Marital property Study guides, Class notes & Summaries

LPL4804 PORTFOLIO MEMO - MAY/JUNE 2023 - SEMESTER 1 - UNISA - (DETAILED ANSWERS - DISTINCTION GUARANTEED!) Question 1. 1.1 Draft the vesting clause where a couple who are married out of community of property is purchasing an immovable property together in equal undivided shares. Use your imagination for necessary information such as names. (4) 1.2 Would your answer differ if you were describing the same couple as in question 1.1. in the preamble of the deed of transfer, i.e. as trans...

Vivian buys a life insurance policy in which the insurer pays policyholders dividends based on how well the life insurer is doing. If the insurer is profitable, Vivian will receive dividends. If the insurer underperforms financially, Vivian and other policyholders will receive fewer dividends. Indicate the type of insurance policy Vivian purchased. A. Variable life insurance. B. Participating life insurance. C. Limited-pay life insurance. D. Non-participating life insurance - B. Participa...

Escrow Sample Test Questions and Answers Rated A An escrow is an arrangement that: a) Holds documents, b) Holds funds, c) Creates documents to affect a transfer of interest in property, d) is responsible for guaranteeing funds. A, B, C, E When is it necessary to have closing documents recorded prior to disbursement of escrow funds? a) it is not necessary, b) in almost all situations, c) when instructed by one of the parties to the escrow, d) only when the written instructions require recording...

Wrongful or criminal deception intended to result in financial or personal gain is called: - Answer- fraud The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: - Answer- 90 days __________ extend above the surface without limitation. - Answer- air rights An example(s) of an appurtenance would be: - Answer- easements There is no upper limit on the value of a Texas homestead. - Answer- true A(n) __________ is one that combines some of ...

Florida Real Estate STATE exam Questions and Answers 100% Pass The best protection that the public has during a Real Estate transaction is (are) A. The national and state association of REALTORS B. The punishment of licensees dealing dishonesty C. the high ethical standards of real estate agents D. FREC and the license law D. FREC and the license law A group license A. allows a broker to have a branch office B. allows a sales associate to work for more than one broker C. may be held by a...

IND2601 EXAM ANSWERS 2023 QUESTIONS ASKED A betrothal can be terminated … a. if the woman has a child of wedlock. b. if there are irreconcilable differences. c. by the death of the man or the woman. d. by adultery on the part of the man. Clear my choice Question 2 Not yet answered Marked out of 1.00 Flag question Question text Which of the following statements is true regarding testamentary dispositions in original customary law? a. Where the estate of a black person ha...

Loan-to-Value Ratio (LTV) - correct answer The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. Package Mortgage - correct answer Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - correct answer Covers more than one piece of property. Wraparound Mortgage - c...

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...

DC Real State Portion Exam Verified Questions and Answers Who appoints members of the DC Real Estate Commission? The commission executive director The DC Council chairperson The mayor The outgoing commissioners - CORRECT ANSWER-The mayor Jersey, a real estate licensee who lives in DC, inherited a 5% interest in a strip mall. Pete, her neighbor, saw a for sale sign at the strip mall and wants her to make an offer on the property on his behalf. Jersey considers her personal interest in...

Probate Formal judicial proceedings to prove or confirm the validity of a will, to collect the assets of a decedent's estate, to pay debts and taxes, and to determine the persons to whom the remainder of the estate is to pass. Fixtures An article that was once personal property but has been so affixed to real estate that it has become real property. Lessee Tenant. Personal Property Property that is portable or unattached to the real estate. Bill of Sale A legal document used to transfer ...