Daily Real Estate Exam Prep Question #21 - Liens

Daily Real Estate Exam Questions Here!!! Today our question has to do with real estate liens. A lien is a form of security interest granted over an item to secure the payment of a debt or performance of some other obligation. A lien serves to guarantee an underlying obligation. Usually that obligation is the repayment of a loan of some sort. If that obligation is not met, the creditor may be able to seize the asset that is the subject of the lien. Example: The most common types of liens are those that are placed on vehicles or real estate. In the case of a vehicle, The individual purchases the vehicle and pays the seller using the funds from the bank, but grants the bank a lien on the vehicle. If payments or obligations aren’t met the bank can repossess the car because they hold a lien on it. -=-=-=-=- Don’t forget to like and subscribe for more! Want to learn more about the smart way to get your real estate license and start a successful real estate career? Then make sure to visit the Real Estate License Wizard, getting started is easy. Just click the page below: https://realestatelicensewizard.com -=-=-=-=-