Question 1

Match each statement with the correct term below.
-freehold estate

Accepted Answer

A) Security interest in land created by a written document. 
B) Transfer of all of a tenant's interest in a leasehold. 
C) Identical goods belonging to different people are so commingled (mixed) that the owners cannot identify their own property. 
D) Person who dies without a valid will. 
E) Temporary transfer of possession of personal property by one party (the bailor) to another (the bailee).
F)A security interest by possession.
G)Absolute ownership of real property.
H)Right of the owner of property to any increase in it.
I)Co-ownership with the right of survivorship; requires the presence of the four unities.
J)The right to remove natural resources from the land of another.
K)Revocable permission to use land of another.
L)Ownership of real property for an indefinite time or for the life of a person.
M)The principal method of public control over private land use.
N)A formal document transferring any type of interest in land.
O)The acquisition of title to land by open, continuous, and adverse occupancy for a statutorily prescribed period.
P)The power of a government to take (buy) private land for public use.
Q)Private restriction on property contained in a conveyance.
R)Fiduciary relationship in which legal title to property is held by one party for the use, enjoyment, and benefit of another.
S)A written instrument executed with the formalities required by statute whereby a person makes a disposition of his property to take effect after his death.
T)The court's supervision of the management and distribution of a decedent's estate.
U)The person named in the will and appointed by the court to administer the will.
V)An addition to or revision of a will executed with all the formalities of a will.
W)Limited right to use another's land in a specific manner.
X)Document of title issued to a shipper by a carrier.
Y)Creator of a trust. 
A) Security interest in land created by a written document. 
B) Transfer of all of a tenant's interest in a leasehold. 
C) Identical goods belonging to different people are so commingled (mixed) that the owners cannot identify their own property. 
D) Person who dies without a valid will. 
E) Temporary transfer of possession of personal property by one party (the bailor) to another (the bailee).
F)A security interest by possession.
G)Absolute ownership of real property.
H)Right of the owner of property to any increase in it.
I)Co-ownership with the right of survivorship; requires the presence of the four unities.
J)The right to remove natural resources from the land of another.
K)Revocable permission to use land of another.
L)Ownership of real property for an indefinite time or for the life of a person.
M)The principal method of public control over private land use.
N)A formal document transferring any type of interest in land.
O)The acquisition of title to land by open, continuous, and adverse occupancy for a statutorily prescribed period.
P)The power of a government to take (buy) private land for public use.
Q)Private restriction on property contained in a conveyance.
R)Fiduciary relationship in which legal title to property is held by one party for the use, enjoyment, and benefit of another.
S)A written instrument executed with the formalities required by statute whereby a person makes a disposition of his property to take effect after his death.
T)The court's supervision of the management and distribution of a decedent's estate.
U)The person named in the will and appointed by the court to administer the will.
V)An addition to or revision of a will executed with all the formalities of a will.
W)Limited right to use another's land in a specific manner.
X)Document of title issued to a shipper by a carrier.
Y)Creator of a trust. L

Question 2

A photocopy of a will or a will written in pencil would not be valid for probate.

