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. The state can claim the assets.

C. They can be claimed by a close friend.

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

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

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

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. The assets contained real property.

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

C. His trust was contested.

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