Tom is a licensed Arkansas real estate agent helping a buyer purchase a 60-acre property in a rural township. The buyer plans to live on the property as his primary residence. The buyer asks Tom whether the entire property will be protected from creditors under the Arkansas homestead exemption. Which of the following is the most accurate response Tom can provide?
Correct Answer
A) Yes, all 60 acres will be protected because the rural homestead exemption covers up to 80 acres.
Under Ark. Const. Art. 9, §§ 3–6, the rural homestead exemption protects up to 80 acres used as a primary residence. Since the buyer's 60-acre rural property is below the 80-acre cap, the entire 60 acres qualifies for homestead protection, shielding it from most unsecured creditor claims.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
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