Illinois Real Estate Practice Exam 2025 - Free Real Estate Practice Questions and Study Guide

Question: 1 / 400

What is a specific lien?

Personal property

Real property

Voluntary Lien

Specific piece of property

A specific lien is a legal claim against a specific piece of property as security for the repayment of a debt or the performance of an obligation. This type of lien attaches only to the designated property rather than to the individual’s entire asset base. For instance, a mortgage lien is a specific lien because it is tied directly to the real estate that serves as collateral for the loan.

The focus on a specific piece of property allows creditors to pursue that property in the event of non-payment or default, helping to ensure that they can recover their funds or enforce their rights in terms of the particular asset in question. Understanding this concept is crucial in real estate practice, as it affects negotiations, ownership rights, and potential liabilities associated with properties.

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