Fact Pattern 22-1 Robin's Home Is in a State That Has a $60,000

question 64

Multiple Choice

Fact Pattern 22-1
Robin's home is in a state that has a $60,000 homestead exemption. Robin defaults on a $120,000 debt that she owes to Suburban Mortgage Company. Robin's home is sold at auction for $160,000.
-Refer to Fact Pattern 22-1. If Suburban Mortgage recovers less than it is owed, it can realize the difference from​

• A) ​any property that Robin owns.
• B) ​only exempt property that Robin owns.
• C) ​only nonexempt property that Robin owns.
• D) ​property that any other member of Robin's family owns.

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Definitions:

Joint Committees

Committees made up of members from both houses of a bicameral legislature, tasked with addressing issues that require input from both the Senate and the House of Representatives.

Economic

Pertaining to the production, distribution, and consumption of goods and services, and the analysis of the behavior of economies.

Taxation

The process by which governments finance their expenditure by imposing charges on citizens and corporate entities.

Ping Ponging

The process in which legislative bills are sent back and forth between the two houses of a legislature for approval or amendment.