Fact Pattern 14-1

question 61

Multiple Choice

Fact Pattern 14-1
Mary’s home is in a state that has a $30,000 homestead exemption. Mary de¬faults on a $60,000 debt that she owes to Nina. Mary’s home is sold at auc¬tion for $80,000.

-Refer to Fact Pattern 14-1.Other property Mary may own that may be exempt from satisfaction of judgment debts includes

• A)any property that Mary wishes to exempt.
• B)investments that Mary has made in her family's businesses.
• C)recreational vehicles that Mary uses on weekends.
• D)tools that Mary uses in her trade.

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Definitions:

Utilities

Essential services provided to the public, including electricity, gas, water, and sewage services, often regulated due to their importance and natural monopoly characteristics.

Agriculture

The practice of cultivating the land, producing crops, and raising livestock for human consumption and use.

Allocatively Efficient

Allocative efficiency occurs when resources are distributed in a way that maximizes the net benefit to society.