ACCT 5700 chapter 48 & 52
Which of the following statements is FALSE regarding a constructive trust? Question content area bottom Part 1 A. In constructive trust arrangements, the holder of the title to property (i.e., the trustee) holds the property in trust for its rightful owner. B. A constructive trust is an equitable trust. C. A constructive trust is implied by law to avoid fraud, unjust enrichment, and injustice. D. A constructive trust is expressly created through a writing to provide benefits to the settler. E. When a constructive trust is imposed, the party who is the implied trustee cannot sell or otherwise transfer ownership to the property.
A constructive trust is expressly created through a writing to provide benefits to the settler.
__________ specifies how a deceased's property will be distributed if he or she dies without a will or if the last will is declared void and there is no prior valid will. Question content area bottom Part 1 A. An intestacy statute B. The doctrine of incorporation C. The constitution D. The doctrine of free will E. The statue of frauds
A. An intestacy statute
Which of the following is NOT true about undue influence? Question content area bottom Part 1 A. If an 85-year-old woman leaves all her property to the lawyer who drafted her will and ignores her blood relatives, the court is unlikely to presume undue influence. B. Undue influence is difficult to prove by direct evidence, but it may be proved by circumstantial evidence. C. A will or trust may be found to be invalid if it was made because of undue influence on the testator. D. Undue influence can be inferred from the facts and circumstances surrounding the making of a will or trust. E. The court will look to see if the benefactor and beneficiary are involved in a relationship of confidence and trust as an element of undue influence.
A. If an 85-year-old woman leaves all her property to the lawyer who drafted her will and ignores her blood relatives, the court is unlikely to presume undue influence.
Which of the following is NOT an element the court will consider to determine if there has been undue influence? Question content area bottom Part 1 A. The bequests are the same as in a former will or trust. B. The will or trust contains substantial benefit to the beneficiary. C. The benefactor and beneficiary are involved in a relationship of confidence and trust. D. The beneficiary caused or assisted in effecting execution of the will or trust. E. There was an opportunity to exert influence.
A. The bequests are the same as in a former will or trust.
________ is bought by purchasers of real estate to ensure that they will be paid for losses suffered by defects in the title to the property that occurred prior to the purchase or loan. Question content area bottom Part 1 A. Title insurance B. An abstract of title C. Quiet title D. Marketable title E. A certificate of title
A. Title insurance
Brooke's next-door neighbor allows Brooke to run a driveway over his land. This sort of easement is known as an easement _____________. Question content area bottom Part 1 A. appurtenant B. by necessity C. in gross D. by prescription E. by reservation
A. appurtenant
A(n) _____ is a document that states which lifesaving measures the signor does and does not want. Question content area bottom Part 1 A. living will B. trust causa mortis C. will causa mortis D. irrevocable trust E. intestate will
A. living will
When a property already exists in a zoned area that does not fit within a new zoning use established for the area, it is known as a(n) ________. Question content area bottom Part 1 A. nonconforming use B. a zoning ordinance C. an easement D. an abstract E. a bailment
A. nonconforming use
A conveyance of property to a church "as long as the land is used as a church or for church purposes" creates a _____. Question content area bottom Part 1 A. qualified fee B. fee simple indivisible C. life estate D. fee simple absolute E. fee simple
A. qualified fee
Which of the following is NOT a requirement for adverse possession? Question content area bottom Part 1 A. secret and covert B. hostile and adverse C. continuous and peaceful D. for a statutorily prescribed period of time E. actual and exclusive
A. secret and covert To obtain title under adverse possession, most states require that the wrongful possession must be: bullet• For a statutorily prescribed period of time. This time period varies from state to state, but is usually between 7 and 20 years. bullet• Open, visible, and notorious. The adverse possessor must occupy the property so as to put the owner on notice of the possession. bullet• Actual and exclusive. The adverse possessor must physically occupy the premises. The planting of crops, grazing of animals, or building of a structure on the land constitutes physical occupancy. bullet• Continuous and peaceful. The occupancy must be continuous and uninterrupted for the required statutory period. Any break in normal occupancy terminates the adverse possession. This means that the adverse possessor may leave the property to go to work, to the store, on a vacation, and such. The adverse possessor cannot take the property by force from an owner. bullet• Hostile and adverse. The possessor must occupy the property without the express or implied permission of the owner. Thus, a lessee cannot claim title to property under adverse possession. Next question
