AK Bar Alaska Property Law 2 — Questions and Answers
Question 1: What is the Alaska homestead exemption amount for purposes of creditor protection?
- $27,000
- $54,000
- $72,900 (Correct answer)
- $500,000
Correct answer: $72,900
AS 09.38.010 protects up to $72,900 of equity in a principal residence from most creditors in Alaska.
Question 2: In Alaska, a deed must be acknowledged before whom to be eligible for recording?
- Any witness
- A notary public or other officer authorized to administer oaths (Correct answer)
- Only a judge
- Two witnesses and a notary
Correct answer: A notary public or other officer authorized to administer oaths
AS 34.15.010 requires deeds to be acknowledged before a notary public or other authorized officer for recording eligibility.
Question 3: What interest does a purchaser under a land sales contract hold in Alaska before the contract is fully paid?
- Legal title
- Equitable title (Correct answer)
- No interest until full payment
- A mere license
Correct answer: Equitable title
Under a land sales contract, the buyer holds equitable title while the seller retains legal title until the purchase price is paid in full.
Question 4: Alaska recognizes which of the following forms of co-ownership that includes a right of survivorship?
- Tenancy in common
- Tenancy in common only
- Joint tenancy with right of survivorship (Correct answer)
- Tenancy by the entireties only
Correct answer: Joint tenancy with right of survivorship
Alaska recognizes joint tenancy with right of survivorship, where the surviving joint tenant automatically receives the deceased tenant's share.
Question 5: Under Alaska zoning law, a use that lawfully existed before a zoning restriction that now prohibits it is called a?
- Variance
- Conditional use
- Nonconforming use (Correct answer)
- Special exception
Correct answer: Nonconforming use
A nonconforming use is a lawful pre-existing use that a new zoning ordinance prohibits, generally allowed to continue subject to limitations.
Question 6: What is the primary purpose of Alaska's Coastal Management Program in relation to property?
- Maximize oil and gas development
- Regulate land use along the coastal zone to balance development and environmental protection (Correct answer)
- Prohibit all development near water
- Transfer coastal land to federal ownership
Correct answer: Regulate land use along the coastal zone to balance development and environmental protection
Alaska's Coastal Management Program regulates land and water uses in the coastal zone to balance economic development with environmental protection.
AK Bar Alaska Property Law 2
What is the Alaska homestead exemption amount for purposes of creditor protection?