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A lien or mortgage against real property is referred to as an encumbrance. An encumbrance is a legal claim or liability attached to a property, which can affect the owner's ability to sell or transfer the property. It signifies that the property is not fully unencumbered and comes with certain obligations or restrictions. In the case of a lien or mortgage, the property serves as collateral for a debt, meaning that if the debt is not paid, the creditor may have the legal right to take possession of the property through foreclosure.

The other options do not accurately describe a lien or mortgage. An asset typically refers to a resource owned by an individual or entity that holds value, while a liability represents an obligation or debt that must be settled in the future. An endowment generally relates to a donation or fund that provides financial support, particularly to institutions. Therefore, acknowledging a lien or mortgage as an encumbrance helps in understanding how it impacts the ownership and financial responsibilities associated with real property.