The party who transfers an ownership interest in real property is known as ________. Question content area bottom Part 1 A. the grantor B. a donee C. a donor D. a bailor E. the grantee
A. the grantor
________ is a chronological history of the chain of title affecting the property, including recorded documents and public records relating prior ownership of the property. Question content area bottom Part 1 A. A certificate of title B. Marketable title C. Title insurance D. Quiet title E. An abstract of title
An abstract of title
Which of the following is an INCORRECT statement regarding an inter vivos trust? Question content area bottom Part 1 A. An inter vivos trust can be for a stated period of time. B. An inter vivos trust sometime provides that an income beneficiary will receive income from the trust until the trust ends. C. An inter vivos trust is created and its assets are distributed to the trust when the settlor dies. D. An inter vivos trust is created and its assets are distributed to the trust while the settlor is alive. E. An inter vivos trust provides what will happen to the trust assets when the trust ends.
An inter vivos trust is created and its assets are distributed to the trust when the settlor dies.
Property and assets held in trust are known as ________. Question content area bottom Part 1 A. a trustee B. a trust corpus C. an income beneficiary of a trust D. a trustor E. a remainder beneficiary of a trust
B. a trust corpus
Question content area top Part 1 If all of the elements of adverse possession are met, the adverse possessor may acquire ______________ title to the property, so long as there are no defenses which are meritorious proffered by the current owner. Question content area bottom Part 1 A. clouded B. clear C. encumbered D. allodial E. quiet
B. clear
A type of ownership of real property that grants the owner the fullest bundle of legal rights that a person can hold in real property is known as a(n) ________. Question content area bottom Part 1 A. bailment B. fee simple absolute C. easement D. life estate E. fee simple defeasible
B. fee simple absolute
A type of ownership of real property that grants the owner all the incidents of a fee simple absolute except that it may be taken away if a specified condition occurs or does not occur is known as ________. Question content area bottom Part 1 A. an easement B. fee simple defeasible C. a bailment D. fee simple absolute E. a fixture
B. fee simple defeasible
A(n) ________ is a person who has been expressly or impliedly invited to a landowner's or tenant's premises for the economic benefit of the owner or tenant. Question content area bottom Part 1 A. grantee B. invitee C. grantor D. trespasser E. licensee
B. invitee
If Kiki buys a lot from Joey that is landlocked (meaning the purchased lot has no direct access to a road ), if Kiki can drive over Joey's lot to reach the nearest road, this is known as an easement by ________. Question content area bottom Part 1 A. implication B. necessity C. grant D. reservation E. prescription
B. necessity
Henry is purchasing a piece of real estate but cannot attend the closing. He asks his brother, Gregory, to attend the closing and take title to the property until he can return. In this case, a(n) ___________________ trust has been formed. Question content area bottom Part 1 A. Totten B. resulting C. constructive D. spendthrift E. inter vivos
B. resulting
gift of a ring is a(n) _____ testamentary gift. Question content area bottom Part 1 A. residuary B. specific C. residual D. intangible E. general
B. specific
Which of the following are NOT true about a living trust? Question content area bottom Part 1 A. It does not avoid creditors. B. It does not reduce estate taxes any more than a will. C. It is not subject to property division on divorce. D. It does not reduce the grantor's income taxes. E. All the income earned by the trust is attributed to the grantor, who must pay income taxes on the earnings just as if the trust did not exist.
C. It is not subject to property division on divorce.
Which of the following is NOT true about adverse possession? Question content area bottom Part 1 A. The adverse possessor must occupy the property so as to put the owner on notice of the possession. B. The adverse possessor must physically occupy the premises. C. The possessor must occupy the property with the express or implied permission of the owner. D. Any break in normal occupancy terminates the adverse possession. E. The time period varies from state to state, but is usually between 7 and 20 years.
