Deck 1: The Concept of Property Related to Wills, Trusts, and Estate Administration

Question 1

A United States savings bond payable upon death to a named beneficiary is a form of probate property.

Answer 1

False

Question 2

MATCHING
a.chattel
b.chose in action
c.nonprobate property
d.intestate succession statutes
e.joint tenants
f.partition
g.community property
h.commingling
i.fee simple estate
j.remainder
k.digital assets
Two or more persons who own or hold equal, undivided interests in property with the right of survivorship

Answer 2

E

Question 3

MATCHING
a.chattel
b.chose in action
c.nonprobate property
d.intestate succession statutes
e.joint tenants
f.partition
g.community property
h.commingling
i.fee simple estate
j.remainder
k.digital assets
An estate in which the owner has an absolute, unqualified, and unlimited interest in real property

Answer 3

I

Question 4

MATCHING
a.chattel
b.chose in action
c.nonprobate property
d.intestate succession statutes
e.joint tenants
f.partition
g.community property
h.commingling
i.fee simple estate
j.remainder
k.digital assets
Assets that are stored electronically

Question 5

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

Question 6

Neither party in a tenancy by the entirety can sell, give away, or otherwise convey the property on his/her own.

Question 7

MATCHING
a.chattel
b.chose in action
c.nonprobate property
d.intestate succession statutes
e.joint tenants
f.partition
g.community property
h.commingling
i.fee simple estate
j.remainder
k.digital assets
Any item of personal property

Question 8

MATCHING
a.chattel
b.chose in action
c.nonprobate property
d.intestate succession statutes
e.joint tenants
f.partition
g.community property
h.commingling
i.fee simple estate
j.remainder
k.digital assets
All property, other than that received by gift, will, or inheritance, acquired by either spouse during marriage that is considered to belong to both spouses equally

Question 9

MATCHING
a.chattel
b.chose in action
c.nonprobate property
d.intestate succession statutes
e.joint tenants
f.partition
g.community property
h.commingling
i.fee simple estate
j.remainder
k.digital assets
State laws that provide for the descent and distribution of property to those whom a decedent would probably have chosen if the decedent had made a will

Question 10

MATCHING
a.chattel
b.chose in action
c.nonprobate property
d.intestate succession statutes
e.joint tenants
f.partition
g.community property
h.commingling
i.fee simple estate
j.remainder
k.digital assets
Real and personal property owned by the decedent at the time of death that cannot be transferred by will or inheritance

Question 11

The law of property is mostly statutory.

Question 12

MATCHING
a.chattel
b.chose in action
c.nonprobate property
d.intestate succession statutes
e.joint tenants
f.partition
g.community property
h.commingling
i.fee simple estate
j.remainder
k.digital assets
A right to bring a civil lawsuit to recover money damages or possession of personal property

Question 13

MATCHING
a.chattel
b.chose in action
c.nonprobate property
d.intestate succession statutes
e.joint tenants
f.partition
g.community property
h.commingling
i.fee simple estate
j.remainder
k.digital assets
A future estate in real property that takes effect on the termination of a prior estate created by the same instrument at the same time

Question 14

MATCHING
a.chattel
b.chose in action
c.nonprobate property
d.intestate succession statutes
e.joint tenants
f.partition
g.community property
h.commingling
i.fee simple estate
j.remainder
k.digital assets
Combining community and separate property

Question 15

While alive, each joint tenant has the right of severance.

Question 16

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

Question 17

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

Question 18

Most states today still retain dower and curtesy.

Question 19

MATCHING
a.chattel
b.chose in action
c.nonprobate property
d.intestate succession statutes
e.joint tenants
f.partition
g.community property
h.commingling
i.fee simple estate
j.remainder
k.digital assets
The division of real property held by joint tenants or tenants in common into separate portions so that the individuals may hold the property in severalty

Question 20

Real property can be tangible or intangible.

Question 21

A dishwasher is an example of a/an:

A)Agricultural fixture
B)Domestic fixture
C)Trade fixture
D)Commercial fixture

Question 22

Which is an example of tangible personal property?

A)Stamp collection
B)Cash
C)Trademark
D)Government bond

Question 23

Which is an advantage of joint tenancy?

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

Question 24

Which is an example of probate property?

A)Annuity contracts with a named beneficiary
B)Property owned in tenancy
C)Money placed in a bank account as a Totten trust
D)Gain from the sale of a business

Question 25

No notice to terminate is required for a tenancy for years.

Question 26

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

A)Conveyance
B)Annexation
C)Adaptation
D)Intention

Question 27

Which is NOT an example of community property?

A)Property owned by the spouses in partnerships
B)Property obtained from community property income during the marriage
C)Income earned or acquired during the marriage by either spouse's employment
D)Inheritance to a single spouse during the marriage

Question 28

Which is an example of real property?

A)Crops cultivated for sale
B)Automobile
C)Apartment building
D)Stocks and bonds

Question 29

Which is (are) an example(s) of intangible personal property?

A)Online blog
B)Cash
C)Bitcoins
D)All of the above

Question 30

The few states that retain dower and curtesy agree on all of the following EXCEPT:

A)Dower and curtesy rights can be released by spouses upon verbal agreement.
B)Dower and curtesy occur only upon the death of a spouse.
C)Dower and curtesy apply even if the decedent died testate.
D)Dower and curtesy are exempt from the claims of creditors of the decedent spouse.

Question 31

Which is a characteristic of a life estate?

A)A life estate may not last for the lifetime of the original owner.
B)A life estate cannot be created by deed.
C).Life tenants while living may convey their interest in the property by sale or gift to a third person.
D)A life estate can be transferred by will.

Question 32

Which does NOT apply when a life estate is created and a reversion is retained?

A)The grantee is the only person entitled to a reversion.
B)The real property that reverts does not go through the probate process of the life tenant's estate.
C)The grantor can transfer the reversion by deed or will.
D)The reversion is not lost if the grantor dies before the grantee.