OH Auctioneer Practice Questions - Ohio Licensed Auctioneer Exam

What is the difference between a 'general lien' and a 'specific lien' that may apply to auctioned goods?

There is no difference A general lien covers all debts between the parties; a specific lien covers only debts related to the particular goods A general lien applies to real estate; a specific lien applies to personal property A general lien is voluntary; a specific lien is involuntary

Correct Answer:

A general lien covers all debts between the parties; a specific lien covers only debts related to the particular goods

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