Question 1

Trustees must generally be paid.

Accepted Answer

A) True 
 B)False  True

Question 2

The authority on trust law in most states

Accepted Answer

A)  legal title 
B)  cestui que trust 
C)  equitable title 
D)  testamentary trust 
E)  trust agreement
F) principal
G) income
H) Restatement of the American Law of Trusts
I) Uniform Trust Code
J) parol evidence 
A)  legal title 
B)  cestui que trust 
C)  equitable title 
D)  testamentary trust 
E)  trust agreement
F) principal
G) income
H) Restatement of the American Law of Trusts
I) Uniform Trust Code
J) parol evidence H

Question 3

To be a settlor,a person must meet all of the following requirements EXCEPT:

Accepted Answer

A) Act as the beneficiary 
B) Have the right or power to dispose of a property interest 
C) Own a transferable interest in property 
D) Have contractual capacity 
A) Act as the beneficiary 
B) Have the right or power to dispose of a property interest 
C) Own a transferable interest in property 
D) Have contractual capacity A

Question 4

If there are two trustees,one may make a determination to take action without the other's consent.

Accepted Answer

A) True 
 B)False

Question 5

The capital or property of a trust

Accepted Answer

A)  legal title 
B)  cestui que trust 
C)  equitable title 
D)  testamentary trust 
E)  trust agreement
F) principal
G) income
H) Restatement of the American Law of Trusts
I) Uniform Trust Code
J) parol evidence 
A)  legal title 
B)  cestui que trust 
C)  equitable title 
D)  testamentary trust 
E)  trust agreement
F) principal
G) income
H) Restatement of the American Law of Trusts
I) Uniform Trust Code
J) parol evidence

Question 6

The right of the beneficiary to receive the benefits of the trust

Accepted Answer

A)  legal title 
B)  cestui que trust 
C)  equitable title 
D)  testamentary trust 
E)  trust agreement
F) principal
G) income
H) Restatement of the American Law of Trusts
I) Uniform Trust Code
J) parol evidence 
A)  legal title 
B)  cestui que trust 
C)  equitable title 
D)  testamentary trust 
E)  trust agreement
F) principal
G) income
H) Restatement of the American Law of Trusts
I) Uniform Trust Code
J) parol evidence

Question 7

An infant may be a beneficiary of a trust.

Accepted Answer

A) True 
 B)False

Question 8

Beneficiaries of a trust must be defined by name.

Accepted Answer

A) True 
 B)False

Question 9

Oral testimony or written evidence

Accepted Answer

A)  legal title 
B)  cestui que trust 
C)  equitable title 
D)  testamentary trust 
E)  trust agreement
F) principal
G) income
H) Restatement of the American Law of Trusts
I) Uniform Trust Code
J) parol evidence 
A)  legal title 
B)  cestui que trust 
C)  equitable title 
D)  testamentary trust 
E)  trust agreement
F) principal
G) income
H) Restatement of the American Law of Trusts
I) Uniform Trust Code
J) parol evidence

Question 10

Which is an invalid trust combination?

Accepted Answer

A) The settlor is also the trustee and beneficiary. 
B) The settlor is also a co-trustee and a co-beneficiary. 
C) The settlor,trustee,and beneficiary are three different people. 
D) The settlor is also the beneficiary,and another person is the trustee. 
A) The settlor is also the trustee and beneficiary. 
B) The settlor is also a co-trustee and a co-beneficiary. 
C) The settlor,trustee,and beneficiary are three different people. 
D) The settlor is also the beneficiary,and another person is the trustee.

Question 11

The form of ownership of trust property held by the trustee and giving him or her the right to control and manage the property for another's benefit

Accepted Answer

A)  legal title 
B)  cestui que trust 
C)  equitable title 
D)  testamentary trust 
E)  trust agreement
F) principal
G) income
H) Restatement of the American Law of Trusts
I) Uniform Trust Code
J) parol evidence 
A)  legal title 
B)  cestui que trust 
C)  equitable title 
D)  testamentary trust 
E)  trust agreement
F) principal
G) income
H) Restatement of the American Law of Trusts
I) Uniform Trust Code
J) parol evidence

Question 12

Which duty prohibits a trustee from personally profiting from his or her position as trustee other than the compensation allowed by contract or law)?

Accepted Answer

A) Duty of loyalty 
B) Duty to take possession of and preserve trust property 
C) Duty to prevent the investment of the trust property 
D) Duty to make payments of income and principal to the named beneficiaries 
A) Duty of loyalty 
B) Duty to take possession of and preserve trust property 
C) Duty to prevent the investment of the trust property 
D) Duty to make payments of income and principal to the named beneficiaries

Question 13

Which is NOT considered valid grounds for the removal of a trustee?

Accepted Answer

A) Resignation of the trustee 
B) Lack of capacity 
C) Commission of a crime 
D) Showing favoritism to one or more beneficiaries 
A) Resignation of the trustee 
B) Lack of capacity 
C) Commission of a crime 
D) Showing favoritism to one or more beneficiaries

Question 14

A contract,made between and signed by the settlor and trustee,that creates a trust

Accepted Answer

A)  legal title 
B)  cestui que trust 
C)  equitable title 
D)  testamentary trust 
E)  trust agreement
F) principal
G) income
H) Restatement of the American Law of Trusts
I) Uniform Trust Code
J) parol evidence 
A)  legal title 
B)  cestui que trust 
C)  equitable title 
D)  testamentary trust 
E)  trust agreement
F) principal
G) income
H) Restatement of the American Law of Trusts
I) Uniform Trust Code
J) parol evidence

Question 15

Which is NOT an essential element of a trust?

