Florida Broker Practice Exam

What type of lien does not affect all of a debtor's property but applies only to specific assets?

1. General lien

2. Specific lien

3. Super lien

4. Tax lien

The correct answer is: Specific lien

A specific lien applies only to particular assets of a debtor rather than to all of their property. This type of lien is created to secure a debt or obligation related specifically to the asset in question, such as a mortgage lien on a home or a mechanic's lien on a vehicle for services rendered. This focused approach prevents a creditor from claiming rights to all of the debtor's possessions, allowing for a more selective claim on just the property directly tied to the debt. In contrast, a general lien encompasses all of a debtor's assets, thus providing a broader claim for any outstanding debts. Tax liens, typically imposed by governmental entities, can also be general in nature, affecting multiple properties owned by the debtor. A super lien often refers to a niche type of lien with higher priority, often applicable in specific contexts such as homeowners’ associations, but it does not change the nature of how liens function with respect to specific versus general applications.