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 neighbor.

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

C. They can be claimed by a close friend.

D. The state can claim the assets.

Question #2

Who distributes the trust assets of a person who died?

A. A court-appointed administrator

B. The successor trustee

C. An executor

D. The nearest relative to the trust maker

Question #3

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

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

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

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

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. He neglected to put those assets in the trust.

B. His trust was contested.

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

D. The assets contained real property.