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hello everybody it's zach here from
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realestatelicensewizard.com how's it
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going today hopefully pretty good
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today we're going over another one of
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our practice real estate exam
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anyways let's jump right into it so
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our question has to do with liens and
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so let's take a look alright so it says
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a homeowner hired a construction company
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to build a swimming pool at his home the
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homeowner failed to pay the bill
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once the work was completed and the
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filed a lien to obtain payment of the
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the encumbrance created is called a let
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me repeat that because i kind of mumbled
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the encumbrance created is called a
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and it gives us four options a a luxury
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expense lien b a property tax lien
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c a mechanics lien or d of voluntary
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so as always i'm gonna go ahead and give
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you guys an opportunity to
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think it over as well as pause here if
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you need to so go ahead and do that
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all right so hopefully you guys came up
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with your answer on this one
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so what is the correct answer it's going
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to be c it's a mechanic's lien that's
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right a mechanic's lean
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so mechanics liens are legal documents
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that essentially reserve the right
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of the filer to seek unpaid compensation
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they're usually filed by contractors
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subcontractors or suppliers
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that never received payment for their
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work that they performed or even
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materials provided on the property
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so mechanic liens come up all the time
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when we're talking about
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construction companies and kind of how
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function not only with uh commercial
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property but individual homeowners as
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as we talked about in this question a
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homeowner failed to pay their bill
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so what happens well a mechanic's lien
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so that uh on their property an
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encumbrance is created
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and these mechanics or construction
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will get paid what is rightfully theirs
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hopefully that makes sense
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um these things do come up surprisingly
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way more often than you may think uh
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in the industry sometimes people just
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forget to pay their bills
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or you know maybe deliberately not pay
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and i i would say it happens more in
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commercial property than home ownership
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i think it's kind of rare in
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homeownership but in commercial property
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uh pretty often so you have to be
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familiar with this term and how it works
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so yeah that's gonna be pretty much it
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uh it's one of those type of liens
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uh type of lean question so you just
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have to be familiar with your liens
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as well as uh it's kind of like a story
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problem extent you know it gives you a
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information and you just have to solve
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that's gonna be it for this one i hope
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you guys enjoyed hopefully you guys
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learned something today
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thank you so much for watching as always
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realisticlicensewizard.com
