In North Carolina, the homestead exemption protects a homeowner's primary residence from:
Why Certain unsecured creditors up to a specified dollar amount Is Correct
Answer B: Certain unsecured creditors up to a specified dollar amount
Exam Tip: Property Ownership
Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.
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Related North Carolina Questions
- A North Carolina homestead exemption primarily protects:Property Ownership
- NC's 'Homestead Preservation Act' exempts from creditors which portion of a primary residence's equity?Finance
- A North Carolina buyer is purchasing a $300,000 home with 5% down. What is the loan amount?Finance
- An owner's title insurance policy in North Carolina protects:Escrow & Title
- Which of the following is NOT an exemption from the North Carolina real estate licensing requirement?North Carolina License Law
- A 'loan-to-value ratio' (LTV) of 80% on a $300,000 North Carolina property means the loan amount is:Finance
- In North Carolina, a life estate grants the life tenant the right to:Property Ownership
- In North Carolina, which of the following is a characteristic of tenancy in common?Property Ownership
Key Terms to Know
A sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Math Concepts
State-Specific Concepts
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