Question 1

Checklists should be used to collect information during the initial interview.

Accepted Answer

A) True 
 B)False  True

Question 2

Which is tangible personal property?

Accepted Answer

A) Cash 
B) Stocks and bonds 
C) A vacation home 
D) Automobiles 
A) Cash 
B) Stocks and bonds 
C) A vacation home 
D) Automobiles D

Question 3

Which is a government grant that gives an inventor an exclusive right to make, use, and sell an invention?

Accepted Answer

A) Copyright 
B) Patent 
C) Royalty 
D) Receivable 
A) Copyright 
B) Patent 
C) Royalty 
D) Receivable B

Question 4

MATCHING:
-An interest in real property

Accepted Answer

A) spendthrift 
B) life estate 
C) disinheritance 
D) dividend 
E) fair market value
F)homestead
G)receivables
H)life insurance
I)contract for deed
J)primary beneficiary 
A) spendthrift 
B) life estate 
C) disinheritance 
D) dividend 
E) fair market value
F)homestead
G)receivables
H)life insurance
I)contract for deed
J)primary beneficiary

Question 5

Which type of checklist will include a "Patents" heading?

Accepted Answer

A) Family data 
B) Family advisers 
C) Assets and liabilities 
D) Life insurance data 
A) Family data 
B) Family advisers 
C) Assets and liabilities 
D) Life insurance data

Question 6

MATCHING:
-An agreement to sell real property on an installment basis

Accepted Answer

A) spendthrift 
B) life estate 
C) disinheritance 
D) dividend 
E) fair market value
F)homestead
G)receivables
H)life insurance
I)contract for deed
J)primary beneficiary 
A) spendthrift 
B) life estate 
C) disinheritance 
D) dividend 
E) fair market value
F)homestead
G)receivables
H)life insurance
I)contract for deed
J)primary beneficiary

Question 7

For smaller estates, joint tenancy ownership can prevent additional administration expenses.

Accepted Answer

A) True 
 B)False

Question 8

A condition or specific event that must occur before an agreement or obligation becomes binding is:

Accepted Answer

A) A condition precedent 
B) A condition subsequent 
C) A defeasance 
D) An advancement 
A) A condition precedent 
B) A condition subsequent 
C) A defeasance 
D) An advancement

Question 9

The client should receive a rough draft of the will.

Accepted Answer

A) True 
 B)False

Question 10

What is an annuity?

Accepted Answer

A) A fixed sum to be paid at regular intervals to an insurance policyholder for either a certain or indefinite period 
B) The cash reserve that increases each year an insurance policy remains in force as a minimum savings feature 
C) An annual sum that the insured pays to an insurance company as consideration for the insurance contract 
D) An alternative that a party to an insurance contract agrees to follow to discharge the agreement 
A) A fixed sum to be paid at regular intervals to an insurance policyholder for either a certain or indefinite period 
B) The cash reserve that increases each year an insurance policy remains in force as a minimum savings feature 
C) An annual sum that the insured pays to an insurance company as consideration for the insurance contract 
D) An alternative that a party to an insurance contract agrees to follow to discharge the agreement

Question 11

Witnesses must read and be informed of all contents of a will before signing.

Accepted Answer

A) True 
 B)False

Question 12

MATCHING:
-One who wastes money or spends it unwisely

Accepted Answer

A) spendthrift 
B) life estate 
C) disinheritance 
D) dividend 
E) fair market value
F)homestead
G)receivables
H)life insurance
I)contract for deed
J)primary beneficiary 
A) spendthrift 
B) life estate 
C) disinheritance 
D) dividend 
E) fair market value
F)homestead
G)receivables
H)life insurance
I)contract for deed
J)primary beneficiary

Question 13

Which is an example of a liability?

Accepted Answer

A) Individual retirement account (IR
A)  
B) Automobile loan 
C) Partnership agreement 
D) ATM card 
A) Individual retirement account (IR
A)  
B) Automobile loan 
C) Partnership agreement 
D) ATM card

Question 14

Which is NOT a disadvantage of using a preprinted will form?

Accepted Answer

A) Words on preprinted forms are often crossed out or deleted by ink or type. 
B) A preprinted will form is easily forged. 
C) A preprinted will form might not meet the special needs of the testator. 
D) A preprinted will form is expensive to use. 
A) Words on preprinted forms are often crossed out or deleted by ink or type. 
B) A preprinted will form is easily forged. 
C) A preprinted will form might not meet the special needs of the testator. 
D) A preprinted will form is expensive to use.

Question 15

One of the paralegal's duties is to collect complete information about the client, his/her family, and the beneficiaries to be named in the will.

