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M04: Midterm Exam  Due Feb 11 at 10:59pm  Points 91  Questions 37  Time Limit 120 Minutes Instructions This midterm is over modules #1 - #4 in Skyepack and over the materials and assignments in modules #1-#4 in Canvas. Attempt History Attempt Time Score LATEST Attempt 1 19 minutes 45.13 out of 91 * * Some questions not yet graded Score for this quiz: 45.13 out of 91 * Submitted Feb 11 at 2:23pm This attempt took 19 minutes. Question 1 1 / 1 pts An estate is everything that a person owns.

Correct! True False Question 2 Not yet graded / 3 pts List three types of estate planning: Your Answer: Wills, Trusts and Life Insurance. 1. Wills 2. Trusts 3. Gifts 4. Life Insurance Question 3 1 / 1 pts This type of planning strategy allows a transfer of property while alive and helps to avoid probate. Life Insurance Correct! Gift Trust Will

Question 4 1 / 1 pts A personal representative enters into a fiduciary role and is held to a very high standard of care. Correct! True False Question 5 Not yet graded / 3 pts Name three things that a personal representative must-do for an estate: Your Answer: Collect assets, pay the estate expenses, and distribute property to beneficiaries. 1. Collects all the assets of an estate 2. Prepare an inventory of the estate 3. Pays the estate's expenses 4. Pays out all claims 5. Distributes estate property to beneficiaries Many many more the student can list Question 6 Not yet graded / 1 pts Which court has special jurisdiction over a decedent's estate? Your Answer: A probate court has special jurisdiction over a decedent's estate. The probate court Question 7 1 / 1 pts Every estate must go through probate court.

True Correct! False Question 8 1 / 1 pts A personal representative can be appointed by the decedent or by the probate court. Correct! True False Question 9 Not yet graded / 1 pts Which chapter of the Indiana Code deals with Probate? Your Answer: Chapter 29. Chapter 29 Question 10 1 / 1 pts A fiduciary cannot be sued. True Correct! False Question 11

Not yet graded / 3 pts List three items of real property. Your Answer: A home, land and a farm. 1. House 2. Tree 3. Farm 4. School building Many things a student can list Question 12 Not yet graded / 3 pts List three items of personal property. Your Answer: Cash, a car, jewelry. 1. Car 2. Purse 3. Watch 4. Money Many things a student can list Question 13 11 / 11 pts Please match the types of ownerships and Interests below: Correct! This type of ownership is the truest form of ownership Severalty Correct! This type of ownership gives each owner exact equal rights. Joint Tenancy Correct!

This type of ownership allows another equal owner to inherit the interest when the other owner dies. Joint Tenancy Correct! This type of ownership is when two or more person own separate but undivided interest in the property. Tenancy in Common Correct! This type of ownership typically is reserved married persons. Tenancy in Entireties Correct! This type of interest is only for the duration of a person's life. Life Estate Correct! This is the right to possess, as opposed to ownership. Leasehold Estate Correct! This interest typically belongs to the person or institution that has a secured interest in the property until it is completely paid off. Mortgage Correct! This interest is a right to use or enter onto the real property of another without owning it. An Easement Correct! This is a claim against a property to secure payment of a debt or court judgment. A Lien Correct! This is a term used to describe a proportion of an estate which the surviving spouse of the deceased may claim. Elective Share Question 14 1 / 1 pts

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