Free HS330 Exam Braindumps (page: 38)

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Which of the following types of real property ownership will be deemed to be a tenancy in common?

  1. Two brothers own equal amounts of all the common stock in a corporation, the only asset of which is real property.
  2. Two brothers are equal partners in a general partnership that owns a piece of real property used in the partnership business.
  3. Two brothers own equal fractional interests in a piece of real property and at the death of one of the brothers the survivor will own the entire piece of property.
  4. Two brothers own equal undivided interests in a piece of real property, with each brother being able to divest himself of his interest by sale, gift, or will.

Answer(s): D



In all cases a trustee must invest trust assets in accordance with the

  1. common law standard of the prudent person
  2. stated provisions of the trust instrument
  3. requirements of a state's permissive legal list
  4. requirements of a state's mandatory legal list

Answer(s): B



The failure of an individual to have a will can result in all the following EXCEPT:

  1. Testamentary gifts to charity cannot be made.
  2. The decedent's state of domicile might receive the property left by the decedent.
  3. Unnecessary death taxes may be imposed.
  4. A surviving spouse receives only his or her elective share.

Answer(s): D



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

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

Answer(s): C






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