At Desert Mesa Brokers in Queen Creek, a prep question asks for a rigid homestead dollar number but never states the year even though Arizona adjusts the base amount over time. Each of the following statements about az homestead exemption is generally true in Arizona EXCEPT.
Correct Answer
A) Arizona homestead amounts never change and no year matters under current Arizona law
This is the exception. Under A.R.S. § 33-1101; A.R.S. § 33-1101(F), Arizona does not treat the issue this way. Instead, the safer Arizona analysis is to focus on the structure of the homestead exemption unless the question clearly states the applicable year's amount.
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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?
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At Copper State Homes in Flagstaff, a homeowner assumes cash received from refinancing a homestead is treated the same as sale proceeds for homestead protection. Which statement should the broker communicate?