Jennifer owns a condominium in Phoenix that she purchased as an investment property and rents to tenants. She has never lived in the unit but is considering claiming Arizona's homestead exemption to protect it from creditors. All of the following statements about her situation are correct EXCEPT:
Correct Answer
D) She can claim the homestead exemption by simply filing a declaration with the county recorder
Correct: Simply filing a declaration is not sufficient - the property must actually be used as the owner's primary residence to qualify for Arizona's homestead exemption. Why not A: This is correct - Arizona requires the property to be the owner's primary residence. Why not B: This is correct - investment properties that are not owner-occupied do not qualify for homestead protection. Why not C: This is correct - actual occupancy as a principal residence is required, not just ownership.
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