Question 1(2.5 points)

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An RV is an example of tangible personal property

Question 1 options:

	True
	False

Question 2(2.5 points)

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A revocable living trust is a way to avoid probate.

Question 2 options:

	True
	False

Question 3(2.5 points)

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Which document is required to be both witnessed and notarized when executing the Last Will & Testament?

Question 3 options:

	Last Will & Testament
	Health Directives accompanying the Will
	Letter of Instruction accompanying the Will
	Self Proving Affidavit accompanying the Will

Question 4(2.5 points)

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A joint checking account is a form of probate property

Question 4 options:

	True
	False

Question 5(2.5 points)

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The person executing a power of attorney is called the agent.

Question 5 options:

	True
	False

Question 6(2.5 points)

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All wills are ambulatory.

Question 6 options:

	True
	False

Question 7(2.5 points)

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All of the following are features of tenancy in common EXCEPT:

Question 7 options:

	Owners can acquire property at different times
	Owners can own unequal shares
	Owners can use the entire property
	Not subject to probate

Question 8(2.5 points)

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For a will to be declared a legal document that can transfer a decedent's estate after death, the maker must have testamentary intent.

Question 8 options:

	True
	False

Question 9(2.5 points)

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Which is an example of probate property?

Question 9 options:

	Property owned in joint tenancy
	Property owned in tenancy in common
	Money placed in a bank account with a TOD/POD beneficiary designation
	Annuity contracts with a named beneficiary

Question 10(2.5 points)

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The person named to handle legal and financial matters in a power of attorney is called a principal.

Question 10 options:

	True
	False

Question 11(2.5 points)

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When a joint tenant dies, his or her share of the property transfers to his or her spouse, children, or other designated heir.

Question 11 options:

	True
	False

Question 12(2.5 points)

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All of the following are non-probate property except:

Question 12 options:

	Bank account with TOD
	Property held as joint tenants with right of survivorship
	Property held as tenants in common
	Life insurance with a beneficiary

Question 13(2.5 points)

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When a man creates a will he is called a testatrix

Question 13 options:

	True
	False

Question 14(2.5 points)

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All of the following are unities for joint tenancy EXCEPT:

Question 14 options:

	Unity of Time
	Unity of Person
	Unity of Possession
	Unity of Title

Question 15(2.5 points)

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In joint tenancy, owners can acquire their interests at different times

Question 15 options:

	True
	False

Question 16(2.5 points)

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A personal representative is another name for an Executor.

Question 16 options:

	True
	False

Question 17(2.5 points)

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Which is an advantage of joint tenancy?

Question 17 options:

	All joint tenants must agree before the joint tenancy can be terminated.
	Joint tenancy avoids probate.
	The person who creates the joint tenancy has complete control over the property.
	The surviving recipient of the property previously held in joint tenancy is always the intendedbeneficiary.

Question 18(2.5 points)

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Which form of will is NOT made in writing?

Question 18 options:

	Nuncupative will
	Living will
	Statutory will
	Holographic will

Question 19(2.5 points)

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In order for a tenancy in common to be created, common law requires unity of time, unity of title, unity of interest, and unity of possession.

Question 19 options:

	True
	False

Question 20(2.5 points)

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It is a good practice for every page of a will to be numbered.

Question 20 options:

	True
	False

Question 21(2.5 points)

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Unity of person is unique to tenants by the entirities

Question 21 options:

	True
	False

Question 22(2.5 points)

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Solely-held real estate is probate property

Question 22 options:

	True
	False

Question 23(2.5 points)

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Which is an example of real property?

Question 23 options:

	Apartment building
	Crops cultivated for sale
	Automobile
	Stocks and Bonds

Question 24(2.5 points)

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Which is NOT a requirement for the creation of a valid will?

Question 24 options:

	The beneficiary must be legally and mentally capable.
	The testator must intend that a document be his or her last will.
	The will must be signed by witnesses.
	The testator or a person other than the testator must sign the will or make some other writtenmark.

Question 25(2.5 points)

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Which is NOT used to determine if personal property has been converted into a fixture?

Question 25 options:

	Intention
	Adaptation
	Annexation
	Conveyance

Question 26(2.5 points)

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A life estate can be terminated by the life tenant signing a deed relinquishing the life estate

Question 26 options:

	True
	False

Question 27(2.5 points)

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Which is an example of tangible personal property?

Question 27 options:

	Stamp collection
	Trademark
	Mutual Funds
	Rights in a lease

Question 28(2.5 points)

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A solely-held checking account is nonprobate property

Question 28 options:

	True
	False

Question 29(2.5 points)

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It is legal to disinherit children and your spouse.

Question 29 options:

	True
	False

Question 30(2.5 points)

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Most states require that a valid will be dated.

Question 30 options:

	True
	False

Question 31(2.5 points)

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After execution of a will, the testator, by an intentional act of ademption, has the right to do all of the following EXCEPT:

Question 31 options:

	Substitute a different gift for the original on
	Revoke or cancel a testamentary gift
	Deliver the gift to the beneficiary before the testator's death
	Add a beneficiary

Question 32(2.5 points)

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In Delaware, all of the following are requirements for a valid will EXCEPT:

Question 32 options:

	Must be in writing
	Must be signed by Testator/Testatrix
	Must be notarized
	Must be witnessed by 2 people

Question 33(2.5 points)

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Which of the following is an advantage of a will?

Question 33 options:

	It allows a person to leave property to someone who would not be entitled to inherit underintestate succession.
	The probate of a will is generally quick, easy, and inexpensive.
	It retains privacy and confidentiality about the decedent's property and beneficiaries.
	It eliminates complicated procedures.

Question 34(2.5 points)

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Not everyone can legally make a will.

Question 34 options:

	True
	False

Question 35(2.5 points)

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Life insurance with a beneficiary is nonprobate property

Question 35 options:

	True
	False

Question 36(2.5 points)

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Anyone may dispose of property as a gift while alive.

Question 36 options:

	True
	False

Question 37(2.5 points)

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A life insurance policy with a named beneficiary is a form of probate property.

Question 37 options:

	True
	False

Question 38(2.5 points)

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Real property is property that is immovable, fixed, or permanent.

Question 38 options:

	True
	False

Question 39(2.5 points)

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Tenants in common can own unequal shares

Question 39 options:

	True
	False

Question 40(2.5 points)

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Which is NOT a reason that many people die without a valid will?

Question 40 options:

	Request of the beneficiary
	Assumed expense
	Reluctance to discuss property and finances with strangers
	Procrastination