Debts can be avoided by bankruptcy

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Reference no: EM132192482

1. Which of following debts can be avoided by bankruptcy?

A) Debts owed by reason of embezzlement

B) Wages earned within three months prior to bankruptcy proceedings

C) Claims for alimony and child support

D) Educational loan debts

2. A _____ deed warrants that a grantor has good title to a real property and further warrants that the grantor will defend the grantee against all claims by third parties.

A) general warranty

B) quitclaim warranty

C) specific warranty

D) conditional warranty

3. Which of the following is true of mortgage?

A) Improvements cannot be mortgaged separate from the land.

B) A person who gives a mortgage as a security for a debt is a mortgagee.

C) A mortgage constitutes the security of the debt.

D) The mortgagee normally retains possession of the property.

5. Annual crops, such as corn or soybeans, and severed vegetation are considered to be _____ .

A) immovable property

B) real property

C) lifetime property

D) personal property

6. A _____ exists when two or more people own property and on the death of one, the remaining owner(s) own the entire property free of any interest of the deceased.

A) joint tenancy

B) tenancy by possession

C) tenancy in common

D) tenancy by default

7. _____ wills are written entirely in longhand by the testator.

A) Holographic

B) Oral

C) Codicil

D) Nuncupative

8. A(n) _____ is most commonly used when a grantor, for some reason, does not want to know exactly what is in the trust, but wants to retain the benefit of the property.

A) blind trust

B) testamentary trust

C) resulting trust

D) purchase money trust

9. Which of the following best describes a testatrix?

A) A woman making a will

B) A female attorney executing a will

C) A male attorney executing a will

D) A man making a will

Reference no: EM132192482

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