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. The state can claim the assets.

B. They can be claimed by a neighbor.

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

D. They can be claimed by a close friend.

Question #2

Who distributes the trust assets of a person who died?

A. The successor trustee

B. The nearest relative to the trust maker

C. A court-appointed administrator

D. An executor

Question #3

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

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

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

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

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

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. The assets contained real property.

D. His trust was contested.