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Real Estate Liens: Overview & Characteristics

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What's a real estate lien?

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1. If a creditor is permitted to place a lien on your property by operation of law, what type of lien is it?

2. A typical mortgage lien is what type of lien?

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About This Quiz & Worksheet

Purchasing a home is usually one of the most important--and can be one of the most stressful--financial arrangements an individual can enter into in his or her life. Among the topics you'll deal with are mortgages, contracts and notices of satisfaction.

Quiz & Worksheet Goals

These assessments can be used to measure your comprehension of the following:

  • Liens created by contract
  • Definition of a real estate lien
  • How notice of satisfaction is provided
  • Mortgage liens
  • Type of lien established by a creditor

Skills Practiced

The quiz and worksheet encourage you to practice the following skills:

  • Reading comprehension - ensure that you understand the most important points covered by the related lesson on real estate liens
  • Critical thinking - apply relevant concepts to examine information about purchasing real estate in a different light
  • Information recall - access the knowledge you've gained regarding different types of liens

Additional Learning

In order to refine your understanding of real estate liens, review the accompanying lesson entitled Real Estate Liens: Overview & Characteristics. The following are some of the objectives covered by the lesson:

  • Explain a common result of default of payment
  • Define promissory note
  • Cite an example of the use of a property lien other than against that specific piece of property
  • Name three ways liens can be created
  • Examine how lien priority might be established
  • Comment on what satisfaction means in regard to liens
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