FIN 380 Final Exam Study Guide
Question and answers verified to pass
2025/2026
Which of the following is an example of a statutory lien?
a. mechanic's lien
b. artisan's Lien
c. Judicial lien
d. All of the above - correct answer ✔d. All of the above
A lien on a vehicle is an example of a mechanic's lien. T/F - correct answer ✔False
Even though an auto mechanic releases a repaired vehicle to a customer who has not paid for the repair,
the mechanic still maintains an artisan's lien. T/F - correct answer ✔False
Only employers can be considered garnishees. T/F - correct answer ✔False
Default under a mortgage can only occur when the mortgagor fails to make a mortgage payment. T/F -
correct answer ✔False
Which of the following is true with respect to mortgages?
a. To be enforceable, a mortgage must be in writing
b. More than one lender can have a mortgage on a parcel of real estate
c. The procedures governing the foreclosure of a mortgage are generally a matter of state law.
Question and answers verified to pass
2025/2026
Which of the following is an example of a statutory lien?
a. mechanic's lien
b. artisan's Lien
c. Judicial lien
d. All of the above - correct answer ✔d. All of the above
A lien on a vehicle is an example of a mechanic's lien. T/F - correct answer ✔False
Even though an auto mechanic releases a repaired vehicle to a customer who has not paid for the repair,
the mechanic still maintains an artisan's lien. T/F - correct answer ✔False
Only employers can be considered garnishees. T/F - correct answer ✔False
Default under a mortgage can only occur when the mortgagor fails to make a mortgage payment. T/F -
correct answer ✔False
Which of the following is true with respect to mortgages?
a. To be enforceable, a mortgage must be in writing
b. More than one lender can have a mortgage on a parcel of real estate
c. The procedures governing the foreclosure of a mortgage are generally a matter of state law.
