Property Ownership
Which of the following correctly describes a 'lien' in Alaska real estate?
AAn ownership claim to real property
BA legal claim against property used as security for a debt or obligation✓ Correct
CA restriction on the use of property imposed by a private party
DA government requirement for a specific use of land
Explanation
A lien is a legal claim against property that serves as security for a debt or obligation. Unlike ownership, a lien does not give the lienholder the right to possess or use the property — it gives the right to have the debt satisfied from the property's proceeds if the debt is not paid.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
Math Concepts
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