In Alaska, which of the following describes a 'statutory lien' as opposed to a 'consensual lien'?
Why A statutory lien arises by operation of law without the owner's consent; a consensual lien is agreed to by the owner Is Correct
Answer B: A statutory lien arises by operation of law without the owner's consent; a consensual lien is agreed to by the owner
Exam Tip: Property Ownership
Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.
Key Property Ownership Terms in This Question
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Key Terms to Know
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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