Question 1

Ownership of property in trust can be described as a division at the same time of what two ownership interests?

Accepted Answer

A) Joint tenancy and tenancy by the entirety 
B) Legal and beneficial 
C) Affirmative and negative 
D) Per stirpes and Per capita 
A) Joint tenancy and tenancy by the entirety 
B) Legal and beneficial 
C) Affirmative and negative 
D) Per stirpes and Per capita B

Question 2

Define constructive trust.

Accepted Answer

A trust that is created by operation of law is a constructive trust. It is most often created by a court when one acquires title to property to which he or she cannot in good conscious retain the beneficial interest to prevent a wrongdoer from continuing to take advantage of the other person. This often happens in cases of fraud, bad faith, duress, coercion, undue influence, or other unconscionable conduct.

Question 3

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 D

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

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 7

If the court can ascertain a testator's intentions in a will, it will carry out those provisions.

Accepted Answer

A) True 
 B)False

Question 8

A person appointed by a court to settle the affairs of an intestate most frequently referred to as a personal representative or administrator.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

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 and distribution of estate . 
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 and distribution of estate . 
D) It is a procedure used by a legatee to speed up the execution of a will.

Question 11

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 12

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

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

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

Accepted Answer

A) True 
 B)False

Question 15

An trust is created 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 16

A divorce will revoke a will to the extent of property left to the former spouse.

Accepted Answer

A) True 
 B)False

Question 17

The person making a will is called a testator. ​

Accepted Answer

A) True 
 B)False

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

A(n)occurs when a testator makes bequests of money in the will and the estate does not have enough money to pay all the bequests so they are paid proportionally.

Accepted Answer

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

Question 20

Who may elect to take a share of a decedent's estate regardless of the terms of the will? ​ ​

Accepted Answer

A) A child born outside of marriage 
B) A surviving spouse 
C) Anyone not mentioned in the will 
D) A joint tenant 
A) A child born outside of marriage 
B) A surviving spouse 
C) Anyone not mentioned in the will 
D) A joint tenant

Exam 43: Wills Inheritances and Trust

Ownership of property in trust can be described as a division at the same time of what two ownership interests?

Define constructive trust.

Which of the following best describes a legatee? ​

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

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

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. ​

If the court can ascertain a testator's intentions in a will, it will carry out those provisions.

A person appointed by a court to settle the affairs of an intestate most frequently referred to as a personal representative or administrator.

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

Which of the following best describes a probate?

wills are written entirely in longhand by the testator. ​

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

​ 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.

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

An trust is created when a testator makes a bequest of specific property and the estate does not have the property at death. ​

A divorce will revoke a will to the extent of property left to the former spouse.

The person making a will is called a testator. ​

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

A(n)occurs when a testator makes bequests of money in the will and the estate does not have enough money to pay all the bequests so they are paid proportionally.

Who may elect to take a share of a decedent's estate regardless of the terms of the will? ​ ​

Introduction to Law

Courts and Court Procedures

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 Contracts

Warranties Product Liability and Consumer Protection

Nature of Negotiable Instruments

Essentials of Negotiability

Promissory Notes and Drafts

Negotiation and Discharge

Liabilities of Parties, Holders in Due Course and Defenses

Nature and Creation of an Agency

Operation and Termination of an Agency

Employer and Employee Relations

Employees Rights

Introduction to Business Organizations

Creation and Operation of a Partnership

Dissolution of a Partnership

Nature of a Corporation

Ownership of a Corporation

Management and Dissolution of a Corporation

Principles of Insurance

Types of Insurance

Security Devices

Bankruptcy

Nature of Real Property

Transfer of Real Property

Real Estate Mortgages

Landlord and Tenant

Filters

Which of the following best describes a legatee?

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

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

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.

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

wills are written entirely in longhand by the testator.

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

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.

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

An trust is created when a testator makes a bequest of specific property and the estate does not have the property at death.

The person making a will is called a testator.

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

Who may elect to take a share of a decedent's estate regardless of the terms of the will?