Deck 3: A Bundle of Rights

Question 1

An example of tangible personal property is

A) household furniture.
B) a patent.
C) a stock certificate.
D) All of the answers are correct.

Answer 1

A

Question 2

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

Answer 2

True

Question 3

The ground and anything permanently affixed to it is

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

Answer 3

C

Question 4

A life insurance policy with a named beneficiary is part of the probate estate of the decedent.

Question 5

If property is leased to a tenant, the tenant has the exclusive right to possession as well as the sole right to bring a trespass action against a trespasser-even against the landlord.

Question 6

Personal property includes intellectual property.

Question 7

Property may be defined as

A) an ownership interest that is limited in duration either to the life of the owner or the life of another person.
B) a trust that becomes effective during the lifetime of the person who establishes it.
C) everything that is subject to ownership.
D) everything that can be owned that is not real property.

Question 8

An example of intangible property is an antique watch.

Question 9

Traditionally, things such as wild animals in their natural state, air, running water, and sunlight can be the subject of ownership.

Question 10

A living trust is under the control and supervision of the probate court, and property held by such a trust is part of a decedent's probate estate.

Question 11

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

Question 12

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

Question 13

When an estate is settled, the probate court deals only with what is commonly referred to as

A) joint property.
B) probate property.
C) personal property.
D) community property.

Question 14

Real property that is owned severally by the decedent is not part of the probate estate.

Question 15

The holder of a profit à prendre has the right to go on the property and extract such things as minerals or timber.

Question 16

Tenancy in partnership is a form of ownership that causes property to pass outside of probate.

Question 17

The legal name for an item of intangible personal property is

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

Question 18

In a legal sense, property consists of the various rights or interests that people have in it rather than the item itself.

Question 19

The depositor may withdraw money from a pay-on-death (POD) account at any time during the depositor's lifetime.

Question 20

The legal name for an item of intangible personal property is a chose in action.

Question 21

A testamentary disposition is a

A) living trust.
B) bequest or devise of property by will.
C) gift by the testator during his lifetime.
D) beneficiary designation.

Question 22

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

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

Question 23

An ownership interest in property (an estate) that lasts until a named person or persons die is a(n)

A) Totten trust.
B) life estate.
C) chose in action.
D) inter vivos trust.

Question 24

Property that is acquired by the personal efforts of either spouse during marriage and which, by law in some states, belongs to both spouses equally is

A) community property.
B) jointly owned property.
C) probate property.
D) severally owned property.

Question 25

A living trust is also know as a(n)

A) life estate.
B) chose in action.
C) inter vivos trust.
D) Totten trust.

Question 26

Probate property typically includes the following:

A) Property owned in joint tenancy
B) Property held in a living trust
C) Real and personal property owned solely by the decedent
D) Life insurance with named beneficiaries

Question 27

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

Question 28

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

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

Question 29

To determine equitable distribution of community property, courts look at

A) earning power of the spouses.
B) age and health of the spouses.
C) length of marriage.
D) All of the answers are correct.

Question 30

Nonprobate property includes

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