Accepted Answer

A) True 
 B)False

Question 16

An agreement or contract to sell real property on an installment basis is:

Accepted Answer

A) A promissory note 
B) A mortgage 
C) An installment purchase 
D) A contract for deed 
A) A promissory note 
B) A mortgage 
C) An installment purchase 
D) A contract for deed

Question 17

MATCHING:
-The person who has a superior claim over all others to the benefits of a life insurance contract

Accepted Answer

A) spendthrift 
B) life estate 
C) disinheritance 
D) dividend 
E) fair market value
F)homestead
G)receivables
H)life insurance
I)contract for deed
J)primary beneficiary 
A) spendthrift 
B) life estate 
C) disinheritance 
D) dividend 
E) fair market value
F)homestead
G)receivables
H)life insurance
I)contract for deed
J)primary beneficiary

Question 18

MATCHING:
-The family home and adjoining land

Accepted Answer

A) spendthrift 
B) life estate 
C) disinheritance 
D) dividend 
E) fair market value
F)homestead
G)receivables
H)life insurance
I)contract for deed
J)primary beneficiary 
A) spendthrift 
B) life estate 
C) disinheritance 
D) dividend 
E) fair market value
F)homestead
G)receivables
H)life insurance
I)contract for deed
J)primary beneficiary

Question 19

The checklist for family data should include all of the following EXCEPT:

Accepted Answer

A) Tangible personal property, including personal effects and clothing of considerable value 
B) Age and marital status of the testator 
C) Mental and physical health of the testator and spouse 
D) Full names, addresses, and phone numbers of the participants 
A) Tangible personal property, including personal effects and clothing of considerable value 
B) Age and marital status of the testator 
C) Mental and physical health of the testator and spouse 
D) Full names, addresses, and phone numbers of the participants

Question 20

MATCHING:
-A legally binding agreement by which one party promises to pay another a certain sum of money if the policyholder dies or suffers a disability

Accepted Answer

A) spendthrift 
B) life estate 
C) disinheritance 
D) dividend 
E) fair market value
F)homestead
G)receivables
H)life insurance
I)contract for deed
J)primary beneficiary 
A) spendthrift 
B) life estate 
C) disinheritance 
D) dividend 
E) fair market value
F)homestead
G)receivables
H)life insurance
I)contract for deed
J)primary beneficiary

Checklists should be used to collect information during the initial interview.

Which is tangible personal property?

Which is a government grant that gives an inventor an exclusive right to make, use, and sell an invention?

MATCHING: -An interest in real property

Which type of checklist will include a "Patents" heading?

MATCHING: -An agreement to sell real property on an installment basis

For smaller estates, joint tenancy ownership can prevent additional administration expenses.

A condition or specific event that must occur before an agreement or obligation becomes binding is:

The client should receive a rough draft of the will.

What is an annuity?

Witnesses must read and be informed of all contents of a will before signing.

MATCHING: -One who wastes money or spends it unwisely

Which is an example of a liability?

Which is NOT a disadvantage of using a preprinted will form?

One of the paralegal's duties is to collect complete information about the client, his/her family, and the beneficiaries to be named in the will.

An agreement or contract to sell real property on an installment basis is:

MATCHING: -The person who has a superior claim over all others to the benefits of a life insurance contract

MATCHING: -The family home and adjoining land

The checklist for family data should include all of the following EXCEPT:

MATCHING: -A legally binding agreement by which one party promises to pay another a certain sum of money if the policyholder dies or suffers a disability

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

The Estate Plan and the Purpose and Need for a Will

The Law of Succession: Death Testate or Intestate

Wills: Validity Requirements, Modification, Revocation, and Contests

Final Draft and Execution of a Valid Will

The Participants and the Proper Court

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

Probate and Estate Administration

Informal Probate Administration

Tax Considerations in the Administration of Estates

Introduction to Trusts

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

Estate Planning

Long-Term Care

Filters

Exam 5: Preparation to Draft a Will: Checklists and the Conference With the Client

Checklists should be used to collect information during the initial interview.

Which is tangible personal property?

Which is a government grant that gives an inventor an exclusive right to make, use, and sell an invention?

MATCHING: -An interest in real property

Which type of checklist will include a "Patents" heading?

MATCHING: -An agreement to sell real property on an installment basis

For smaller estates, joint tenancy ownership can prevent additional administration expenses.

A condition or specific event that must occur before an agreement or obligation becomes binding is:

The client should receive a rough draft of the will.

What is an annuity?

Witnesses must read and be informed of all contents of a will before signing.

MATCHING: -One who wastes money or spends it unwisely

Which is an example of a liability?

Which is NOT a disadvantage of using a preprinted will form?

One of the paralegal's duties is to collect complete information about the client, his/her family, and the beneficiaries to be named in the will.

An agreement or contract to sell real property on an installment basis is:

MATCHING: -The person who has a superior claim over all others to the benefits of a life insurance contract

MATCHING: -The family home and adjoining land

The checklist for family data should include all of the following EXCEPT:

MATCHING: -A legally binding agreement by which one party promises to pay another a certain sum of money if the policyholder dies or suffers a disability

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

The Estate Plan and the Purpose and Need for a Will

The Law of Succession: Death Testate or Intestate

Wills: Validity Requirements, Modification, Revocation, and Contests

Final Draft and Execution of a Valid Will

The Participants and the Proper Court

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

Probate and Estate Administration

Informal Probate Administration

Tax Considerations in the Administration of Estates

Introduction to Trusts

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

Estate Planning

Long-Term Care

Filters