Property Ownership
Wyoming's homestead exemption protects a homeowner's primary residence from forced sale by unsecured creditors up to:
A$10,000
B$20,000✓ Correct
C$50,000
D$100,000
Explanation
Wyoming's homestead exemption protects up to $20,000 of equity in a homeowner's primary residence from forced sale by unsecured creditors. This is relatively modest compared to some other states.
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Key Terms to Know
Deed
A 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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Math Concepts
State-Specific Concepts
Homestead Exemption
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