At a closing in March 2026, Andres signed a promissory note and a mortgage to secure a purchase loan on one specific house. How is that mortgage best classified?
Correct Answer
B) A voluntary specific lien against identified real property
A mortgage is a voluntary lien because the borrower knowingly grants it as security for a debt. It is also a specific lien because it attaches to the identified property described in the mortgage instrument rather than to all of the borrower's assets generally.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
Tenancy in common is a form of co-ownership in which two or more persons hold separate, undivided interests in property without the right of survivorship. Each owner can hold unequal shares and can independently transfer their interest.
A freehold estate conveys ownership rights, while a leasehold estate grants the right to possess and use property for a specific period without ownership.
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