e.g., judgment) liens.
Memory trick: Voluntary Specific: YOU CHOOSE which property to LINK.