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:

Conjunction Fallacy

A logical error where people wrongly assume that specific conditions are more probable than a single general one.

Framing Error

A cognitive bias where information is presented or perceived in a way that influences judgment and decision-making, potentially leading to incorrect conclusions or actions.

Representativeness Heuristic

A cognitive bias in decision-making where the likelihood of an event is estimated based on how much it resembles existing stereotypes or patterns.

Availability Heuristic

A cognitive bias where people overestimate the importance or frequency of information that is readily available to them.