C. The possessor must occupy the property with the express or implied permission of the owner.
Which of the following is an INCORRECT statement regarding the testator's signature requirement for making a valid will? Question content area bottom Part 1 A. Courts have held that the testator's initials can constitute a valid signature on a will if it can be proven that the testator intended it to be his or her signature. B. Most jurisdictions require the testator's signature to appear at the end of the will. C. Wills need not be signed. D. Courts have held that an "X" can constitute a valid signature on a will if it can be proven that the testator intended it to be his or her signature. E. Courts have held that the testator's nickname can constitute a valid signature on a will if it can be proven that the testator intended it to be his or her signature.
C. Wills need not be signed.
Which of the following is NOT a type of real property? Question content area bottom Part 1 A. buildings B. plant life C. harvested timber D. subsurface rights E. land
C. harvested timber
Edwardo, an owner of real property, conveys his property "to Carmen Lawson for life." If the property will go to Edwardo or his estate upon Carmen's death, his interest is known as a ________. Question content area bottom Part 1 A. tenancy in common B. cooperative C. reversion D. tenancy by the entirety E. remainder
C. reversion
To prevail under the attractive nuisance doctrine, plaintiff must prove all of the following factors EXCEPT __________. Question content area bottom Part 1 A. the child did not realize the risk involved because of his or her age B. the defendant's failure to exercise reasonable care to eliminate the danger or otherwise protect the child caused the child's injury C. the utility of the defendant maintaining the condition and the burden of eliminating the danger were equal compared to the risk to children D. the defendant knew or should have known there was an artificial condition on the land and that children were likely to trespass E. the defendant knew or should have known the artificial condition posed an unreasonable risk of injury or death to children
C. the utility of the defendant maintaining the condition and the burden of eliminating the danger were equal compared to the risk to children the plaintiff must prove that the utility of the defendant maintaining the condition and the burden of eliminating the danger were slight, not equal, compared to the risk to children.
_____ is a form of ownership in which each spouse owns an equal one-half share of the income of both spouses and the assets acquired during the marriage. Question content area bottom Part 1 A. Community property B. Fee simple absolute C. Joint tenancy D. Tenancy in common E. Fee simple defeasible
Community property
________ is issued by a land court that determines the rightful owner of real property. Question content area bottom Part 1 A. Title insurance B. Quiet title C. Marketable title D. A certificate of title E. An abstract of title
D. A certificate of title
Which of the following is an INCORRECT statement regarding a trust? Question content area bottom Part 1 A. A trust is irrevocable unless the settlor reserves the right to revoke it. B. The property and assets held in trust are called the trust res. C. The property and assets held in trust are called the trust corpus. D. A trust does not become effective during a trustor's lifetime. E. A trust can be created to become effective on the trustor's death.
