True of transfer of leased property by landlords

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Reference no: EM132238567

1. A(n) ________ is a distribution of an estate in which each grandchild and great-grandchild of the deceased inherits equally with the children of the deceased.

per stirpes distribution

per capita distribution

ademption

abatement

2. Which of the following beneficiaries is considered a lineal descendant of the testator?

a parent

a spouse

a child

a sibling

3. Which of the following is a similarity between a living trust and an inter vivos trust?

both of them are free from changes resulting from operations of law like annulment

both of them require the beneficiaries to be present during the time of creation of the trust

both of them are subject to probate

both of them are created while the settlor is still alive

4. Norah is a single mother who has just taught Janet, her daughter, to drive. Once Janet has a driving permit, Norah intends to let Janet do most of the driving because driving for long stretches usually gives Norah severe pain in her upper back and shoulders. Norah's car is insured in her name. In this scenario, Norah could opt for a(n) ________ to protect the car from damages that could occur while Janet drives the car.

medical payment coverage

comprehensive insurance

omnibus clause

collision insurance

5. Which of the following statements is true of insurance?

It is a means of transferring and distributing the risk of loss.

It cannot be modified once issued.

It has to be paid after the risk has been encountered.

It can be obtained even if one has no insurable interest in the property being insured.

6. Matheson's car was damaged when a hurricane hit the town he lived in. But since his car was insured, it was restored. Matheson himself was severely injured in the disaster, rendering him paraplegic. Matheson was forced to hire a chauffeur to drive him around.

What kind of insurance can help restore Matheson's car after it has been damaged by the hurricane?

comprehensive insurance

automobile liability insurance

collision insurance

uninsured motorist coverage

7. Which of the following insurances covers the death of the co-owner's loss to the business?

key-person life insurance

business interruption insurance

directors' and officers' insurance

workers' compensation insurance

8. The process through which the government can take private property for public use, provided that just compensation is paid to the property holder, is known as ________.

eminent domain

constructive eviction

future interest

adverse possession

9. Which of the following is true of a transfer of leased property by landlords?

If a valid lease contract expires, a landlord can sell his ownership interest in a property.

A landlord cannot sell the rights to receive rent.

If the complete title is transferred, the property is subject to the existing lease.

A new owner-landlord can alter the terms of an existing lease during the term of the lease.

Reference no: EM132238567

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