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?
Correct Answer
C) Arizona treats refinance cash proceeds differently from sale proceeds for homestead purposes
Under A.R.S. § 33-1101, Arizona treats refinance cash proceeds differently from sale proceeds for homestead purposes.
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Previous Question
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.
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During an Arizona file audit in Pima County, In Arizona, which statement best describes sale proceeds protection?