D. A trust does not become effective during a trustor's lifetime.
A gift of real estate by will is referred to as ________. Question content area bottom Part 1 A. a specific gift B. a general gift C. a bequest D. a devise E. a residuary gift
D. a devise
An instrument that describes a person's ownership interest in a piece of real property is known as a ________. Question content area bottom Part 1 A. bailment B. permit C. warrant D. deed E. license
D. deed
If Cai Zhang gives her neighbor who owns a driveway that runs along the property line with another neighbor permission to use the driveway, this is known as an easement by ________. Question content area bottom Part 1 A. prescription B. necessity C. reservation D. grant E. implication
D. grant
The state of having died without leaving a will is called ________. Question content area bottom Part 1 A. revocation B. codicil C. testamentary capacity D. intestate E. attestation
D. intestate
A(n) ________ is a person who is on someone's real property legally and with the express or implied permission of the landowner or tenant and is not there to convey an economic benefit to the landowner or tenant. Question content area bottom Part 1 A. invitee B. trespasser C. grantee D. licensee E. grantor
D. licensee
If the right of possession returns to a third party on the expiration of a limited or contingent estate, it is called a _____. Question content area bottom Part 1 A. revocation B. rescission C. ratification D. remainder E. reversion
D. remainder
A _______ usually formulates zoning ordinances, conducts public hearings, and makes recommendations to the city council, which must vote to enact an ordinance. Question content area bottom Part 1 A. zoning ordinance B. variance C. nonconforming law D. zoning commission E. nonconforming variance
D. zoning commission
________is title to real property that is free from any encumbrances or other defects that are not disclosed but would affect the value of the property. Question content area bottom Part 1 A. Quiet title B. A certificate of title C. Title insurance D. An abstract of title E. Marketable title
E. Marketable title
Which of the following is NOT true about adverse possession? Question content area bottom Part 1 A. Under the doctrine of adverse possession, the transfer of the property is involuntary and does not require the delivery of a deed. B. In most states, a person who wrongfully possesses someone else's real property obtains title to that property if certain statutory requirements are met. C. If the elements of adverse possession are met, the adverse possessor acquires clear title to the land. D. Under adverse possession, title is acquired only as to the property actually possessed and occupied during the statutory period and not the entire tract. E. Property owned by federal, state, and local governments can be subject to adverse possession.
E. Property owned by federal, state, and local governments can be subject to adverse possession.
Which of the following is NOT true about the beneficiaries of a living trust? Question content area bottom Part 1 A. A living trust names a beneficiary or beneficiaries who are entitled to receive income from the living trust while it is in existence and to receive the property of the trust when the grantor dies. B. On the death of the grantor, assets of the trust are distributed to the remainder beneficiary or beneficiaries named in the trust. C. The designated trustee has the fiduciary duties of identifying assets, paying creditors, paying income and estate taxes, transferring assets to named beneficiaries, and rendering an accounting. D. Usually the grantor is the income beneficiary, who receives the income from the trust during his or her lifetime. E. Usually the grantor is the remainder beneficiary, who receives the income from the trust during his or her lifetime.
E. Usually the grantor is the remainder beneficiary, who receives the income from the trust during his or her lifetime. A living trust names a beneficiary or beneficiaries who are entitled to receive income from the living trust while it is in existence and to receive the property of the trust when the grantor dies. Usually the grantor is the income beneficiary, who receives the income from the trust during his or her lifetime. On the death of the grantor, assets of the trust are distributed to the remainder beneficiary or beneficiaries named in the trust. The designated trustee has the fiduciary duties of identifying assets, paying creditors, paying income and estate taxes, transferring assets to named beneficiaries, and rendering an accounting. Next question
What factor would a court generally NOT consider when trying to determine the presence of undue influence? Question content area bottom Part 1 A. susceptibility of the testator B. benefit to the beneficiary C. relationship between the testator and the beneficiary D. change from a prior will or trust E. amount in controversy
E. amount in controversy
Josh and Tom are partners. Tom embezzles partnership funds and uses the stolen funds to purchase a piece of real estate. In this case, the court the court can impose a(n) ________. Question content area bottom Part 1 A. resulting trust B. Totten trust C. spendthrift trust D. inter vivos trust E. constructive trust
E. constructive trust
