PACE Test questions well answered
graded A+ updated
Abatement - correct answer ✔✔the process of determining the distribution of bequests as
directed by the decedent in his/her will when there are not assets sufficient to satisfy the
bequests
abstract of title - correct answer ✔✔A brief, chronological summary of the recorded documents
affecting title to a particular parcel of real property
acceptance - correct answer ✔✔one of three requisites to a valid contract under common law
(the other two being offer and consideration)
accord and satisfaction - correct answer ✔✔A term of contract law by which one party, having
complied with its obligation under a contract, accepts some type of compensation from the
other party (usually money of a lesser amount) in lieu of enforcing the contract and holding the
other party to its obligation. This discharges the contract.
acknowledgment - correct answer ✔✔A formal declaration before an authorized official by the
person who executed an instrument that it is his/her free act and deed
Ad hoc - correct answer ✔✔(adj.) for this specific purpose; improvised; (adv.) with respect to
this
Adjudication - correct answer ✔✔giving or pronouncing a judgment or decree; also, the
judgment given
,Adjusted basis - correct answer ✔✔The basis of property used when computing gains for
income tax purposes; the cost minus depreciation plus capital improvements
Ad litem - correct answer ✔✔person appointed to act, during the pendency of a matter, as
guardian for a minor child. Person may also bring action on behalf of the child
administration of estate - correct answer ✔✔the management of a decedent's estate. An
administrator is appointed to collect all assets and debts of the decedent so that administrative
expenses and taxes are paid and the remaining assets are distributed to the heirs or
beneficiaries
administrative agencies - correct answer ✔✔agencies created by the legislative branch of
government to administer laws pertaining to specific areas such as taxes, transportation and
labor
administrative authority - correct answer ✔✔the rules, regulations and decision created by
federal, state, and local agencies; the executive orders of the President and governors
administrator - correct answer ✔✔person who administers the estate of person deceased; they
are appointed by the court and is the person who would then have power to deal with the
debts and assets of a person who died intestate
advance directive - correct answer ✔✔may also be referred to as a "living will"; document that
expresses a person's wishes about his/her medical care in the event they are unable to
communicate their desires or have a terminal illness
advance sheets - correct answer ✔✔Paperback pamphlets published by law book publishers
weekly or monthly that contain reporter cases, including correct volume number and page
number. When there are sufficient cases, they are replaced by a bound volume.
, adversary proceeding - correct answer ✔✔One having opposing parties, such as a plaintiff and a
defendant. Individual lawsuit(s) brought within a bankruptcy proceeding
affidavit - correct answer ✔✔a statement that, before being signed, the person signing takes an
oath that the content are, to the best of his/her knowledge, true. it is also signed by a notary or
some other judicial officer who can administer oaths, to the effect that the person signing the
document was under oath when doing so
agency decisions - correct answer ✔✔Opinions issued by federal and state administrative law
judges as the result of disputes or controversies presented to the agency's administrative law
judge or other person charged with hearing evidence and resolving issues involving matters
under the agency's jurisdiction.
agency regulations - correct answer ✔✔rules written by federal and state administrative
agencies
agent - correct answer ✔✔a person who has received the power to act on behalf of another,
binding that other person as if he/she were making the decisions personally; the person being
represented is called the principal
aid and abet - correct answer ✔✔to actively, knowingly, or intentionally assist another person in
the commission or attempted commission of a crime
alien corporation - correct answer ✔✔a corporation that was formed in another country, but is
doing business in the United States or its territories
allegation - correct answer ✔✔something to be proved or disproved through the introduction
of evidence
alternate valuation date - correct answer ✔✔the administrator may choose an alternative date
to the date of death for the valuation of the decedent's estate for federal estate tax purposes
graded A+ updated
Abatement - correct answer ✔✔the process of determining the distribution of bequests as
directed by the decedent in his/her will when there are not assets sufficient to satisfy the
bequests
abstract of title - correct answer ✔✔A brief, chronological summary of the recorded documents
affecting title to a particular parcel of real property
acceptance - correct answer ✔✔one of three requisites to a valid contract under common law
(the other two being offer and consideration)
accord and satisfaction - correct answer ✔✔A term of contract law by which one party, having
complied with its obligation under a contract, accepts some type of compensation from the
other party (usually money of a lesser amount) in lieu of enforcing the contract and holding the
other party to its obligation. This discharges the contract.
acknowledgment - correct answer ✔✔A formal declaration before an authorized official by the
person who executed an instrument that it is his/her free act and deed
Ad hoc - correct answer ✔✔(adj.) for this specific purpose; improvised; (adv.) with respect to
this
Adjudication - correct answer ✔✔giving or pronouncing a judgment or decree; also, the
judgment given
,Adjusted basis - correct answer ✔✔The basis of property used when computing gains for
income tax purposes; the cost minus depreciation plus capital improvements
Ad litem - correct answer ✔✔person appointed to act, during the pendency of a matter, as
guardian for a minor child. Person may also bring action on behalf of the child
administration of estate - correct answer ✔✔the management of a decedent's estate. An
administrator is appointed to collect all assets and debts of the decedent so that administrative
expenses and taxes are paid and the remaining assets are distributed to the heirs or
beneficiaries
administrative agencies - correct answer ✔✔agencies created by the legislative branch of
government to administer laws pertaining to specific areas such as taxes, transportation and
labor
administrative authority - correct answer ✔✔the rules, regulations and decision created by
federal, state, and local agencies; the executive orders of the President and governors
administrator - correct answer ✔✔person who administers the estate of person deceased; they
are appointed by the court and is the person who would then have power to deal with the
debts and assets of a person who died intestate
advance directive - correct answer ✔✔may also be referred to as a "living will"; document that
expresses a person's wishes about his/her medical care in the event they are unable to
communicate their desires or have a terminal illness
advance sheets - correct answer ✔✔Paperback pamphlets published by law book publishers
weekly or monthly that contain reporter cases, including correct volume number and page
number. When there are sufficient cases, they are replaced by a bound volume.
, adversary proceeding - correct answer ✔✔One having opposing parties, such as a plaintiff and a
defendant. Individual lawsuit(s) brought within a bankruptcy proceeding
affidavit - correct answer ✔✔a statement that, before being signed, the person signing takes an
oath that the content are, to the best of his/her knowledge, true. it is also signed by a notary or
some other judicial officer who can administer oaths, to the effect that the person signing the
document was under oath when doing so
agency decisions - correct answer ✔✔Opinions issued by federal and state administrative law
judges as the result of disputes or controversies presented to the agency's administrative law
judge or other person charged with hearing evidence and resolving issues involving matters
under the agency's jurisdiction.
agency regulations - correct answer ✔✔rules written by federal and state administrative
agencies
agent - correct answer ✔✔a person who has received the power to act on behalf of another,
binding that other person as if he/she were making the decisions personally; the person being
represented is called the principal
aid and abet - correct answer ✔✔to actively, knowingly, or intentionally assist another person in
the commission or attempted commission of a crime
alien corporation - correct answer ✔✔a corporation that was formed in another country, but is
doing business in the United States or its territories
allegation - correct answer ✔✔something to be proved or disproved through the introduction
of evidence
alternate valuation date - correct answer ✔✔the administrator may choose an alternative date
to the date of death for the valuation of the decedent's estate for federal estate tax purposes
