Reference no: EM133245781

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