Question 1

If a person dies intestate,his property will be:

Accepted Answer

A) given to his beneficiaries. 
B) passed to his children. 
C) kept by the state. 
D) distributed as prescribed by the state. 
A) given to his beneficiaries. 
B) passed to his children. 
C) kept by the state. 
D) distributed as prescribed by the state.

Question 2

Taxes imposed at death include:

Accepted Answer

A) income tax that the estate must pay on income received during estate administration. 
B) federal estate tax on the transfer of property at death. 
C) state inheritance tax on the privilege of an heir or beneficiary to receive the property. 
D) All of the above. 
A) income tax that the estate must pay on income received during estate administration. 
B) federal estate tax on the transfer of property at death. 
C) state inheritance tax on the privilege of an heir or beneficiary to receive the property. 
D) All of the above.

Question 3

The powers of a trustee are determined solely by the trust instrument.

Accepted Answer

A) True 
 B)False

Question 4

Darrell executed a will fifteen years ago.Now he has changed his mind about how he wants his estate distributed and who he wants to appoint as executor.Discuss how Darrell may revoke his will.

Accepted Answer

A will is revocable by the testator,alth

Question 5

Constructive trusts are generally found where the creator clearly intended a trust to be formed.

Accepted Answer

A) True 
 B)False

Question 6

A court will require witnesses' signatures to be proven before a formal decree will be issued allowing the will.

Accepted Answer

A) True 
 B)False

Question 7

The executor or administrator does not occupy a fiduciary relationship with regard to the estate.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following statements about wills is correct?

Accepted Answer

A) A will must be written on one piece of paper. 
B) Another writing may be incorporated by reference into a will. 
C) The testator must sign his or her full name. 
D) The testator cannot have any "help" in signing a will. 
A) A will must be written on one piece of paper. 
B) Another writing may be incorporated by reference into a will. 
C) The testator must sign his or her full name. 
D) The testator cannot have any "help" in signing a will.

Question 9

The owner of legal title to the property in a trust is the:

Accepted Answer

A) grantor. 
B) settlor. 
C) beneficiary. 
D) trustee. 
A) grantor. 
B) settlor. 
C) beneficiary. 
D) trustee.

Question 10

A minor's declaration of trust is voidable.

Accepted Answer

A) True 
 B)False

Question 11

Gail dies intestate leaving two children,Benjamin and Christopher.Her daughter,Anna,died two years earlier.Anna had three children,Carolyn,Jeffrey and Scott.If Gail leaves an estate of $150,000,how much will Jeffrey's share be under the usual statutes of descent and distribution?

Accepted Answer

A) $0. 
B) $30,000. 
C) $16,667. 
D) $50,000. 
A) $0. 
B) $30,000. 
C) $16,667. 
D) $50,000.

Question 12

Match each statement with the correct term below.
-joint tenancy

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

Under what conditions do courts impose a constructive trust?

Accepted Answer

Constructive trusts are impose

Question 14

Match each statement with the correct term below.
-probate

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 15

Dan,a widower,dies intestate.He leaves two surviving children,Joe and Carrie,and two grandchildren who are children of his deceased daughter,Debra.If Joe and Carrie each take one-third of his estate and the grandchildren each take one-sixth of the estate,this is described legally by the statement that:

Accepted Answer

A) lineal descendants of predeceased children take property per stirpes. 
B) lineal descendants take the property per capita. 
C) collateral heirs take the property per stirpes. 
D) lineal descendants and collateral heirs take the property per capita. 
A) lineal descendants of predeceased children take property per stirpes. 
B) lineal descendants take the property per capita. 
C) collateral heirs take the property per stirpes. 
D) lineal descendants and collateral heirs take the property per capita.

Question 16

Match each statement with the correct term below.
-deed

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

In the case of Keeney v.Keeney,the court found:

Accepted Answer

A) a constructive trust is created by equity regardless of the intention of the parties to create a trust where legal title to property is obtained through fraud or undue influence rendering it unconscionable for the holder of legal title to retain the property. 
B) intention of the parties is the sole consideration in determining the existence of a trust. 
C) the existence of a confidential relationship prohibits the trustee from seeking any personal benefit. 
D) a totten trust is a tentative trust and the transfer of ownership becomes complete only upon the depositor's death. 
A) a constructive trust is created by equity regardless of the intention of the parties to create a trust where legal title to property is obtained through fraud or undue influence rendering it unconscionable for the holder of legal title to retain the property. 
B) intention of the parties is the sole consideration in determining the existence of a trust. 
C) the existence of a confidential relationship prohibits the trustee from seeking any personal benefit. 
D) a totten trust is a tentative trust and the transfer of ownership becomes complete only upon the depositor's death.

Question 18

A trust for the dissemination of a particular political doctrine cannot be a charitable trust.

Accepted Answer

A) True 
 B)False

Question 19

Match each statement with the correct term below.
-intestate

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 20

In most states,a trustee's investment decisions are usually governed by:

Accepted Answer

A) the prudent person rule. 
B) judiciary determination. 
C) the beneficiary's intent. 
D) The Uniform Principal and Income Act. 
A) the prudent person rule. 
B) judiciary determination. 
C) the beneficiary's intent. 
D) The Uniform Principal and Income Act.

Exam 50: Trusts and Wills

If a person dies intestate,his property will be:

Taxes imposed at death include:

The powers of a trustee are determined solely by the trust instrument.

Darrell executed a will fifteen years ago.Now he has changed his mind about how he wants his estate distributed and who he wants to appoint as executor.Discuss how Darrell may revoke his will.

Constructive trusts are generally found where the creator clearly intended a trust to be formed.

A court will require witnesses' signatures to be proven before a formal decree will be issued allowing the will.

The executor or administrator does not occupy a fiduciary relationship with regard to the estate.

Which of the following statements about wills is correct?

The owner of legal title to the property in a trust is the:

A minor's declaration of trust is voidable.

Gail dies intestate leaving two children,Benjamin and Christopher.Her daughter,Anna,died two years earlier.Anna had three children,Carolyn,Jeffrey and Scott.If Gail leaves an estate of $150,000,how much will Jeffrey's share be under the usual statutes of descent and distribution?

Match each statement with the correct term below. -joint tenancy

Under what conditions do courts impose a constructive trust?

Match each statement with the correct term below. -probate

Match each statement with the correct term below. -deed

In the case of Keeney v.Keeney,the court found:

A trust for the dissemination of a particular political doctrine cannot be a charitable trust.

Match each statement with the correct term below. -intestate

In most states,a trustee's investment decisions are usually governed by:

Introduction to Law

Business Ethics

Civil Dispute Resolution

Constitutional Law

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Intentional Torts

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Introduction to Contracts

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

Interests in Real Property

Transfer and Control of Real Property

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