Question 1

A will may be revoked at any time during the life of the testatrix.

Accepted Answer

A) True 
 B)False  True

Question 2

Define express trust.

Accepted Answer

A trust that is created by a grantor clearly establishing a trust, whether oral or written, is sometimes referred to as an express trust. This designation helps distinguish express trusts from other types of trusts, some of which may be implied. However, no specific words are required to create an express trust. It only must be clear that the grantor intended to create a trust.

Question 3

A constructive trust is also known as a purchase money trust.

Accepted Answer

A) True 
 B)False  False

Question 4

A codicil must be executed with all the formalities of the original will.

Accepted Answer

A) True 
 B)False

Question 5

A(n) _____ occurs when a testator makes a bequest of specific property and the estate does not have the property at death.

Accepted Answer

A)  redemption 
B)  ademption 
C)  abatement 
D)  probate 
A)  redemption 
B)  ademption 
C)  abatement 
D)  probate

Question 6

Which of the following best describes a probate?

Accepted Answer

A)  It is a witness based procedure used to terminate a will. 
B)  It is the legal transfer of real estate to a legatee. 
C)  It is a court procedure that determines the validity of a will. 
D)  It is a procedure used by a legatee to speed up the execution of a will. 
A)  It is a witness based procedure used to terminate a will. 
B)  It is the legal transfer of real estate to a legatee. 
C)  It is a court procedure that determines the validity of a will. 
D)  It is a procedure used by a legatee to speed up the execution of a will.

Question 7

If a testator deliberately destroys the will, this constitutes a revocation.

Accepted Answer

A) True 
 B)False

Question 8

The person making a will is called a testator.

Accepted Answer

A) True 
 B)False

Question 9

A(n) _____ is most commonly used when a grantor, for some reason, does not want to know exactly what is in the trust, but wants to retain the benefit of the property.

Accepted Answer

A)  blind trust 
B)  purchase money trust 
C)  resulting trust 
D)  testamentary trust 
A)  blind trust 
B)  purchase money trust 
C)  resulting trust 
D)  testamentary trust

Question 10

Which of the following best describes a legatee?

Accepted Answer

A)  An attorney executing a will 
B)  A person receiving a gift of real estate 
C)  A third-party who signs and witnesses a will 
D)  A person receiving a gift of personal property 
A)  An attorney executing a will 
B)  A person receiving a gift of real estate 
C)  A third-party who signs and witnesses a will 
D)  A person receiving a gift of personal property

Question 11

A woman appointed by a court to settle the affairs of an intestate is an administratrix.

Accepted Answer

A) True 
 B)False

Question 12

An abatement occurs when a testator makes a bequest of specific property and the estate does not have the property at death.

Accepted Answer

A) True 
 B)False

Question 13

A(n) _____ is an instrument prepared in the form prescribed by law that provides for the disposition of a person's property and takes effect after death.

Accepted Answer

A)  estate 
B)  testatrix 
C)  devise 
D)  will 
A)  estate 
B)  testatrix 
C)  devise 
D)  will

Question 14

When a testator dies leaving a will, the will must be probated.

Accepted Answer

A) True 
 B)False

Question 15

_____ wills are written entirely in longhand by the testator.

Accepted Answer

A)  Holographic 
B)  Nuncupative 
C)  Codicil 
D)  Oral 
A)  Holographic 
B)  Nuncupative 
C)  Codicil 
D)  Oral

Question 16

When a person dies intestate, the property is distributed in accordance with the state law of descent.

Accepted Answer

A) True 
 B)False

Question 17

A(n) _____ arises by operation of law when one acquires title to property to which he or she cannot in good conscience retain the beneficial interest.

Accepted Answer

A)  express trust 
B)  resulting trust 
C)  constructive trust 
D)  implied trust 
A)  express trust 
B)  resulting trust 
C)  constructive trust 
D)  implied trust

Question 18

Which of the following best describes a testatrix?

Accepted Answer

A)  A male attorney executing a will 
B)  A man making a will 
C)  A female attorney executing a will 
D)  A woman making a will 
A)  A male attorney executing a will 
B)  A man making a will 
C)  A female attorney executing a will 
D)  A woman making a will

Question 19

Holographic wills are oral wills declared by the testator in the presence of witnesses.

Accepted Answer

A) True 
 B)False

Question 20

A person receiving personal property by a will is known as a devisee.

Accepted Answer

A) True 
 B)False

Exam 45: Wills, Inheritances, and Trusts

A will may be revoked at any time during the life of the testatrix.

Define express trust.

A constructive trust is also known as a purchase money trust.

A codicil must be executed with all the formalities of the original will.

A(n) _____ occurs when a testator makes a bequest of specific property and the estate does not have the property at death.

Which of the following best describes a probate?

If a testator deliberately destroys the will, this constitutes a revocation.

The person making a will is called a testator.

A(n) _____ is most commonly used when a grantor, for some reason, does not want to know exactly what is in the trust, but wants to retain the benefit of the property.

Which of the following best describes a legatee?

A woman appointed by a court to settle the affairs of an intestate is an administratrix.

An abatement occurs when a testator makes a bequest of specific property and the estate does not have the property at death.

A(n) _____ is an instrument prepared in the form prescribed by law that provides for the disposition of a person's property and takes effect after death.

When a testator dies leaving a will, the will must be probated.

_____ wills are written entirely in longhand by the testator.

When a person dies intestate, the property is distributed in accordance with the state law of descent.

A(n) _____ arises by operation of law when one acquires title to property to which he or she cannot in good conscience retain the beneficial interest.

Which of the following best describes a testatrix?

Holographic wills are oral wills declared by the testator in the presence of witnesses.

A person receiving personal property by a will is known as a devisee.

Introduction to Law

Courts and Court Procedure

Business Torts and Crimes

Government Regulation of Business

Nature and Classes of Contracts

Offer and Acceptance

Capacity to Contract

Consideration

Defective Agreements

Illegal Agreements

Written Contracts

Third Parties and Contracts

Termination of Contracts

Nature of Personal Property

Special Bailments

Sales of Personal Property

Formalities of a Sale

Transfer of Title and Risk in Sales Con

Warranties, Product Liability, and Cons

Nature of Negotiable Instruments

Essentials of Negotiability

Promissory Notes and Drafts

Negotiation and Discharge

Liabilities of Parties and Holders in Due Course

Defenses

Nature and Creation of an Agency

Operation and Termination of an Agency

Employer and Employee Relations

Employees Rights

Labor Legislation

Introduction to Business Organization

Creation and Operation of a Partnership

Dissolution of a Partnership

Nature of a Corporation

Ownership of a Corporation

Management and Dissolution of a Corpora

Principles of Insurance

Types of Insurance

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Bankruptcy

Nature of Real Property

Transfer of Real Property

Real Estate Mortgages

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