Question

The Commercial Broker Lien Act covers which of the following properties?

a) Vacant land.
b) Farmland.
c) 4-unit apartment building.
d) Warehouse.

Answer 1

The Commercial Broker Lien Act covers vacant land, farmland, 4-unit apartment building, and warehouse, granting commercial brokers the right to file a lien for earned fees.

Step-by-step explanation:

The Commercial Broker Lien Act covers all of the following properties: vacant land, farmland, 4-unit apartment building, and warehouse.

This act provides protection to commercial brokers who have facilitated the sale, lease, or exchange of these properties by granting them a lien against the property to secure payment of earned brokerage fees.

For example, if a commercial broker assisted in selling a warehouse, the broker may file a lien against the warehouse to ensure they are paid their commission for the sale.