Property Ownership
Under Massachusetts Chapter 188, the Homestead Act protects a homeowner's principal residence from most creditor claims up to:
A$250,000
B$300,000
C$500,000✓ Correct
D$750,000
Explanation
The Massachusetts Homestead Act (Chapter 188) provides up to $500,000 in protection for a homeowner's principal residence against most creditor claims. The homestead must be declared by recording a Declaration of Homestead.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
Math Concepts
State-Specific Concepts
Homestead Exemption
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