Fact Pattern 33-2Mary's Home Is in a State That Has

question 21

Multiple Choice

Fact Pattern 33-2Mary's home is in a state that has a $30,000 homestead exemption. Mary defaults on a $60,000 debt that she owes to Nina. Mary's home is sold at auction for $80,000.
-Refer to Fact Pattern 33-2.Mary will receive 

• A) ​$0. 
• B) ​$30,000. 
• C) ​$50,000. 
• D) ​$60,000.

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Definitions:

Trademark

A symbol, word, or phrase legally registered or established by use as representing a company or product.

Removing Building

The process of demolishing or dismantling a building structure from a property, often involving considerations for recycling and waste management.

Land

Land is a type of real estate referring to the solid part of the earth's surface that can be owned, bought, or sold, and is used for various purposes including farming, building, or as an investment.

Land Improvements

Enhancements to land that increase its value or usefulness, such as landscaping, fencing, and paving, which are usually depreciable over time.