CA Real Estate Principles Course » 2021 » Section 3 Unit 4 Exam

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Question #1
When a land trust expires, the trustee must either extend the trust term or sell the real estate and ______.
A.   Give the proceeds to the beneficiary
B.   Give all of the proceeds to the attorneys involved
C.   Give the proceeds to the trustor
D.   Retain the proceeds
Question #2
Beneficiary interest in land that's part of a land trust is considered ______.
A.   Protected from creditors
B.   Real property
C.   Subject to partition
D.   Personal property
Question #3
Peter wants to set up a land trust so that his children can benefit from his real estate investments after he dies. He asked his financial advisor Tom to manage the trust, and Tom agreed. How is the trust created?
A.   Peter dies.
B.   Peter purchases the real estate.
C.   Peter conveys the real estate to Tom.
D.   Tom distributes income from the real estate investments.
Question #4
Darren set up a land trust so that his children could benefit from his real estate investments after he dies. He asked his financial advisor Tom to manage the trust. Darren is the ______.
A.   Trustor
B.   Trustee
C.   Beneficiary
D.   Executor

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