Zoning generally does all of the following EXCEPT? Question content area bottom Part 1 A. restricts the location of buildings on a building site B. establishes land use districts within a municipality C. establishes aesthetic requirements for the exterior of buildings D. restricts the height and size of buildings on a building site E. establishes aesthetic limitations for the interior of buildings
E. establishes aesthetic limitations for the interior of buildings
A person's ownership right in real property is called a(n) ________. Question content area bottom Part 1 A. easement B. gift C. personal property right D. bailment E. estate in land
E. estate in land
Mary owns a _____ in a piece of real property. This means that there are no limitations on her ownership rights. Mary owns this property while she is alive, with no conditions on her ownership rights, and she can transfer the property by will to a named beneficiary or beneficiaries when she dies. Question content area bottom Part 1 A. fee simple defeasible B. life estate C. license D. qualified fee E. fee simple absolute
E. fee simple absolute
Brooke's next-door neighbor allows Brooke to run a driveway over his land. The grantor-neighbor's land is now a ______________ estate with regard to the easement. Question content area bottom Part 1 A. life B. dominant C. leasehold D. freehold E. servient
E. servient
A form of co-ownership in which the interest of a surviving tenant in common passes to the deceased tenant's estate and not to the co-tenants is known as ________. Question content area bottom Part 1 A. joint tenancy B. an easement C. a life estate D. a fee simple defeasible E. tenancy in common
E. tenancy in common
A(n) ________ is a person who is on a landowner's or tenant's real property but has no invitation, permission, or legal right to be there. Question content area bottom Part 1 A. grantee B. grantor C. invitee D. licensee E. trespasser
E. trespasser
_____ is a form of co-ownership of real property that can be used only by married couples. Question content area bottom Part 1 A. Concurrent ownership B. Tenancy by the entirety C. Tenancy in common D. Joint tenancy E. A cooperative
Tenancy by the entirety
Which of the following is NOT true about probate? Question content area bottom Part 1 A. When a person dies, the remainder of the estate is distributed to the beneficiaries of the will or the heirs under the state intestacy statute. B. A specialized state court, called the probate court, usually supervises the administration and settlement of estates. C. The distribution of the estate is called probate, or settlement of the estate. D. The process and procedures for settling an estate are governed by federal statute. E. When a person dies, his or her property must be collected and debts and taxes paid.
The process and procedures for settling an estate are governed by federal statute.
Per capita distribution is ________. ANSWER a separate document that must be executed to amend a will a distribution of an estate in which grandchildren and great-grandchildren of the deceased inherit by representation of their parent a trust created by will a distribution of an estate in which each grandchild and great-grandchild of the deceased inherits equally with the children of the deceased
a distribution of an estate in which each grandchild and great-grandchild of the deceased inherits equally with the children of the deceased
A testamentary trust is ________. ANSWER a trust that is designed to prevent a beneficiary's personal creditors from reaching his or her trust interest an equitable trust that is implied by law a trust that is implied from the conduct of the parties a trust created by will
a trust created by will
A person who creates a trust is known as ________. Question content area bottom Part 1 A. an obligee B. an obligor C. a trustor D. an assignor E. a trustee
a trustor
•If the property a testator leaves is not sufficient to satisfy all the beneficiaries named in a will and there are general and residuary bequests -Residuary bequest is abated first
abatement
Francois Druyae divides his estate, in his will, between his two daughters. His eldest daughter, Amelie, is to receive his house, valued at approximately $400,000. His second daughter, January, is to receive the rest of his estate, which is of approximately equal value. Before he dies, Francois decides to sell the house and puts the proceeds, $400,000, into a bank account. When he dies and his will is executed, January is shocked to find that she will receive the entire estate, worth $800,000. January received all of her father's estate under the doctrine of ________. ANSWER abatement ademption escheat the intestacy statute
ademption
•If a testator leaves a specific devise of property to a beneficiary but the property is no longer in the estate when the testator dies -Beneficiary receives nothing
ademption
A freehold estate is ________. ANSWER an estate in which the owner has a present possessory interest in the real property the interest that a grantor retains for him- or herself or a third party a form of co-ownership in which the interest of a surviving tenant in common passes to the deceased tenant's estate and not to the co-tenants a situation created when the owner of one piece of land is given an easement over an adjacent piece of land
an estate in which the owner has a present possessory interest in the real property
