Estate planning Exam 1 questions
with comprehensive solutions
Real Property - correct answer ✔✔ Real estate/ land and buildings on the land
Personal property - correct answer ✔✔ Tangible property such as automobiles, furniture, and
equipment, and intangible property such as securities, patents, and copyrights, debt
What is estate planning? - correct answer ✔✔ Process of planning before someone dies how
his/her estate will be preserved.
What is financial planning? - correct answer ✔✔ College, retirement, insurance planning during
ones life
The code of hammurabi - correct answer ✔✔ a written code of rules that guided the ancient
society of Babylon; dates back to 1772 B.C.... eye for an eye
The most complete ownership of property is - correct answer ✔✔ fee simple absolute
If a person dies without a will their estate is known as - correct answer ✔✔ intestate
Which of the following is not typically a member of an estate planning team - correct answer
✔✔ physician
the historical development of estate planning does not include - correct answer ✔✔ French
common law
, If an intestate estate becomes the property of the government, this is known as, - correct
answer ✔✔ Escheat
If a bank trust officer drafts a legal document for a client, this i - correct answer ✔✔ an
unutahorized practice of law
Crops are - correct answer ✔✔ Real Property
Life insurance is - correct answer ✔✔ intangbile personal property
A special form of co-ownership of property limited to spouses is called - correct answer ✔✔
tenancy by the entirety
If you live in a state that divides property 50/50 between spouses at divorce, you propbably live
in a - correct answer ✔✔ Community property state
The ability to determine which course of action is morally right is - correct answer ✔✔ Ethical
decision making
Which is not an aspect of a proffession? - correct answer ✔✔ The prospect of high income
Which is not a moral duty of a proffessional - correct answer ✔✔ subjectivity
Trusts were formalized in england in 1536 by - correct answer ✔✔ the statute of uses
The following is not true about an irrevocable trust - correct answer ✔✔ the trust property does
not avoid probate
with comprehensive solutions
Real Property - correct answer ✔✔ Real estate/ land and buildings on the land
Personal property - correct answer ✔✔ Tangible property such as automobiles, furniture, and
equipment, and intangible property such as securities, patents, and copyrights, debt
What is estate planning? - correct answer ✔✔ Process of planning before someone dies how
his/her estate will be preserved.
What is financial planning? - correct answer ✔✔ College, retirement, insurance planning during
ones life
The code of hammurabi - correct answer ✔✔ a written code of rules that guided the ancient
society of Babylon; dates back to 1772 B.C.... eye for an eye
The most complete ownership of property is - correct answer ✔✔ fee simple absolute
If a person dies without a will their estate is known as - correct answer ✔✔ intestate
Which of the following is not typically a member of an estate planning team - correct answer
✔✔ physician
the historical development of estate planning does not include - correct answer ✔✔ French
common law
, If an intestate estate becomes the property of the government, this is known as, - correct
answer ✔✔ Escheat
If a bank trust officer drafts a legal document for a client, this i - correct answer ✔✔ an
unutahorized practice of law
Crops are - correct answer ✔✔ Real Property
Life insurance is - correct answer ✔✔ intangbile personal property
A special form of co-ownership of property limited to spouses is called - correct answer ✔✔
tenancy by the entirety
If you live in a state that divides property 50/50 between spouses at divorce, you propbably live
in a - correct answer ✔✔ Community property state
The ability to determine which course of action is morally right is - correct answer ✔✔ Ethical
decision making
Which is not an aspect of a proffession? - correct answer ✔✔ The prospect of high income
Which is not a moral duty of a proffessional - correct answer ✔✔ subjectivity
Trusts were formalized in england in 1536 by - correct answer ✔✔ the statute of uses
The following is not true about an irrevocable trust - correct answer ✔✔ the trust property does
not avoid probate
