Kate and her brother Rustin own a piece of property in Dallas as tenants in comm valued at $50,000. Kate owns a 75% interest and Rustin owns a 25% interest. Du Mardi Gras, Rustin went down to New Orleans and decided he loved it there. The week he purchased a house on St. Charles Avenue right across from the Mardi Gr parade route. Unfortunately, Rustin did not get an appraisal and learned later that significantly overpaid for the property. In addition, the home was much too expen or Rustin and shortly after the purchase Rustin defaulted on the loan. Even after bank seized the home, there was a $50,000 debt remaining. Assuming the bank eceived a default judgment against Rustin and could seize the Dallas property, w
Kate and her brother Rustin own a piece of property in Dallas as tenants in comm valued at $50,000. Kate owns a 75% interest and Rustin owns a 25% interest. Du Mardi Gras, Rustin went down to New Orleans and decided he loved it there. The week he purchased a house on St. Charles Avenue right across from the Mardi Gr parade route. Unfortunately, Rustin did not get an appraisal and learned later that significantly overpaid for the property. In addition, the home was much too expen or Rustin and shortly after the purchase Rustin defaulted on the loan. Even after bank seized the home, there was a $50,000 debt remaining. Assuming the bank eceived a default judgment against Rustin and could seize the Dallas property, w
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Kate and her brother Rustin own a piece of property in Dallas as tenants in common
valued at $50,000. Kate owns a 75% interest and Rustin owns a 25% interest. During
Mardi Gras, Rustin went down to New Orleans and decided he loved it there. The next
week he purchased a house on St. Charles Avenue right across from the Mardi Gras
parade route. Unfortunately, Rustin did not get an appraisal and learned later that he
significantly overpaid for the property. In addition, the home was much too expensive
for Rustin and shortly after the purchase Rustin defaulted on the loan. Even after the
bank seized the home, there was a $50,000 debt remaining. Assuming the bank
received a default judgment against Rustin and could seize the Dallas property, what
portion of the property could be seized to satisfy Rustin's debt?
1. 0%.
2.25%.
3. 50%.
4. 100%.
0%.
25%.
50%.
100%.
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