A2 Flashcards
Homestead Exemption will protect a person against which of the following?
a. Subsequent liens
b. Mechanics liens
c. Unforeseen personal judgements
d. Secured loans
c. Unforeseen personal judgements
The Homestead Exemption in Arizona is now set at:
a. $20,000
b. $50,000
c. $100,000
d. $150,000
d. $150,000
What will NOT terminate a homestead exemption?
a. Selling the property
b. Moving out of the property
c. Buying other property
d. Filing an abandonment of homestead
c. buying other property
If a husband and wife own community property and the husband dies, who receives the husband’s half?
a. Wife in all cases
b. 1/2 wife, 1/2 heirs
c. Heirs
d. Children 3/4, wife 1/4
c. Heirs
What action will void a homestead?
a. Declaring bankruptcy
b. Filing joint tenancy
c. Declaring primary residence in another state
d. Death of a spouse
c. Declaring primary residence in another state
In Arizona, property owned before marriage is sole and separate. Property acquired after marriage would be considered:
a. Community property
b. Sole and Separate
c. Tenancy in common
d. Joint Tenancy
a. Community Property
You homestead your property then default on a loan for $50,000 secured with a note and Deed of Trust. How much does the foreclosed one owe?
a. Nothing
b. $50,000
c. 90 days of payment
d. 6 months of payment
b. $50,000
Which of the following is NOT required to appear on a listing agreement?
a. Property taxes
b. Beginning and ending date
c. Sufficient description
d. Construction cost
d. construction cost
A property that is in foreclosure has had a valid homestead recorded. What is the status of the foreclosure?
a. Homestead will protect the equity
b. Homestead will delay the foreclosure
c. Foreclosure will continue as normal
d. Lender may only obtain the amount over the homestead limit
c. Foreclosure will continue as normal
Which of the following would NOT apply to community property with right of survivorship?
a. Step-up basis
b. Avoiding probate
c. Willing to a third party
d. Can only be held by husband or wife
c. Willing to a third party
In order to qualify for the $150,000 homestead exemption, you may have which of the following?
a. Primary residence
b. Primary residence with vacation home
c. Number of residences does not matter
d. Rental apartment building
a. primary residence
A person would qualify for a homestead when?
a. They have lived in the property 3 of the last 5 years
b. Upon taking ownership and moving in
c. Eighteen months after ownership
d. When they have sold other investment properties
b. Upon taking ownership and moving in
Which of the following would NOT qualify for a homestead exemption?
a. Married couple living in a co-op
b. Single person living in a mobile home that is parked in a rental space
c. Family who owns a house in the name of corporation
d. Unmarried people living in manufactured housing on jointly-owned land
c. Family who owns a house in the name of a corporation