Accepted Answer

A) A sale or gift of property 
B) One or more beneficiaries 
C) Real or personal property 
D) One or more trustees 
A) A sale or gift of property 
B) One or more beneficiaries 
C) Real or personal property 
D) One or more trustees

Question 16

The settlor's retention of control over the trust arrangement exposes the settlor to tax liability for the trust income.

Accepted Answer

A) True 
 B)False

Question 17

After the creation of a trust,title to property placed in the trust passes to at least two persons with the trustee receiving the equitable title and the beneficiary receiving the legal title.

Accepted Answer

A) True 
 B)False

Question 18

A settlor may cancel a trust if a property transfer is accomplished through duress.

Accepted Answer

A) True 
 B)False

Question 19

Which is an example of remainder beneficiary expenses?

Accepted Answer

A) Costs incurred in the sale or purchase of principal 
B) Depreciation 
C) Stock splits 
D) Royalties 
A) Costs incurred in the sale or purchase of principal 
B) Depreciation 
C) Stock splits 
D) Royalties

Question 20

A uniform law available for adoption by states to provide a uniform codified law on trusts

Accepted Answer

A)  legal title 
B)  cestui que trust 
C)  equitable title 
D)  testamentary trust 
E)  trust agreement
F) principal
G) income
H) Restatement of the American Law of Trusts
I) Uniform Trust Code
J) parol evidence 
A)  legal title 
B)  cestui que trust 
C)  equitable title 
D)  testamentary trust 
E)  trust agreement
F) principal
G) income
H) Restatement of the American Law of Trusts
I) Uniform Trust Code
J) parol evidence

Trustees must generally be paid.

The authority on trust law in most states

To be a settlor,a person must meet all of the following requirements EXCEPT:

If there are two trustees,one may make a determination to take action without the other's consent.

The capital or property of a trust

The right of the beneficiary to receive the benefits of the trust

An infant may be a beneficiary of a trust.

Beneficiaries of a trust must be defined by name.

Oral testimony or written evidence

Which is an invalid trust combination?

The form of ownership of trust property held by the trustee and giving him or her the right to control and manage the property for another's benefit

Which duty prohibits a trustee from personally profiting from his or her position as trustee other than the compensation allowed by contract or law)?

Which is NOT considered valid grounds for the removal of a trustee?

A contract,made between and signed by the settlor and trustee,that creates a trust

Which is NOT an essential element of a trust?

The settlor's retention of control over the trust arrangement exposes the settlor to tax liability for the trust income.

After the creation of a trust,title to property placed in the trust passes to at least two persons with the trustee receiving the equitable title and the beneficiary receiving the legal title.

A settlor may cancel a trust if a property transfer is accomplished through duress.

Which is an example of remainder beneficiary expenses?

A uniform law available for adoption by states to provide a uniform codified law on trusts

The Estate Plan and the Purpose and Need for a Will

The Concept of Property Related to Wills,trusts,and Estate Administration

The Participants and the Proper Court

The Law of Succession: Death Testate or Intestate

Wills Validity Requirements, modification, revocation, and Contests

Preparation to Draft a Will Checklists and the Conference With the Client

Final Draft and Execution of a Valid Will

Classification of Trusts, the Living Trust, and Other Special Trusts

Estate Planning

Long-Term Care

Personal Representatives: Types, pre-Probate Duties, and Appointment

Probate and Estate Administration

Informal Probate Administration

Tax Considerations in the Administration of Estates

Ethical Principles Relevant to Practicing Paralegals and Legal Assistants

Filters

Exam 8: Introduction to Trusts

Trustees must generally be paid.

The authority on trust law in most states

To be a settlor,a person must meet all of the following requirements EXCEPT:

If there are two trustees,one may make a determination to take action without the other's consent.

The capital or property of a trust

The right of the beneficiary to receive the benefits of the trust

An infant may be a beneficiary of a trust.

Beneficiaries of a trust must be defined by name.

Oral testimony or written evidence

Which is an invalid trust combination?

The form of ownership of trust property held by the trustee and giving him or her the right to control and manage the property for another's benefit

Which duty prohibits a trustee from personally profiting from his or her position as trustee other than the compensation allowed by contract or law)?

Which is NOT considered valid grounds for the removal of a trustee?

A contract,made between and signed by the settlor and trustee,that creates a trust

Which is NOT an essential element of a trust?

The settlor's retention of control over the trust arrangement exposes the settlor to tax liability for the trust income.

After the creation of a trust,title to property placed in the trust passes to at least two persons with the trustee receiving the equitable title and the beneficiary receiving the legal title.

A settlor may cancel a trust if a property transfer is accomplished through duress.

Which is an example of remainder beneficiary expenses?

A uniform law available for adoption by states to provide a uniform codified law on trusts

The Estate Plan and the Purpose and Need for a Will

The Concept of Property Related to Wills,trusts,and Estate Administration

The Participants and the Proper Court

The Law of Succession: Death Testate or Intestate

Wills Validity Requirements, modification, revocation, and Contests

Preparation to Draft a Will Checklists and the Conference With the Client

Final Draft and Execution of a Valid Will

Classification of Trusts, the Living Trust, and Other Special Trusts

Estate Planning

Long-Term Care

Personal Representatives: Types, pre-Probate Duties, and Appointment

Probate and Estate Administration

Informal Probate Administration

Tax Considerations in the Administration of Estates

Ethical Principles Relevant to Practicing Paralegals and Legal Assistants

Filters