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.   Retain the proceeds
B.   Give the proceeds to the beneficiary
C.   Give the proceeds to the trustor
D.   Give all of the proceeds to the attorneys involved
Question #2
Beneficiary interest in land that's part of a land trust is considered ______.
A.   Personal property
B.   Real property
C.   Protected from creditors
D.   Subject to partition
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 purchases the real estate.
B.   Peter conveys the real estate to Tom.
C.   Peter dies.
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.   Beneficiary
B.   Trustee
C.   Executor
D.   Trustor

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