Multiple Choice
Which of the following is the major advantage of ownership in severalty?
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1. Introduction to Accounting
Types of Accounting
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Which of the following is NOT a type of real property lien?
A
Payroll tax lien
B
Judgment lien
C
Mortgage lien
D
Mechanic's lien
Verified step by step guidance1
Understand the concept of a real property lien: A lien is a legal claim or right against a property that allows the holder to secure payment for a debt or obligation. Real property liens specifically pertain to real estate.
Review the types of real property liens listed in the problem: Judgment lien, Mortgage lien, and Mechanic's lien. These are commonly associated with real estate and are used to secure debts related to the property.
Analyze the term 'Payroll tax lien': This type of lien is related to unpaid payroll taxes and is typically associated with personal or business obligations rather than real property. It does not directly involve real estate.
Compare the nature of 'Payroll tax lien' with the other options: Judgment lien, Mortgage lien, and Mechanic's lien are all tied to real property, whereas Payroll tax lien is not.
Conclude that Payroll tax lien is NOT a type of real property lien because it is unrelated to real estate and pertains to tax obligations instead.
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