46.Elements of a trust are: a designated beneficiary, identifiable property to be transferred, and actual delivery.

True

False

47.Mortgage contingency clauses are common in real estate contracts.

True

False

48.A will can be revoked by the maker at any time during his lifetime.

True

False

49.A person who draws a will is the testator.

True

False

50.An agency relationship can be terminated if its purpose has been achieved.

True

False

51.A partnership needs not be formed for a legal purpose.

True

False

52.A corporation is a creation by statute but does not exist only in law.

True

False

53.A valid will need not comply with statutory formalities that the maker of the will understood his actions.

True

False

54.Partners share the profits and losses and act as the agents of the other.

True

False

55.The residuary is what remains.

True

False

56.An agency agreement must be in writing to be enforceable.

True

False

57.An administrator is appointed by the court and handles the estate of someone who has died without leaving a will.

True

False

58.The most complete form of ownership in real property is that of the entire bundle of rights in fee simple absolute.

True

False