Final answer:
The most common type of voluntary lien is a mortgage, which is an agreement where the lender has a security interest in a property as collateral for a loan.
Step-by-step explanation:
The most common type of voluntary lien is a mortgage. A mortgage is a legal agreement in which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt. This means that when an individual or business purchases real estate and requires financing, they agree to the mortgage lien, allowing the lender to have a security interest in the property. If the borrower fails to repay the loan according to the terms agreed upon, the lender has the right to foreclose on the property to recover the outstanding debt.