51. A living trust is a trust put into effect prior to the death of the creator of the trust.
52. You can keep the surface rights of your real property but still sell the rights of ownership to the sub-surface (below the ground) and the air space above the surface.
53. A profit allows you to remove crops growing in the ground owned by someone else.
54. The wife of your son is your heir (under Kansas law) and therefore is eligible to inherit from you if you do not have a Last Will and Testament.
55. In a Warranty Deed you guarantee that you own the real estate but you do not guaranty that there are no liens on the property.
56. Without Trust provisions in your Last Will and Testament the beneficiaries under receive ownership of the property at approximately the time of your death even if they are under age 18.
57. An executor is the person you appoint in your Last Will and Testament to ensure your Last Will and Testament is followed.
58. As used in your Last Will and Testament the term per stirpes means that if a beneficiary under your Will predeceases you then the heirs of the beneficiary inherit his or her share.
59. A restrictive covenant allows your neighbors to determine the manner in which you can use your property.
60. Zoning Restrictions determine the broad use of real property within the governed area.
61. Once you have transferred your property to the revocable living trust the terms of the trust cannot be changed or rescinded.
62. Under the doctrine of eminent domain, the State can take your property without just compensation.
63. The powers possessed by the State that are associated with eminent domain can be transferred by the State to non-governmental corporations such as utility companies.
64. You have advised someone whether or not you wish to be kept alive by artificial means. (no right or wrong answer-just a reminder)
65. Under the Misappropriation Theory you can be convicted of a violation of the 1934 Securities Exchange Act if you improperly obtain insider information and simply pass it on with no benefit to you.
66. The 1934 Securities Act requires Corporation to file annual and sometimes monthly reports with the SEC.
67. A Blue Sky prospectus is permitted by the SEC to advertise sale of stock during the registration period.
68. Under the Securities Exchange Acts the sale of an interest in a limited partnership is not covered because it is not a security.
69. You can exempt the sale of the security from the SEC if you only offer the sale within your single state (e.g. Kansas)- although out of state people may buy it.
70. Usually there are no restrictions on the Resale of a security purchased under Regulation D.
71. An accredited investor is one who can meet the financial test regardless of their investing sophistication.
72. A Well-Known Seasoned Issuer can issue securities for sale at the same time as it files its Registration Statement without any waiting period.
73. Regulation A under the 1933 Act allows small business a stream-line manner issue securities.
74. Under the 1933 and 1934 Act-Securities include Bonds (corporate promissory notes)
75. The Registration Statement under the 1933 Securities Exchange Act requires that the issuer of the Security provide a Prospectus but does not require the issuer to disclose how it is going to use the proceeds from the sale
76. To Establish A Trust, you must: a) intent to create a trust and put property in it; b) name a Trustee and establish a beneficiary; c) have a valid trust purpose d) all of the above
77. A Spendthrift Trust: a) has Charity as its primary purpose; b) is associated with bank accounts; c) restricts in invasion of the trusts by creditors; d) limits how much of the principal a beneficiary may invade each year.
78. The income of a Trust (as opposed to the corpus of the Trust) includes: a) rents and royalties; b) interest; c) cash dividends; d) all of the above
79. Tombstone ads are: a) solicitation of offers to purchase securities; b) have a red border on their edge to identify it is a preliminary offering; c) advise prospective buyers where they can get a Prospectus; d) all of the above
80. The 1934 Securities Exchange Act: a) prohibits insider trading; b) requires insiders to publicly disclose their purchases and sales of the securities issued by their business organization; c) prohibits misappropriation of inside information; d) all of the above
81. Section 16(b) of the 1934 Securities Exchange Act: a) allows the Corporation to recover short swing profits earned by insiders even if there was no us of inside information; b) prohibits misappropriation of inside information; c) requires a minimum 20 day waiting period from the time the securities are registered and they are sold; d) all of the above
82. Adverse possession: a) allows you to acquire your neighbors land without paying for it b) requires the State to provide just compensation for the taking of the land; c) requires that the land be appraised and you pay your neighbor for the land you have acquired; d) allows you to enter on to someone elses land for the purpose of removing crops.
83. The sole holder of the life estate in a parcel of real estate: a) is required to live on the land at all times; b) may sell his/her life estate at any time; c) may transfer his/her life estate in his/her Last Will and Testament; d) must share any rent he/she receives with any third party who holds an interest in the land.
84. If a Seller of Real Estate retains a life estate in the sold property it means that sold his real estate to a third party and still retained the right to own the property until their death.
85. A quit claim deed guarantees that the signer of the deed owns the real estate that is being transferred by the deed.
86. A person who is named as a beneficiary in a Transfer on Death Deed may sell the property as soon as the deed is recorded even if the deed is recorded before the grantor dies.
87. A Transfer on Death Deed transfer ownership to the new owners only after the death of the grantors and not before.
88. Under the Securities Act of 1933 an accountant who makes a materially false or misleading statement in the financial statement may be liable to anyone who acquires a security covered by the registration statement even if they did not rely upon the misleading statement.
89. The accountant and not the client is entitled to keep the working papers prepared by the accountant.
90. To encourage frankness most states have enacted laws that prohibit an accountant from disclosing in court information obtained by the accountant in conversations with the client.
91. Tax preparers may be subject to penalties for failing to furnish the taxpayer with a copy of the tax return.
92. You can purchase the rights to the air space above land without purchasing the land below the air space.
93. Restrictive Covenants placed on the land in a housing development can prevent you from painting your house a certain color unless the color is approved by the neighborhood home-owners association.
94. An easement allows you to use the land of another for a specific purpose.
95. In a Warranty Deed you guarantee that you own the real estate, but you do not guaranty that there are no liens on the property.
96. Restrictive Covenants can be used to prohibit the transfer of property on the basis of the buyers ethnic origin.
97. Every State has its own Security Exchange Laws.
98. A person who purchases the life estate in real estate of another owns the property only until the death of the seller of the life estate.
99. A tract of real estate held by two unrelated owners as Tenants-in-Common mean that upon the death of one of the owners the surviving owner will own the whole tract
100. You have advised someone who is not a relative whether or not you wish to be kept alive by artificial means.
101. You may own the rights to real estate below the surface without owning the rights to the surface.
102. All transfers of real estate must be in writing.
103. Title Insurance provides an insurance coverage that the seller owns the real property and whether or not there are liens or claims of interest to the land by third parties.
104. A license permits you to go upon someones land for example to deer hunt.
105. To make a claim of adverse possession you must prove that for the legally specified time your claim was notorious (known), adverse (you would not let other people on the land) and hostile (you defended your claim).