Question

1. Miranda Wrights is the owner of a private forest with at least 60 trees. Routinely, she chops down certain trees and separates to wood into fireplace sized logs. She displays those logs on tree stumps. The characterization of those logs is?

1. Personal property once the tree was chopped down.
2. Real property until the logs were sold as firewood to a third party.
3. Real property since the logs were displayed on tree stumps attached to the ground.

2. Goldie and Asher purchase a residence in Florida that meets all the requirements of the Homestead Exemption. After paying the mortgage for a loan they used to purchase the residence, they default on the loan. The bank begins foreclosure proceedings to take the residence. The likely outcome is?

1. The bank wins because the Homestead Exemption does not apply to that debt.
2. The bank loses even if they are both on the mortgage.
3. The bank wins only if Goldie and Asher are not married.

Answer 1

1) (a) Personal property once the tree was chopped down.

Explanation - The characterization of those logs is as a personal property. Because real property is property. but after cutting down to make the log. It will become personal property of Miranda.

2) (b) The bank loses even if they are both on the mortgage.

Explanation -  Here, bank may loss the case. Because Goldie and Asher already paying the mortgage to the bank. Which give the right to Goldie and Asher to don't give the residence to the bank.