Washington Real Estate Salesperson Exam Lesson 5

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Washington Real Estate Salesperson Exam Lesson 5

Lesson 5: Encumbrances

An encumbrance is a non-possessory right to a property. They can be financial or non-financial.

A financial encumbrance is called a lien.

Types of Liens

• Mortgages

• Deeds of trust

• Construction liens

• Tax liens

• Judgment liens

A non-financial encumbrance affects the right to use a property or its condition.

Types of Non-financial Encumbrances

• Easements-The right to use someone else’s property

• Profits-The right to take something from someone else’s property

• Private restrictions-These affect how an owner may use his or her own property.

 

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