Carlos and Diana are married and jointly own their primary residence in Boston, Massachusetts. Carlos recorded a Declaration of Homestead in his name only at the Registry of Deeds three years ago. Diana has not filed any homestead declaration. A creditor now seeks to collect an unsecured judgment against Diana alone. Which statement best describes the homestead protection available to the couple's home?
Correct Answer
C) The home has $500,000 in declared homestead protection because Carlos's declaration covers the marital home
Under MGL Chapter 188, when one spouse records a Declaration of Homestead on the marital home, the declared homestead protection of up to $500,000 covers the property and protects it from unsecured creditor claims against either spouse. Carlos's recorded declaration extends protection to the marital home, shielding it from Diana's creditor as well.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
Continuing education (CE) refers to the ongoing coursework that licensed real estate professionals must complete during each renewal cycle to maintain an active license. CE ensures agents stay current with changes in laws, regulations, and industry practices.
More Practice Of Real Estate Questions
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