Texas Law Questions - 1 Texas Law 1. Ten years ago Bonnie...

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Texas Law 1. Ten years ago Bonnie Clair bought a home in Austin, Texas for $50,000. She still owes $35,000 on the mortgage, and the home is currently worth $90,000. She wants to refinance the mortgage and get some extra cash for her Olympics' trip. How much can Bonnie borrow using her home as collateral? a. $72,000 maximum b. $55,000 maximum c. $44,000 maximum d. $37,000 maximum e. $ 0 2. Clinton just lost his job and has several creditors. He owes $800 on his VISA card, $1,400 on federal income taxes, $650 in property taxes, and $3,200 in car loans from his bank. Clinton's only assets are his checking account balance of $5,200 and a house worth $85,000. What payment does Clinton HAVE to make to avoid foreclosure on his house ? a. Car loan, income tax b. Car loan, property tax c. VISA balance, income tax d. Income tax, property tax e. All of the payments 3. Dan and Christina met each other at college. They agreed they were married, and Dan moved into Christina's apartment in Summer, 1999. Both represented themselves as a married couple to others. However, Dan graduated in Spring, 2000 and got a high-paying position with the Astros in Houston. He has forgotten about Christina who now (Spring, 2003) wants to claim him as her husband and share in his earnings. Under Texas common law, does Christina have right to any of Dan's income? a. Yes b. No 4. Separate property in Texas can include (without any special legal agreements) a. property acquired during the marriage by gift. b. property acquired during the marriage by inheritance. c. interest income received during marriage from separate property. d. a and b only e. a, b, and c 5. Under Texas law, the husband is regarded as the manager of the community property. a. True b. False 6. Mr. and Mrs. Bear had a baby bear (their only child). They owned a house, East Texas real estate, a car, and each maintained their own separate property. Mr. Bear had a sudden accident, died, and left Mrs. Bear to care for Baby Bear. Their community property was worth $90,000 and Mr. Bear had separate personal property valued at $60,000 . How much does Baby Bear receive of Mr. Bear's property? a. $75,000 b. $85,000 c. $60,000 d. $65,000 e. $40,000 7. A will written in Texas will be legally recognized and readily executed in any of the other eight community property states. a. True b. False 1
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8. Which of the following statements is/are TRUE about Texas family law? a. Revenues for personal injuries MAY NOT be maintained as separate property. b. There is currently a 1-year statute of limitations on proving that a common law marriage exists. c.
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This note was uploaded on 02/06/2011 for the course HDF 322 taught by Professor Kitt during the Spring '08 term at University of Texas at Austin.

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Texas Law Questions - 1 Texas Law 1. Ten years ago Bonnie...

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