New York Watch, Guard, or Patrol Agency (WGP) License Practice Exam

Taking possession of property by an official to satisfy a judgment is known as a _____________.

1. Levy

2. Seizure

3. Foreclosure

4. Repossession

The correct answer is: Levy

A repayment is called a levy, but the word foreclosure is different. The concept of foreclosure generally refers to the action taken by a lender or mortgage holder to seize and sell a property after the borrower has failed to make mortgage payments. It is typically used in the context of real estate and financial matters. Repossession, on the other hand, specifically relates to the taking back of goods or property by a lender or creditor in the event that the borrower defaults on a loan. While both foreclosure and repossession involve the taking of property, they are distinct concepts and refer to different scenarios. Seizure also refers to taking possession of property, but typically in the context of a government agency or authority taking possession of property for legal or law enforcement purposes. Based on the context of the question, it is clear that the most suitable term is levy, as it specifically refers to the action taken by