Question 1

Nonprobate property includes

Accepted Answer

A)  jointly owned property. 
B)  community property. 
C)  pension plan distributions. 
D)  All of the answers are correct. 
A)  jointly owned property. 
B)  community property. 
C)  pension plan distributions. 
D)  All of the answers are correct.

Question 2

Under this type of property ownership, a husband and wife hold title as joint tenants, and neither has a share of the land, but both hold the entire land as one individual owner.

Accepted Answer

A)  Tenancy in partnership 
B)  Joint tenancy 
C)  Tenancy by the entirety 
D)  Tenancy in common 
A)  Tenancy in partnership 
B)  Joint tenancy 
C)  Tenancy by the entirety 
D)  Tenancy in common

Question 3

A living trust is a trust that becomes effective at the death of the person who established it.

Accepted Answer

A) True 
 B)False

Question 4

Personal property includes intellectual property.

Accepted Answer

A) True 
 B)False

Question 5

Title to real property owned by a decedent vests in the decedent's heirs immediately upon death but is subject to divesting.

Accepted Answer

A) True 
 B)False

Question 6

The legal name for an item of intangible personal property is

Accepted Answer

A)  profit à prendre. 
B)  Totten trust. 
C)  community property. 
D)  chose in action. 
A)  profit à prendre. 
B)  Totten trust. 
C)  community property. 
D)  chose in action.

Question 7

A pay-on-death (POD) account is also called a

Accepted Answer

A)  Totten trust. 
B)  joint account. 
C)  life estate. 
D)  partnership account. 
A)  Totten trust. 
B)  joint account. 
C)  life estate. 
D)  partnership account.

Question 8

Two people who inherit a parcel of real property own the property as joint tenants.

Accepted Answer

A) True 
 B)False

Question 9

The ground and anything permanently affixed to it is

Accepted Answer

A)  community property. 
B)  tangible personal property. 
C)  real property. 
D)  intangible personal property. 
A)  community property. 
B)  tangible personal property. 
C)  real property. 
D)  intangible personal property.

Question 10

Two or more persons who own an undivided interest in property in such a way that each owner's interest passes to his heirs upon death are

Accepted Answer

A)  joint tenants. 
B)  tenants by the entirety. 
C)  tenants in partnership. 
D)  tenants in common. 
A)  joint tenants. 
B)  tenants by the entirety. 
C)  tenants in partnership. 
D)  tenants in common.

Nonprobate property includes

Under this type of property ownership, a husband and wife hold title as joint tenants, and neither has a share of the land, but both hold the entire land as one individual owner.

A living trust is a trust that becomes effective at the death of the person who established it.

Personal property includes intellectual property.

Title to real property owned by a decedent vests in the decedent's heirs immediately upon death but is subject to divesting.

The legal name for an item of intangible personal property is

A pay-on-death (POD) account is also called a

Two people who inherit a parcel of real property own the property as joint tenants.

The ground and anything permanently affixed to it is

Two or more persons who own an undivided interest in property in such a way that each owner's interest passes to his heirs upon death are

Where There Is a Will

Estate Planning

Intestate Succession

The Last Will and Testament

Structure of a Model Will

Family Protection, Lapses, and Ademption

Trusts

Specialized Trusts

Probate Courts and Uniform Laws

The Personal Representative

Probating a Will and Administering an Estate

Estate Taxes

Final Choices

Filters

Exam 3: A Bundle of Rights

Nonprobate property includes

Under this type of property ownership, a husband and wife hold title as joint tenants, and neither has a share of the land, but both hold the entire land as one individual owner.

A living trust is a trust that becomes effective at the death of the person who established it.

Personal property includes intellectual property.

Title to real property owned by a decedent vests in the decedent's heirs immediately upon death but is subject to divesting.

The legal name for an item of intangible personal property is

A pay-on-death (POD) account is also called a

Two people who inherit a parcel of real property own the property as joint tenants.

The ground and anything permanently affixed to it is

Two or more persons who own an undivided interest in property in such a way that each owner's interest passes to his heirs upon death are

Where There Is a Will

Estate Planning

Intestate Succession

The Last Will and Testament

Structure of a Model Will

Family Protection, Lapses, and Ademption

Trusts

Specialized Trusts

Probate Courts and Uniform Laws

The Personal Representative

Probating a Will and Administering an Estate

Estate Taxes

Final Choices

Filters