At a brokerage meeting in Scottsdale, a homeowner says the Arizona homestead exemption blocks foreclosure of a consensual mortgage simply because the property is a residence. Each of the following statements about az homestead exemption is generally accurate in Arizona, EXCEPT.
Correct Answer
A) homestead protection defeats all consensual mortgages automatically
This is the exception. Under A.R.S. § 33-1103; A.R.S. § 33-1101, Arizona does not treat the issue this way. Instead, the homestead exemption does not defeat every claim against the property and has statutory exceptions such as consensual liens.
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During an Arizona file audit in Pima County, In Arizona, which statement best describes sale proceeds protection?
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In a licensing seminar in Sierra Vista, a prep question asks for a rigid homestead dollar number but never states the year even though Arizona adjusts the base amount over time. Which statement should the broker communicate?