  The photoproduction processes of the exotic $\Theta^+(1540)$ baryon and the
$\bar{K}^*$ meson from the nucleon targets, i.e., $\gamma n \to K^{*-}
\Theta^+$ and $\gamma p \to \bar{K}^{*0} \Theta^+$, are investigated in a
hadronic model. We consider $K$ and $K^*$ exchanges as well as the $s$ and $u$
channel nucleon and $\Theta$ terms. Various spin asymmetries together with
cross sections are first computed in order to study the production mechanisms
and the parity of the $\Theta^+(1540)$ baryon. Within the uncertainties arising
from the model-dependence of the production mechanisms and several coupling
constants, we find that some target-recoil double spin asymmetries, $C^{\rm
TR}_{xx'}$ and $C^{\rm TR}_{xz'}$, are sensitive to the parity of $\Theta^+$.
In addition, the parity asymmetry of this reaction on the neutron target, which
can be obtained by analyzing $K^*$ decay distribution, is found to be useful to
estimate the $K^* N \Theta$ coupling.
