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Vendor: American College
Exam Code: HS330
Exam Name: Fundamentals of Estate Planning test
Certification: American College Certification
Total Questions: 400 Q&A
Updated on: Dec 16, 2024
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Which of the following statements concerning ownership of property in the form of a joint tenancy with right of survivorship is correct?
A. Qualified joint tenancies cannot be severed without mutual consent.
B. Upon the death of a joint tenant, the surviving joint tenant receives the decedent's interest by operation of law.
C. Nonqualified joint tenants may have unequal interests in the property.
D. This form of ownership is limited to real property.
Which of the following types of real property ownership will be deemed to be a tenancy in common?
A. Two brothers are equal partners in a general partnership that owns a piece of real property used in the partnership business.
B. Two brothers own equal amounts of all the common stock in a corporation, the only asset of which is real property.
C. 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.
D. 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.
If a grantor establishes an irrevocable trust, the income of the trust will be taxed to the grantor if it is used to pay premiums for life insurance on the life of
A. a child of the grantor
B. the spouse of the grantor
C. a grandchild of the grantor
D. the father of the grantor
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