Question 1

If a will was burned in an electrical fire that destroyed the testator's home,it will be presumed to be revoked.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following is true about a constructive trust?

Accepted Answer

A) It normally contains detailed instructions for the trustee to follow. 
B) The court imposes it to redress an injustice. 
C) It is revocable by the trustee. 
D) It carries out the intentions of the trustee. 
A) It normally contains detailed instructions for the trustee to follow. 
B) The court imposes it to redress an injustice. 
C) It is revocable by the trustee. 
D) It carries out the intentions of the trustee.

Question 3

Match each statement with the correct term below.
-pledge

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 4

Creditors of the beneficiary of a spendthrift trust can attach the income of the trust before or after the beneficiary receives it,but they cannot reach the trust fund itself.

Accepted Answer

A) True 
 B)False

Question 5

Testamentary capacity refers to:

Accepted Answer

A) the age of the testator. 
B) the same capacity as required to contract. 
C) the ability to understand the nature and extent of one's property, to appreciate the natural objects of one's bounty, and the ability to formulate an orderly plan of disposition. 
D) the influence of others over the testator. 
A) the age of the testator. 
B) the same capacity as required to contract. 
C) the ability to understand the nature and extent of one's property, to appreciate the natural objects of one's bounty, and the ability to formulate an orderly plan of disposition. 
D) the influence of others over the testator.

Question 6

A second will automatically revokes an earlier will if it is wholly inconsistent.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is untrue regarding the revocation of a will?

Accepted Answer

A) There can be a partial revocation. 
B) An inadvertent destruction of a will acts as a revocation. 
C) The execution of a second will does not of itself constitute a revocation of an earlier will. 
D) Divorce does not ordinarily revoke a will. 
A) There can be a partial revocation. 
B) An inadvertent destruction of a will acts as a revocation. 
C) The execution of a second will does not of itself constitute a revocation of an earlier will. 
D) Divorce does not ordinarily revoke a will.

Question 8

Match each statement with the correct term below.
-license

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 9

The death of the beneficiary will generally terminate the trust.

Accepted Answer

A) True 
 B)False

Question 10

A person's written statement that he is leaving property "to Margaret in full confidence and with hope she will take care of Tina" is too indefinite to create a trust.

Accepted Answer

A) True 
 B)False

Question 11

The characteristics of a spendthrift trust include which of the following?

Accepted Answer

A) Spendthrift provisions are not valid in most states. 
B) Trust creditors can never seize income from a spendthrift trust. 
C) A settlor may provide, in a spendthrift trust, that the beneficiary cannot, by assignment or otherwise, impair her rights to receive principal or income. 
D) All of the above. 
A) Spendthrift provisions are not valid in most states. 
B) Trust creditors can never seize income from a spendthrift trust. 
C) A settlor may provide, in a spendthrift trust, that the beneficiary cannot, by assignment or otherwise, impair her rights to receive principal or income. 
D) All of the above.

Question 12

Match each statement with the correct term below.
-trust

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

An express trust may be found if the intent of the grantor to create a trust is unmistakable.

Accepted Answer

A) True 
 B)False

Question 14

A trust for the establishment and maintenance of a museum would be a charitable trust.

Accepted Answer

A) True 
 B)False

Question 15

A valid will must be witnessed.Which of the following statements about witnesses is correct?

Accepted Answer

A) Most states require only one witness to a will. 
B) The witnesses must see the testator write the will. 
C) The witnesses must sign the will. 
D) Under the law in all states, witnesses lose any bequests to them in a will they witness. 
A) Most states require only one witness to a will. 
B) The witnesses must see the testator write the will. 
C) The witnesses must sign the will. 
D) Under the law in all states, witnesses lose any bequests to them in a will they witness.

Question 16

Match each statement with the correct term below.
-will (testament)

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

A completely handwritten will is valid only if witnessed.

Accepted Answer

A) True 
 B)False

Question 18

Match each statement with the correct term below.
-mortgage

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

In 1995,Jack executed a valid will in which he left his entire estate to the Heart Fund.In 2000,Jack was declared incompetent and committed to an institution.At his death in 2005,his son,Brian,who was his sole survivor,contested the will claiming that Jack was obviously incompetent.Will Brian prevail with this argument?

Accepted Answer

No,Brian will not be likely to prevail i

Question 20

Each trust has which of the following?

Accepted Answer

A) Executor. 
B) Corpus. 
C) Testator. 
D) All of the above. 
A) Executor. 
B) Corpus. 
C) Testator. 
D) All of the above.

Exam 50: Trusts and Wills

If a will was burned in an electrical fire that destroyed the testator's home,it will be presumed to be revoked.

Which of the following is true about a constructive trust?

Match each statement with the correct term below. -pledge

Creditors of the beneficiary of a spendthrift trust can attach the income of the trust before or after the beneficiary receives it,but they cannot reach the trust fund itself.

Testamentary capacity refers to:

A second will automatically revokes an earlier will if it is wholly inconsistent.

Which of the following is untrue regarding the revocation of a will?

Match each statement with the correct term below. -license

The death of the beneficiary will generally terminate the trust.

A person's written statement that he is leaving property "to Margaret in full confidence and with hope she will take care of Tina" is too indefinite to create a trust.

The characteristics of a spendthrift trust include which of the following?

Match each statement with the correct term below. -trust

An express trust may be found if the intent of the grantor to create a trust is unmistakable.

A trust for the establishment and maintenance of a museum would be a charitable trust.

A valid will must be witnessed.Which of the following statements about witnesses is correct?

Match each statement with the correct term below. -will (testament)

A completely handwritten will is valid only if witnessed.

Match each statement with the correct term below. -mortgage

Each trust has which of the following?

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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