Accepted Answer

A) True 
 B)False  False

Question 3

Match each statement with the correct term below.
-accession

Accepted Answer

A) Security interest in land created by a written document. 
B) Transfer of all of a tenant's interest in a leasehold. 
C) Identical goods belonging to different people are so commingled (mixed) that the owners cannot identify their own property. 
D) Person who dies without a valid will. 
E) Temporary transfer of possession of personal property by one party (the bailor) to another (the bailee).
F)A security interest by possession.
G)Absolute ownership of real property.
H)Right of the owner of property to any increase in it.
I)Co-ownership with the right of survivorship; requires the presence of the four unities.
J)The right to remove natural resources from the land of another.
K)Revocable permission to use land of another.
L)Ownership of real property for an indefinite time or for the life of a person.
M)The principal method of public control over private land use.
N)A formal document transferring any type of interest in land.
O)The acquisition of title to land by open, continuous, and adverse occupancy for a statutorily prescribed period.
P)The power of a government to take (buy) private land for public use.
Q)Private restriction on property contained in a conveyance.
R)Fiduciary relationship in which legal title to property is held by one party for the use, enjoyment, and benefit of another.
S)A written instrument executed with the formalities required by statute whereby a person makes a disposition of his property to take effect after his death.
T)The court's supervision of the management and distribution of a decedent's estate.
U)The person named in the will and appointed by the court to administer the will.
V)An addition to or revision of a will executed with all the formalities of a will.
W)Limited right to use another's land in a specific manner.
X)Document of title issued to a shipper by a carrier.
Y)Creator of a trust. 
A) Security interest in land created by a written document. 
B) Transfer of all of a tenant's interest in a leasehold. 
C) Identical goods belonging to different people are so commingled (mixed) that the owners cannot identify their own property. 
D) Person who dies without a valid will. 
E) Temporary transfer of possession of personal property by one party (the bailor) to another (the bailee).
F)A security interest by possession.
G)Absolute ownership of real property.
H)Right of the owner of property to any increase in it.
I)Co-ownership with the right of survivorship; requires the presence of the four unities.
J)The right to remove natural resources from the land of another.
K)Revocable permission to use land of another.
L)Ownership of real property for an indefinite time or for the life of a person.
M)The principal method of public control over private land use.
N)A formal document transferring any type of interest in land.
O)The acquisition of title to land by open, continuous, and adverse occupancy for a statutorily prescribed period.
P)The power of a government to take (buy) private land for public use.
Q)Private restriction on property contained in a conveyance.
R)Fiduciary relationship in which legal title to property is held by one party for the use, enjoyment, and benefit of another.
S)A written instrument executed with the formalities required by statute whereby a person makes a disposition of his property to take effect after his death.
T)The court's supervision of the management and distribution of a decedent's estate.
U)The person named in the will and appointed by the court to administer the will.
V)An addition to or revision of a will executed with all the formalities of a will.
W)Limited right to use another's land in a specific manner.
X)Document of title issued to a shipper by a carrier.
Y)Creator of a trust. H

Question 4

Rules for the distribution of property in a situation involving intestate succession:

Accepted Answer

A) do not apply to property held in joint tenancy. 
B) apply where the testator has failed to name an administrator. 
C) prevent disposition of property by a valid will. 
D) have no application to real estate owned by the decedent. 
A) do not apply to property held in joint tenancy. 
B) apply where the testator has failed to name an administrator. 
C) prevent disposition of property by a valid will. 
D) have no application to real estate owned by the decedent.

Question 5

A totten trust may also be referred to as a savings account trust.

Accepted Answer

A) True 
 B)False

Question 6

There is no such thing as an irrevocable will.

Accepted Answer

A) True 
 B)False

Question 7

Identify and describe the following types of wills.
a.Holographic
b.Nuncupative
c.Soldiers' and sailors' will

Accepted Answer

a.A holographic will is a will entirely

Question 8

Which of the following would be charged to the life tenant's interest in the course of administering a trust?

Accepted Answer

A) Expenses of selling a trust investment. 
B) The costs of establishing the trust. 
C) Ordinary repairs to trust property. 
D) Permanent improvements to the trust property. 
A) Expenses of selling a trust investment. 
B) The costs of establishing the trust. 
C) Ordinary repairs to trust property. 
D) Permanent improvements to the trust property.

Question 9

Match each statement with the correct term below.
-bill of lading

Accepted Answer

A) Security interest in land created by a written document. 
B) Transfer of all of a tenant's interest in a leasehold. 
C) Identical goods belonging to different people are so commingled (mixed) that the owners cannot identify their own property. 
D) Person who dies without a valid will. 
E) Temporary transfer of possession of personal property by one party (the bailor) to another (the bailee).
F)A security interest by possession.
G)Absolute ownership of real property.
H)Right of the owner of property to any increase in it.
I)Co-ownership with the right of survivorship; requires the presence of the four unities.
J)The right to remove natural resources from the land of another.
K)Revocable permission to use land of another.
L)Ownership of real property for an indefinite time or for the life of a person.
M)The principal method of public control over private land use.
N)A formal document transferring any type of interest in land.
O)The acquisition of title to land by open, continuous, and adverse occupancy for a statutorily prescribed period.
P)The power of a government to take (buy) private land for public use.
Q)Private restriction on property contained in a conveyance.
R)Fiduciary relationship in which legal title to property is held by one party for the use, enjoyment, and benefit of another.
S)A written instrument executed with the formalities required by statute whereby a person makes a disposition of his property to take effect after his death.
T)The court's supervision of the management and distribution of a decedent's estate.
U)The person named in the will and appointed by the court to administer the will.
V)An addition to or revision of a will executed with all the formalities of a will.
W)Limited right to use another's land in a specific manner.
X)Document of title issued to a shipper by a carrier.
Y)Creator of a trust. 
A) Security interest in land created by a written document. 
B) Transfer of all of a tenant's interest in a leasehold. 
C) Identical goods belonging to different people are so commingled (mixed) that the owners cannot identify their own property. 
D) Person who dies without a valid will. 
E) Temporary transfer of possession of personal property by one party (the bailor) to another (the bailee).
F)A security interest by possession.
G)Absolute ownership of real property.
H)Right of the owner of property to any increase in it.
I)Co-ownership with the right of survivorship; requires the presence of the four unities.
J)The right to remove natural resources from the land of another.
K)Revocable permission to use land of another.
L)Ownership of real property for an indefinite time or for the life of a person.
M)The principal method of public control over private land use.
N)A formal document transferring any type of interest in land.
O)The acquisition of title to land by open, continuous, and adverse occupancy for a statutorily prescribed period.
P)The power of a government to take (buy) private land for public use.
Q)Private restriction on property contained in a conveyance.
R)Fiduciary relationship in which legal title to property is held by one party for the use, enjoyment, and benefit of another.
S)A written instrument executed with the formalities required by statute whereby a person makes a disposition of his property to take effect after his death.
T)The court's supervision of the management and distribution of a decedent's estate.
U)The person named in the will and appointed by the court to administer the will.
V)An addition to or revision of a will executed with all the formalities of a will.
W)Limited right to use another's land in a specific manner.
X)Document of title issued to a shipper by a carrier.
Y)Creator of a trust.