Martin and Carl own properties that are adjacent to one another, and Carl's property abuts a public pond and grazing area for animals. For 35 years, Martin has crossed to the pond and grazing area via a path that cuts across the back of Carl's property. Martin's longtime use of the path across Carl's property has created an easement ________. ANSWER by grant appurtenant in gross by prescription
appurtenant
The action of a will being witnessed by two or three objective and competent people is called ________. Question content area bottom Part 1 A. testamentary capacity B. revocation C. a joint will D. a codicil E. attestation
attestation
A gift of personal property by will is called ________. Question content area bottom Part 1 A. a residuary gift B. a general gift C. a devise D. a bequest E. a specific gift
bequest
Question content area top Part 1 In order to make a valid will, the testator must have been of legal age and "sound mind" when the will was made. This requirement is known as testamentary _____. Question content area bottom Part 1 A. mendacity B. substrate C. capacity D. opacity E. probate
capacity
An ________ is an easement that is created when an owner subdivides a piece of property that has a well, path, or road on it that serves the entire parcel, and the purchasers of the subdivided pieces of property have an implied easement to use the well, path, or road. ANSWER easement by implication easement by prescription express easement easement by grant
easement by implication
A personal representative must be appointed to administer an estate during its settlement phase. If a testator's will designates a personal representative, that person is called a(n)_______________. If no one is named or if the decedent dies intestate, the court appoints a(n)_______________. Question content area bottom Part 1 A. testator or testatrix; executor or executrix B. executor or executrix; testator or testatrix C. testator or testatrix; administrator or administratrix D. executor or executrix; administrator or administratrix E. administrator or administratrix; executor or executrix
executor or executrix; administrator or administratrix
Goods that are affixed to real estate and thus become part of it are known as _____. Question content area bottom Part 1 A. fixtures B. easements C. abandoned property D. licenses E. personal property
fixtures
A cooperative is best described as a ________. ANSWER form of co-ownership of real property that can be used only by married couples form of co-ownership that includes the right of survivorship common form of ownership in a multiple-dwelling building in which the purchaser has title to the individual unit and owns the common areas as a tenant in common with the other owners form of co-ownership of a multiple-dwelling building in which a corporation owns the building and the residents own shares in the corporation
form of co-ownership of a multiple-dwelling building in which a corporation owns the building and the residents own shares in the corporation
gift of $100,000 to a named beneficiary is a(n) _____ testamentary gift. Question content area bottom Part 1 A. specific B. intangible C. general D. residual E. residuary
general
If the deceased has no surviving relatives, then the deceased's property _______. Question content area bottom Part 1 A. is destroyed B. goes to the state C. is sold at an auction D. is donated E. goes into a trust
goes to the state
The person who creates a living trust is called the __________. Question content area bottom Part 1 A. administrator B. grantor C. testator D. executor E. settlor
grantor
Relatives who receive property under intestacy statutes are called _______. Question content area bottom Part 1 A. trustees B. beneficiaries of a will C. testators or testatrixes D. probates E. heirs
heirs
A resulting trust is ________. ANSWER a method for holding property during a person's lifetime and distributing the property on that person's death A resulting trust is ________. ANSWER a method for holding property during a person's lifetime and distributing the property on that person's death implied from the conduct of the parties a trust that is created when a person deposits money in a bank account in his or her own name and holds it as a trustee for the benefit of another person a trust that is designed to prevent a beneficiary's personal creditors from reaching his or her trust interest
implied from the conduct of the parties
Samantha Knight places a large amount of cash and a valuable home into a trust while she is alive and names her local bank, where she has been a member for fifty years, as the party to administer the trust. Samantha's daughter becomes the income beneficiary of the trust, and she will receive interest income from the cash while she is alive. Samantha's trust is an example of a(n) ________. ANSWER testamentary trust irrevocable trust inter vivos trust remainder beneficiary of a trust
inter vivos trust
•Created while the settlor is alive -Settlor transfers legal title of property to a named trustee to hold, administer, and manage for the benefit of named beneficiaries
inter vivos trust
An owner of real estate who makes a conveyance of real property "to Anna for her life" creates a _____. Question content area bottom Part 1 A. fee simple B. life estate C. fee simple defeasible D. fee simple absolute E. qualified fee
