QUESTION: 133

Which of the following statements concerning guardians is (are) correct?
1. A guardian is appointed by a court.
2. A guardian holds equitable title to the property he administers for his or her ward.

Both 1 and 2
2 only
Neither 1 nor 2
1 only

Answer(s): D

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QUESTION: 134

All the following statements concerning the ownership of real property as joint tenants with right of survivorship are correct EXCEPT:

If the joint tenants are husband and wife, because this is a qualified joint interest, one half the value of the property will be in the estate of the first spouse to die regardless of which spouse contributed to the purchase price.
If three sisters inherited property as joint tenants with right of survivorship, the entire value of the property will be in the estate of the first sister to die.
If the joint tenants are brother and sister, no portion of the value of the property will be in the sister's estate if she dies first provided her executor proves that the brother contributed all the funds.
If the joint tenants are two brothers and each contributed one half the property's purchase price, only one half the property's value will be in the estate of the first brother to die if his executor proves that the other brother contributed half of the purchase price.

Answer(s): B

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QUESTION: 135

All the following statements concerning property ownership by a married couple residing in a community-property state are correct EXCEPT:

Income earned by one spouse becomes community property.
Property inherited during the marriage is the separate property of the spouse who inherited it.
All property that is not separate property is community property.
Community property loses its identity when a community-property couple moves to a common law state.

Answer(s): D

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QUESTION: 136

Which of the following statements concerning the inclusion and valuation of all or part of a commercial annuity in the estate of an annuitant is correct?

A life annuity with a period certain is includible to the extent of the present value of any remaining guaranteed payments.
A joint and survivor annuity is includible to the extent that the survivor paid the purchase price of the contract.
An annuity is includible to the extent of the value determined by the special 10-year averaging rule.
If the executor elects the alternate valuation date, an annuity is includible at its replacement cost 6 months after death.

Answer(s): A

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QUESTION: 133

QUESTION: 134

QUESTION: 135

QUESTION: 136