Question 10

The characteristics of a totten trust include:

Accepted Answer

A) it is a joint bank account opened by the settlor of the trust. 
B) it is tentative. 
C) transfer of ownership is complete only on the depositor's death. 
D) All of the above. 
A) it is a joint bank account opened by the settlor of the trust. 
B) it is tentative. 
C) transfer of ownership is complete only on the depositor's death. 
D) All of the above.

Question 11

Divorce or marriage will result in a revocation of a will.

Accepted Answer

A) True 
 B)False

Question 12

Match each statement with the correct term below.
-zoning

Accepted Answer

A) Security interest in land created by a written document. 
B) Transfer of all of a tenant's interest in a leasehold. 
C) Identical goods belonging to different people are so commingled (mixed) that the owners cannot identify their own property. 
D) Person who dies without a valid will. 
E) Temporary transfer of possession of personal property by one party (the bailor) to another (the bailee).
F)A security interest by possession.
G)Absolute ownership of real property.
H)Right of the owner of property to any increase in it.
I)Co-ownership with the right of survivorship; requires the presence of the four unities.
J)The right to remove natural resources from the land of another.
K)Revocable permission to use land of another.
L)Ownership of real property for an indefinite time or for the life of a person.
M)The principal method of public control over private land use.
N)A formal document transferring any type of interest in land.
O)The acquisition of title to land by open, continuous, and adverse occupancy for a statutorily prescribed period.
P)The power of a government to take (buy) private land for public use.
Q)Private restriction on property contained in a conveyance.
R)Fiduciary relationship in which legal title to property is held by one party for the use, enjoyment, and benefit of another.
S)A written instrument executed with the formalities required by statute whereby a person makes a disposition of his property to take effect after his death.
T)The court's supervision of the management and distribution of a decedent's estate.
U)The person named in the will and appointed by the court to administer the will.
V)An addition to or revision of a will executed with all the formalities of a will.
W)Limited right to use another's land in a specific manner.
X)Document of title issued to a shipper by a carrier.
Y)Creator of a trust. 
A) Security interest in land created by a written document. 
B) Transfer of all of a tenant's interest in a leasehold. 
C) Identical goods belonging to different people are so commingled (mixed) that the owners cannot identify their own property. 
D) Person who dies without a valid will. 
E) Temporary transfer of possession of personal property by one party (the bailor) to another (the bailee).
F)A security interest by possession.
G)Absolute ownership of real property.
H)Right of the owner of property to any increase in it.
I)Co-ownership with the right of survivorship; requires the presence of the four unities.
J)The right to remove natural resources from the land of another.
K)Revocable permission to use land of another.
L)Ownership of real property for an indefinite time or for the life of a person.
M)The principal method of public control over private land use.
N)A formal document transferring any type of interest in land.
O)The acquisition of title to land by open, continuous, and adverse occupancy for a statutorily prescribed period.
P)The power of a government to take (buy) private land for public use.
Q)Private restriction on property contained in a conveyance.
R)Fiduciary relationship in which legal title to property is held by one party for the use, enjoyment, and benefit of another.
S)A written instrument executed with the formalities required by statute whereby a person makes a disposition of his property to take effect after his death.
T)The court's supervision of the management and distribution of a decedent's estate.
U)The person named in the will and appointed by the court to administer the will.
V)An addition to or revision of a will executed with all the formalities of a will.
W)Limited right to use another's land in a specific manner.
X)Document of title issued to a shipper by a carrier.
Y)Creator of a trust.

