hs330

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Author:
Anonymous
ID:
23560
Filename:
hs330
Updated:
2010-06-14 21:13:22
Tags:
module
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Description:
module 2
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  1. Real property consists of land and anything that has been permanently attached to it.

    True.
    False.
    True.
  2. All property that is not real property is categorized as personal property.

    True.
    False.
    True.
  3. A fee simple estate may not be left to a property owner's heirs.

    True.
    False.
    False.

    The owner of a fee simple estate possesses all interests in the property and may pass the property to heirs at his or her death.
  4. The owner of a life estate in property has no interest remaining at death to leave to heirs.

    True.
    False.
    True.
  5. An estate for a term of years is an interest in property for a specified period of time.

    True.
    False.
    True.
  6. A leasehold interest is an example of an estate for a term of years.

    True.
    False.
    True.
  7. A future interest in property is always contingent.

    True.
    False.
    False.

    It is possible for a future interest in property to be fixed and absolutewhen it is created, although it will not take effect until some future time.
  8. A reversionary interest exists upon the disposition of property only is no rights in the property have been retained.

    True.
    False.
    False.

    A reversionary interest is an interest in property that was retained at the time of disposition of the property because the owner conveyed less htan total ownership.
  9. A person who has legal ownership of property also automatically has equitable ownership of the property.

    True.
    False.
    False.

    It is possible for the legal and equitable ownership of property to be split between different parties.
  10. The situs of property is generally considered to be the domicile of the property owner.

    True.
    False.
    False.

    The situs of property is the location of the property, which may be different from the domicile of the property owner.
  11. An estate is generally probated and distributed according to the laws of the decedent's state of domicile.

    True.
    False.
    True.
  12. Tangible and intangible property differ to some degree with respect to the jurisdiction in which such property will be subject to state death taxes.

    True.
    False.
    True.
  13. When a tenancy in common exists, neither cotenant may sell his or her interest in the property without the other contenant's permission.

    True.
    False.
    False.

    When a tenancy in common exists, cotenants can sell their particular interest in the property to whomever they wish.
  14. Joint tenancies with right of survivorship cannot be severed during hte lifetime of either joint tenant.

    True.
    False.
    False.

    A joint tenancy with rights of survivorship may be severed during lifetime. Each joint owner may sell his or her interest wihtout the consent of the other.
  15. For federal gift tax purposes, when a person uses his or her own funds to open a joint bank account with someone else, the contributing party has made a completed gift to the noncontributing party at the time the funds are deposited in the account.

    True.
    False.
    False.

    There is no gift upon the creation of the joint bank account. A gift is made only when the other joint tenant removes funds in excess of his or her own contributions.
  16. When property is placed in a safe deposit box that is jointly rented, the ownership of the property within is unaffected by the deposit box's form of rental.

    True.
    False.
    True.
  17. A tenancy by the entirety is a form of co-ownership in which each tenant may pass the property to anyone he or she chooses when he or she dies.

    True.
    False.
    False.

    A tenancy by the entirety is an interest in property that can be hald only by a husband and wife. The property automatically passes to the surviving cotenant when one of the tenants dies.
  18. A tenancy by the entirety held by a husband and wife is not severable by an individual tenant in most states.

    True.
    False.
    True.
  19. One characteristic of property held jointly with right of survivorship of by the entirety is that it passes to the survivor by operation of law, rather than under a will.

    True.
    False.
    True.
  20. Community property laws are uniformly applied in community property states.

    True.
    False.
    False.

    Each state has developed its owner variations, which makes it difficult to generalize.
  21. Community property is a form of property ownership in which various people who are neighbors own a share of real estate in the community.

    True.
    False.
  22. Substantial differences exist among the property laws of the community property states.

    True.
    False.
  23. Property acquired by either spouse before marriage in a community property state remains separate property.

    True.
    False.
  24. Property inherited during the marriage by an individual spouse in a community property state is considered to be separate property.

    True.
    False.
  25. All community property states recognize the tenancy-by-the-entireties form of ownership.

    True.
    False.
  26. The character of community property is determined by the character of property used to acquire it initially.

    True.
    False.
  27. A widow in a community property state has no recourse if her decedent husband bequeaths community property to a third party without her knowledge.

    True.
    False.
  28. Moving from a community property state to a common law state does not change the character of marital property acquired in the community jurisdiction unless the parties take steps to expressly change the property to a character other than its community identity.
  29. Decedents in community property states who leave all their assets to their spouses usually owe more estate taxes than decedents in common law states who leave all their porperty to their spouses.

    True.
    False.
  30. In community property states, all property the spouses own (as community or separate property) is subject to claims by creditors of either spouse.

    True.
    False.

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