Illinois Real Estate Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Illinois Real Estate Test. Practice with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What is a specific lien?

Personal property
Real property
Voluntary Lien
Specific piece of property

The correct answer is: 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.