Question 13

Match each statement with the correct term below.
-adverse possession

Accepted Answer

A) Security interest in land created by a written document. 
B) Transfer of all of a tenant's interest in a leasehold. 
C) Identical goods belonging to different people are so commingled (mixed) that the owners cannot identify their own property. 
D) Person who dies without a valid will. 
E) Temporary transfer of possession of personal property by one party (the bailor) to another (the bailee).
F)A security interest by possession.
G)Absolute ownership of real property.
H)Right of the owner of property to any increase in it.
I)Co-ownership with the right of survivorship; requires the presence of the four unities.
J)The right to remove natural resources from the land of another.
K)Revocable permission to use land of another.
L)Ownership of real property for an indefinite time or for the life of a person.
M)The principal method of public control over private land use.
N)A formal document transferring any type of interest in land.
O)The acquisition of title to land by open, continuous, and adverse occupancy for a statutorily prescribed period.
P)The power of a government to take (buy) private land for public use.
Q)Private restriction on property contained in a conveyance.
R)Fiduciary relationship in which legal title to property is held by one party for the use, enjoyment, and benefit of another.
S)A written instrument executed with the formalities required by statute whereby a person makes a disposition of his property to take effect after his death.
T)The court's supervision of the management and distribution of a decedent's estate.
U)The person named in the will and appointed by the court to administer the will.
V)An addition to or revision of a will executed with all the formalities of a will.
W)Limited right to use another's land in a specific manner.
X)Document of title issued to a shipper by a carrier.
Y)Creator of a trust. 
A) Security interest in land created by a written document. 
B) Transfer of all of a tenant's interest in a leasehold. 
C) Identical goods belonging to different people are so commingled (mixed) that the owners cannot identify their own property. 
D) Person who dies without a valid will. 
E) Temporary transfer of possession of personal property by one party (the bailor) to another (the bailee).
F)A security interest by possession.
G)Absolute ownership of real property.
H)Right of the owner of property to any increase in it.
I)Co-ownership with the right of survivorship; requires the presence of the four unities.
J)The right to remove natural resources from the land of another.
K)Revocable permission to use land of another.
L)Ownership of real property for an indefinite time or for the life of a person.
M)The principal method of public control over private land use.
N)A formal document transferring any type of interest in land.
O)The acquisition of title to land by open, continuous, and adverse occupancy for a statutorily prescribed period.
P)The power of a government to take (buy) private land for public use.
Q)Private restriction on property contained in a conveyance.
R)Fiduciary relationship in which legal title to property is held by one party for the use, enjoyment, and benefit of another.
S)A written instrument executed with the formalities required by statute whereby a person makes a disposition of his property to take effect after his death.
T)The court's supervision of the management and distribution of a decedent's estate.
U)The person named in the will and appointed by the court to administer the will.
V)An addition to or revision of a will executed with all the formalities of a will.
W)Limited right to use another's land in a specific manner.
X)Document of title issued to a shipper by a carrier.
Y)Creator of a trust.

Question 14

Rayshawn served as a witness to Samuel's will,but died before Samuel.When Samuel's will is probated,proof of Rayshawn's handwriting is necessary unless there are enough other witnesses to meet the statutory requirements without Rayshawn.

Accepted Answer

A) True 
 B)False

Question 15

Consideration is necessary in order to enforce a trust.

