In a licensing seminar in Glendale, a homeowner says the Arizona homestead exemption blocks foreclosure of a consensual mortgage simply because the property is a residence. Which statement is most accurate under current Arizona rules?
Correct Answer
A) the homestead exemption does not defeat every claim against the property and has statutory exceptions such as consensual liens
Under A.R.S. § 33-1103, the homestead exemption does not defeat every claim against the property and has statutory exceptions such as consensual liens.
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Previous Question
At Copper State Homes in Mesa, a prep question asks for a rigid homestead dollar number but never states the year even though Arizona adjusts the base amount over time. What should the parties assume under current Arizona rules?
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While reviewing a transaction in Pinal County, a homeowner says the Arizona homestead exemption blocks foreclosure of a consensual mortgage simply because the property is a residence. Which statement should the broker communicate?