life estate
-Distribution of an estate in which grandchildren and great-grandchildren of the deceased inherit by representation of their parent
per stripes
A(n) _____ deed is a deed in which the grantor transfers only whatever interest they have in the real property. Question content area bottom Part 1 A. general warranty B. quitclaim C. special warranty D. quiet title E. as is
quitclaim
Cindy decides to gift her brother, Bob, with a small cottage that she owns on a piece of property adjacent to her main summer home. To transfer her interest in the house to Bob, Cindy signs a ________. ANSWER constructive notice special warranty deed general warranty deed (grant deed) quitclaim deed
quitclaim deed
_______ is the land itself as well as buildings, trees, soil, minerals, timber, plants, and other items permanently affixed to the land. Question content area bottom Part 1 A. Lost property B. Personal property C. A bailment D. Real property E. Abandoned property
real property
Greenwhite Bank makes a loan to Joseph Stokes to purchase a house and takes back a mortgage. When Joseph's loan is taken out, Greenwhite Bank fails to record the mortgage in the country recorder's office, so when Joseph tries to borrow more money on the house from a national bank, no recorded mortgage is found. Greenwhite Bank should have filed the mortgage at the country recorder's office under the state's ________. ANSWER recording statute quiet title action general warranty deed (grant deed) marketable title (good title)
recording statute
Intestacy statutes usually leave the deceased's property to his or her heirs in which order (from first to last, in terms of priority)? Question content area bottom Part 1 A. collateral heirs, lineal heirs, spouse, children, and other next of kin B. spouse, lineal heirs, collateral heirs, children, and other next of kin C. lineal heirs, collateral heirs, spouse, children, and other next of kin D. children, spouse, collateral heirs, lineal heirs, and other next of kin E. spouse, children, lineal heirs, collateral heirs, and other next of kin
spouse, children, lineal heirs, collateral heirs, and other next of kin
A ________ is a will that is executed after a previous will that revokes the prior will. ANSWER codicil subsequent will joint will formal will
subsequent will
Joint tenancy is a form of co-ownership that includes the right of _____. Question content area bottom Part 1 A. first refusal B. survivorship C. due process D. eminent domain E. notice
survivorship
Question content area top Part 1 A person who makes a will is known as a ________. Question content area bottom Part 1 A. devise B. beneficiary of a will C. testator or testatrix D. probate E. trustee
testator or testatrix
•: Created when a person deposits money in a bank account in his or her own name and holds it as a trustee for the benefit of another person -Trustee can add or withdraw funds from the account -Trust can be revoked at any time prior to the trustee's death or prior to completing delivery of the funds to the beneficiary
totten trust
A ______ is a legal arrangement established when one person transfers title to property to another person to be held and used for the benefit of a third person. Question content area bottom Part 1 A. health care directive B. trust C. trustor D. trustee E. living will
trust
A(n) ______ is a person or an entity that holds legal title to a trust corpus and manages the trust for the benefit of the beneficiary or beneficiaries. Question content area bottom Part 1 A. trustor B. obligee C. obligor D. trustee E. assignor
trustee
An exception that permits a type of building or use in an area that would not otherwise be allowed by a zoning ordinance is known as a(n) ________. Question content area bottom Part 1 A. title policy B. abstract C. variance D. easement E. zoning commission
variance
An easement appurtenant is created ________. ANSWER when the owner of land expressly grants another party an easement across his property when the owner of one piece of land is given an easement over an adjacent piece of land when a person who does not own adjacent land has the right to use another's land when it is implied that a property owner can use crosses another person's property if the requirements for adverse possession are met
when the owner of one piece of land is given an easement over an adjacent piece of land
____ generally: 1) establish(es) land use districts within the municipality; 2) restrict(s) the height, size, and location of buildings on a building site; and 3) establish(es) aesthetic requirements or limitations for the exterior of buildings. Question content area bottom Part 1 A. Easements B. Municipal licensing C. Eminent domain D. Zoning E. Restrictive covenants
zoning
A health care _____, also known as a health care _____, is a document in which the maker names someone to be his or her health care agent to make all health care decisions in accordance with his or her wishes, as outlined in a(n) _____. Question content area bottom Part 1 A. accord; satisfaction; intestate will B. directive; proxy; living will C. addendum; modification; trust causa mortis D. trust; will; will causa mortis E. agency; absolution; irrevocable trust
directive; proxy; living will
-Oral will that is made before witnesses during the testator's last illness
•Nuncupative (dying declarations or deathbed) wills
