Property Ownership
In Tennessee, a 'lien' on real property is best described as:
ATransfer of ownership to the creditor
BA monetary claim or encumbrance against the property as security for a debt or obligation✓ Correct
CA restriction on the use of the property
DAn easement allowing access across the property
Explanation
A lien is a legal claim or encumbrance against a property as security for a debt. Common liens include mortgages, mechanic's liens, and judgment liens.
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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.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
EasementA non-possessory right to use another person's land for a specific purpose.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Math Concepts
State-Specific Concepts
Mechanic's Lien
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