Real Estate Law 68

admin 2019.05.12 20:11 Views : 265

Check Your Understanding Answers

  1. What is the purpose of homestead laws?

    The purpose of homestead laws is to protect individuals and families against losing their homes to general creditors attempting to collect on debts.
     
  2. List four types of liens not subject to the homestead exemption? (Additional answers on page 45.)
    • Purchase money on the homestead
    • Taxes on the homestead
    • Debts owed to the federal government
    • Encumbrance that existed on the property prior to becoming a homestead
       
  3. When a homestead property is foreclosed by a judgment creditor, who is the first to receive sale proceeds?

    Lienholders not subject to the homestead exemption, such as mortgages, trust deeds, child support, taxes on the homestead, etc.
     
  4. What additional benefits does a California homeowner gain by recording a homestead declaration?
    • Protection for voluntary sale of the property
    • Rebuttable presumption that the homestead is valid
    • A judgment creditor’s lien attaches only to surplus equity
No. Subject Author Date Views
282 Quiz 10 admin 2019.05.12 12300
281 Review Chapter 10 admin 2019.05.12 272
» Real Estate Law 68 admin 2019.05.12 265
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