Accepted Answer

A) True 
 B)False

Question 16

Match each statement with the correct term below.
-settlor

Accepted Answer

A) Security interest in land created by a written document. 
B) Transfer of all of a tenant's interest in a leasehold. 
C) Identical goods belonging to different people are so commingled (mixed) that the owners cannot identify their own property. 
D) Person who dies without a valid will. 
E) Temporary transfer of possession of personal property by one party (the bailor) to another (the bailee).
F)A security interest by possession.
G)Absolute ownership of real property.
H)Right of the owner of property to any increase in it.
I)Co-ownership with the right of survivorship; requires the presence of the four unities.
J)The right to remove natural resources from the land of another.
K)Revocable permission to use land of another.
L)Ownership of real property for an indefinite time or for the life of a person.
M)The principal method of public control over private land use.
N)A formal document transferring any type of interest in land.
O)The acquisition of title to land by open, continuous, and adverse occupancy for a statutorily prescribed period.
P)The power of a government to take (buy) private land for public use.
Q)Private restriction on property contained in a conveyance.
R)Fiduciary relationship in which legal title to property is held by one party for the use, enjoyment, and benefit of another.
S)A written instrument executed with the formalities required by statute whereby a person makes a disposition of his property to take effect after his death.
T)The court's supervision of the management and distribution of a decedent's estate.
U)The person named in the will and appointed by the court to administer the will.
V)An addition to or revision of a will executed with all the formalities of a will.
W)Limited right to use another's land in a specific manner.
X)Document of title issued to a shipper by a carrier.
Y)Creator of a trust. 
A) Security interest in land created by a written document. 
B) Transfer of all of a tenant's interest in a leasehold. 
C) Identical goods belonging to different people are so commingled (mixed) that the owners cannot identify their own property. 
D) Person who dies without a valid will. 
E) Temporary transfer of possession of personal property by one party (the bailor) to another (the bailee).
F)A security interest by possession.
G)Absolute ownership of real property.
H)Right of the owner of property to any increase in it.
I)Co-ownership with the right of survivorship; requires the presence of the four unities.
J)The right to remove natural resources from the land of another.
K)Revocable permission to use land of another.
L)Ownership of real property for an indefinite time or for the life of a person.
M)The principal method of public control over private land use.
N)A formal document transferring any type of interest in land.
O)The acquisition of title to land by open, continuous, and adverse occupancy for a statutorily prescribed period.
P)The power of a government to take (buy) private land for public use.
Q)Private restriction on property contained in a conveyance.
R)Fiduciary relationship in which legal title to property is held by one party for the use, enjoyment, and benefit of another.
S)A written instrument executed with the formalities required by statute whereby a person makes a disposition of his property to take effect after his death.
T)The court's supervision of the management and distribution of a decedent's estate.
U)The person named in the will and appointed by the court to administer the will.
V)An addition to or revision of a will executed with all the formalities of a will.
W)Limited right to use another's land in a specific manner.
X)Document of title issued to a shipper by a carrier.
Y)Creator of a trust.

Question 17

Once a trust is validly created,it is revocable.

Accepted Answer

A) True 
 B)False

Question 18

A totten trust is revocable by the creator.

Accepted Answer

A) True 
 B)False

Question 19

Renunciation is a statutory right of a surviving spouse to give up her statutory share in the estate.

Accepted Answer

A) True 
 B)False

Question 20

Curtis,a trustee,fraudulently purchases property with trust funds and puts title in his own name.What type of trust will a court create?

Accepted Answer

A) Constructive trust. 
B) Implied trust. 
C) Express trust. 
D) Resulting trust. 
A) Constructive trust. 
B) Implied trust. 
C) Express trust. 
D) Resulting trust.

Exam 50: Trusts and Wills

Match each statement with the correct term below. -freehold estate

A photocopy of a will or a will written in pencil would not be valid for probate.

Match each statement with the correct term below. -accession

Rules for the distribution of property in a situation involving intestate succession:

A totten trust may also be referred to as a savings account trust.

There is no such thing as an irrevocable will.

Identify and describe the following types of wills. a.Holographic b.Nuncupative c.Soldiers' and sailors' will

Which of the following would be charged to the life tenant's interest in the course of administering a trust?

Match each statement with the correct term below. -bill of lading

The characteristics of a totten trust include:

Divorce or marriage will result in a revocation of a will.

Match each statement with the correct term below. -zoning

Match each statement with the correct term below. -adverse possession

Rayshawn served as a witness to Samuel's will,but died before Samuel.When Samuel's will is probated,proof of Rayshawn's handwriting is necessary unless there are enough other witnesses to meet the statutory requirements without Rayshawn.

Consideration is necessary in order to enforce a trust.

Match each statement with the correct term below. -settlor

Once a trust is validly created,it is revocable.

A totten trust is revocable by the creator.

Renunciation is a statutory right of a surviving spouse to give up her statutory share in the estate.

Curtis,a trustee,fraudulently purchases property with trust funds and puts title in his own name.What type of trust will a court create?

Introduction to Law

Business Ethics

Civil Dispute Resolution

Constitutional Law

Administrative Law

Criminal Law

Intentional Torts

Negligence and Strict Liability

Introduction to Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance, Breach, and Discharge

Contract Remedies

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Product Liability: Warranties and Strict Liability

Sales Remedies

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits, Collections, and Funds Transfers

Relationship of Principal and Agent

Relationship With Third Parties

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature and Formation of Corporations

Financial Structure of Corporations

Management Structure of Corporations

Fundamental Changes of Corporations

Secured Transactions and Suretyship

Bankruptcy

Securities Regulation

Intellectual Property

Employment Law

Antitrust

Accountants Legal Liability

Consumer Protection

Environmental Law

International Business Law

Introduction to Property, property Insurance, Bailments, and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

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