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

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What term describes a legal right or claim upon a specific property which holds the property until a debt is satisfied?

Mortgage
Lien
Easement
Lease

The correct answer is: Lien

A mortgage is a loan specifically for the purpose of purchasing a property, and is not a legal right or claim upon the property itself. An easement is a right to use someone else's property for a specific purpose, and does not involve holding the property until a debt is satisfied. A lease is an agreement to rent a property, and does not involve legal rights or claims upon the property itself. Therefore, the most accurate term that describes a legal right or claim upon a specific property that holds it until a debt is satisfied is a lien. A lien is a legal claim that allows the creditor to take possession of the property if the debt is not paid. This distinguishes it from the other options which do not have the same requirement for debt satisfaction.