Question 1

A living will is a document that:

Accepted Answer

A) is videotaped. 
B) contains the maker's wishes regarding extraordinary medical treatment. 
C) is capable of being changed from time to time, unlike other wills. 
D) cannot be revoked. 
A) is videotaped. 
B) contains the maker's wishes regarding extraordinary medical treatment. 
C) is capable of being changed from time to time, unlike other wills. 
D) cannot be revoked.

Question 2

A statement signed by the required number of witnesses who observe the execution of a valid will is called a(n):

Accepted Answer

A) validity clause. 
B) ambulatory clause. 
C) attestation clause. 
D) fiduciary clause. 
A) validity clause. 
B) ambulatory clause. 
C) attestation clause. 
D) fiduciary clause.

Question 3

A trust may serve any purpose that is not against the law or public policy.

Accepted Answer

A) True 
 B)False

Question 4

A codicil to the will must be executed with all the formal requirements of a will.

Accepted Answer

A) True 
 B)False

Question 5

Probate is the:

Accepted Answer

A) reading of a will by a lawyer. 
B) actual property given away in a will. 
C) process of declaring a person dead. 
D) process of managing the distribution of a deceased person's property. 
A) reading of a will by a lawyer. 
B) actual property given away in a will. 
C) process of declaring a person dead. 
D) process of managing the distribution of a deceased person's property.

Question 6

Clarence is the trustee of a trust.With $75,000 of his own money,Clarence purchases a parcel of real estate.Two months later,he sells the parcel to the trust for $150,000 and pockets the profit.Discuss the situation in terms of the duties and powers of the trustee.

Accepted Answer

Clarence has breached his fiduciary duty

Question 7

In most states,there is no lower age limit for testators as long as they understand the extent of their property.

Accepted Answer

A) True 
 B)False

Question 8

As long as a decedent's wishes are clear,the formalities of a will need not be strictly met in order for the will to be valid.

Accepted Answer

A) True 
 B)False

Question 9

An amendment to a will is called a(n):

Accepted Answer

A) stipulated addition. 
B) statutory adjustment. 
C) codicil. 
D) attestation. 
A) stipulated addition. 
B) statutory adjustment. 
C) codicil. 
D) attestation.

Question 10

A totten trust involves a bank account opened by the settlor of the trust.

Accepted Answer

A) True 
 B)False

Question 11

Match each statement with the correct term below.
-profit à prendre

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 12

Almost all jurisdictions require that:

Accepted Answer

A) express trusts of real property be in writing. 
B) trusts have at least four witnesses. 
C) an inter vivos trust have at least two trustees. 
D) a charitable trust have at least two trustees. 
A) express trusts of real property be in writing. 
B) trusts have at least four witnesses. 
C) an inter vivos trust have at least two trustees. 
D) a charitable trust have at least two trustees.

Question 13

Which of the following is/are considered to be conduct to invalidate a will?

Accepted Answer

A) Duress. 
B) Undue influence. 
C) Fraud. 
D) All of the above. 
A) Duress. 
B) Undue influence. 
C) Fraud. 
D) All of the above.

Question 14

A resulting trust depends on a contract or agreement as evidenced by the parties' acts.

Accepted Answer

A) True 
 B)False

Question 15

Match each statement with the correct term below.
-eminent domain

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 16

A trust is presumed to be irrevocable unless the grantor reserves the power of revocation.

Accepted Answer

A) True 
 B)False

Question 17

A trust created by will and effective after the death of a testator is called a(n):

Accepted Answer

A) charitable trust. 
B) cy pres trust. 
C) inter vivos trust. 
D) testamentary trust. 
A) charitable trust. 
B) cy pres trust. 
C) inter vivos trust. 
D) testamentary trust.

Question 18

Match each statement with the correct term below.
-executor

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 19

A will entirely in the handwriting of the testator is called what type of will?

Accepted Answer

A) Nuncupative. 
B) Holographic. 
C) Conditional. 
D) Codicil. 
A) Nuncupative. 
B) Holographic. 
C) Conditional. 
D) Codicil.

Question 20

A witness to a will who is "interested" will be disinherited or disqualified.

Accepted Answer

A) True 
 B)False

Exam 50: Trusts and Wills

A living will is a document that:

A statement signed by the required number of witnesses who observe the execution of a valid will is called a(n):

A trust may serve any purpose that is not against the law or public policy.

A codicil to the will must be executed with all the formal requirements of a will.

Probate is the:

Clarence is the trustee of a trust.With $75,000 of his own money,Clarence purchases a parcel of real estate.Two months later,he sells the parcel to the trust for $150,000 and pockets the profit.Discuss the situation in terms of the duties and powers of the trustee.

In most states,there is no lower age limit for testators as long as they understand the extent of their property.

As long as a decedent's wishes are clear,the formalities of a will need not be strictly met in order for the will to be valid.

An amendment to a will is called a(n):

A totten trust involves a bank account opened by the settlor of the trust.

Match each statement with the correct term below. -profit à prendre

Almost all jurisdictions require that:

Which of the following is/are considered to be conduct to invalidate a will?

A resulting trust depends on a contract or agreement as evidenced by the parties' acts.

Match each statement with the correct term below. -eminent domain

A trust is presumed to be irrevocable unless the grantor reserves the power of revocation.

A trust created by will and effective after the death of a testator is called a(n):

Match each statement with the correct term below. -executor

A will entirely in the handwriting of the testator is called what type of will?

A witness to a will who is "interested" will be disinherited or disqualified.

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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