The CE Shop » Sales License » CA Real Estate Finance Course » 2021

Question #1

If someone dies without a will and has no next of kin, what happens to the deceased person’s assets?

A. They can be claimed by a close friend.

B. The state can claim the assets.

C. Eligible charities may petition the court for the assets.

D. They can be claimed by a neighbor.

Question #2

Who distributes the trust assets of a person who died?

A. An executor

B. A court-appointed administrator

C. The nearest relative to the trust maker

D. The successor trustee

Question #3

Which of the following is a true statement about an IRA?

A. Contributions to a SEP IRA are pre-tax contributions.

B. A traditional IRA has a higher contribution limit than a Roth IRA.

C. Taxes owed on a Roth IRA are payable upon withdrawal.

D. Once a taxpayer reaches age 65, contribution limits decrease.

Question #4

Harvey had a living trust, but when he died, some of his assets had to go through probate. What is the likely reason?

A. His trust was valued at over $250,000.

B. He neglected to put those assets in the trust.

C. His trust was contested.

D. The assets contained real property.