Question
I took this and failed so I need help to correct my answers for a study guide, please, my answers are underlined QUESTION 1 A
I took this and failed so I need help to correct my answers for a study guide, please, my answers are underlined
QUESTION 1
- A fiduciary is held to a higher standard of care than ordinary care.
True
False
QUESTION 2
- A right to a patent may be held for the life of the creator plus 75 years.
True
False
QUESTION 3
- A security interest in real estate is known as a mortgage.
True
False
QUESTION 4
- An over-endowed trust is an example of a constructive trust.
True
False
QUESTION 5
- Another name for a landlord is a lessee.
True
False
QUESTION 6
- Another name for a trustee is the cestui que trust.
True
False
QUESTION 7
- Any type of property may be made subject of a trust.
True
False
QUESTION 8
- Assets that pass directly from a decedent to another person are known as non-probate assets.
True
False
QUESTION 9
- Disposable income is a person's after tax earnings.
True
False
QUESTION 10
- Estates valued at less than 11,430,000 are not liable for federal estate taxes.
True
False
QUESTION 11
- Federal statutes determine the laws of descent and distribution.
True
False
QUESTION 12
- Fixtures are examples of personal property.
True
False
QUESTION 13
- Freehold estates last for a specified period of time.
True
False
QUESTION 14
- Illegitimate children are generally permitted to inherit from their fathers.
True
False
QUESTION 15
- In a spray trust, the trustee has the discretion to distribute income among beneficiaries as he sees fit.
True
False
QUESTION 16
- Intestate heirs of different degrees of separation may take property per stirpes.
True
False
QUESTION 17
- Letters Testamentary are court orders.
True
False
QUESTION 18
- Lineal relations are always descendants.
True
False
QUESTION 19
- Real property may, under certain circumstances, be transferred orally.
True
False
QUESTION 20
- Relationship by marriage is known as affinity.
True
False
QUESTION 21
- Short-term trusts are called Totten trusts.
True
False
QUESTION 22
- The doctrine of cy-pres applies only to public trusts.
True
False
QUESTION 23
- The federal government may be the trustee of a charitable trust.
True
False
QUESTION 24
- The grantor of a trust may also be a remainderman.
True
False
QUESTION 25
- The insured never receives the proceeds of an endowment life insurance policy.
True
False
QUESTION 26
- The intestate inheritor of real property is called a distributee.
True
False
QUESTION 27
- The personal representative of a person who dies with a will is called an Administrator de bonis non.
True
False
QUESTION 28
- The personal representative of an intestate is called an administrator.
True
False
QUESTION 29
- There is no right or survivorship in a tenancy-in-common.
True
False
QUESTION 30
- Trusts are intervivos or testamentary due to when they take effect.
True
False
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