Executor Study guides, Revision notes & Summaries

All of the following are likely to contain a legal description of a parcel of real property EXCEPT a: Select one: a.Mortgage. b.Tax statement. c.Preliminary title report. d.Deed. - Answer- Tax statement. If a person dies intestate, the estate passes to the deceased person's heirs according to the: Select one: a.Federal escheat laws. b.State's statue of descent and distribution. c.Judgment of the executor. d.Deceased person's will. - Answer- State's statue of descent and dist...

Notary 2024 Practice Test Questions With All Correct Answers Notary 2024 Practice Test Questions With All Correct Answers Acknowledgement declaration that is made before an official (notary) under the free act/deed he did execute the instrument Administrator admin of the state is appointed by the court that empowers him to manage affairs of the dead. What does the court do when a person dies without leaving a will The court appoints an administrator when there is no will or the will...

National Guardianship Association Terminology Questions with complete solution 2024Adjudication - correct answer The legal process of resolving a dispute; the process of judicially deciding a case. Administrator/Executor/Personal Representative - correct answer A person appointed by the court to manage the assets and liabilities of an intestate decedent. Executor is a person named by the testator to carry out the provisions in the testator's will. Advance Directive - correct answer ...

ASREB National Test A-1 Questions and Answers Already Passed A lessee puts in a bookcase for commercial use; at the end of the lease the bookcase is removed. The bookcase would be considered: Real Property Trade Fixture Appurtenant Chattel Real Trade Fixture A party owns a parcel of real estate with mineral rights, who owns the mineral rights? The state Federal government Original property owner The property owner The property owner A person dies with no will and no heirs....

RMI FInal Exam| 100 Questions| Accurate Executor Funds - ANSWER burial expenses, estate settlement costs Income needs of financially-dependent survivors - ANSWER Children Spouse or partner Other dependents (grandchildren, siblings, parents, friends, etc.) Business-related exposures - ANSWER Dependent projects (e.g., client relationships) Replacement of key employee Ownership Face Amount NEEDS - ANSWER Executor funds Income needs of financially-dependent survivors Business-related ...

is charged with the responsibility to marshal assets, pay debts and make distributions per terms of the will. - As executor of an estate, a Bank Trust Department typically: should petition a court of proper jurisdiction for instruction as to the proper course of action. - When the terms of an irrevocable living trust become illegal, imprudent or impossible with which to comply, the trustee: all real and personal property owned by the testator at death - As executor of an estate, a bank mus...

NCOA Test Questions with Complete Solutions Strategic Communication - ANSWER engage key audiences to influence Team Mission - ANSWER task/purpose that clearly indicates the action to be taken Team Roles: F - ANSWER flexor - adapt style to fit needs of team, fill in gaps in teams Team Roles: C - ANSWER Creator - generates ideas; "Orange" Team Roles: A - ANSWER Advancer - Promotes ideas; "Blue" Team Roles: R - ANSWER Refiner - Analyzes...

PATIENT TRUST FUNDS - ANSWER1) Policy: - ANSWER-Must have a policy. May state that the facility will not handle monies in excess of $5,000.00. The facility may charge a reasonable fee not to exceed the ACTUAL COST of providing service. 2) Required Printed Information: - ANSWER-This must be given resident upon admission. A statement that the facility will handle personnal funds if no other person is available. Periodic statement of accounts (Minimum: Quarterly) 3) Procedure: American Ins...

Jean and John Simmons are married and own their own home as tenants by entirety. When John dies the home is valued at $350,000. How much will be counted in his gross taxable estate? A. None, as it passes directly to his spouse, Jean. B. $175,000 - or one-half of the value C. $225,000 - or the full amount minus the $125,000 one-time exclusion for capital gains on a person residence. D. $350,000 - the full amount is includable. - Answer-B. $175,000 - or one-half the value Once a will is pro...

Who is required to have areal estate license? - ANSWER Anyone advertising, selling or leasing property on behalf of others or carrying out real estate business on behalf of others. Who is exempt from having a real estate license? - ANSWER 1. Attorneys at law in the performance of primary or incidental duties as such attorneys at law 2. Any person holding in good faith a duly executed power of attorney from the owner, authorizing the final consummation and execution for the sale, purchase, ...