Fact Pattern 19-2

question 25

Multiple Choice

Fact Pattern 19-2
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 19-2.If Nina recovers less than she is owed,she can realize the difference from

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

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Definitions:

12b-1 Charge

A 12b-1 Charge is a fee assessed by mutual funds to cover marketing, distribution, and service expenses, included as part of the fund's operating expenses.

Unit Investment Trust

An investment company that offers a fixed portfolio of stocks, bonds, or other securities, which is typically unmanaged, to investors for a specific period of time.

Fixed Portfolio

An investment strategy where the asset allocation is set for the long term and is not adjusted in response to market conditions.

Mutual Fund

An investment vehicle made up of a pool of funds collected from many investors for the purpose of investing in securities.