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Chapter 2 - Ownership of Property
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1
A life insurance policy would be an example of _________________.
A)intangible personal property
B)tangible personal property
C)goodwill
D)probate property
2
A life estate is an example of _________________.
A)probate property
B)nonprobate property
C)tangible personal property
D)real property
3
Living trusts are also referred to as ________________ trusts.
A)inter vivos
B)implied
C)resulting
D)express
4
A(n) _________________ trust becomes operative upon the death of the testator.
A)revocable living
B)implied
C)testamentary
D)constructive
5
The most complete form of ownership of real property allowed by law is _________________.
A)remainder interest
B)community property
C)undivided interest
D)fee simple
6
_________________ property is the land itself and any personal property affixed to the land.
A)tangible personal
B)intangible personal
C)real
D)probate
7
A business's reputation is intangible personal property and is often referred to as _________________.
A)goodwill
B)life insurance
C)title
D)unity
8
A(n) _________________ is an ownership interest in property for a designated period of time.
A)probate estate
B)gross estate
C)tenancy in partnership
D)life estate
9
A(n) _________________ trust is created by operation of law.
A)resulting
B)living
C)implied
D)revocable living
10
The probate court administers the distribution of probate property based on the wishes of the decedent as expressed in his will or the laws of _________________ succession.
A)life estates
B)gross estate
C)intestate succession
D)unity





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