Patricia owns a condominium unit in Cambridge, Massachusetts, which she uses as her primary residence. She has recorded a Declaration of Homestead at the Registry of Deeds. She also owns a vacation cottage on Cape Cod that she rents out seasonally. A creditor obtains an unsecured judgment against Patricia. Which property is protected by the homestead declaration?
Correct Answer
C) The Cambridge condominium only, because it is her primary residence
Under MGL Chapter 188, homestead protection applies only to a homeowner's primary residence. The Cambridge condominium qualifies because Patricia lives there as her primary residence and has recorded a Declaration of Homestead. The Cape Cod cottage is a rental/vacation property, not her primary residence, and therefore receives no homestead protection.
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Related Topics & Key Terms
Key Terms:
Related Concepts
License requirements are the mandatory qualifications—including pre-licensing education, examination, and background checks—that a person must satisfy before legally practicing real estate. These requirements are established and enforced by each state's real estate commission.
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
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