Chap 2: Property Ownership and Interests Flashcards
2.1 Under Hawaii’s Uniform Probate Code, what is true of properties sold after July 1, 1977?
a. A wife has a 1/3 dower interest in property owned by her husband at his death.
b. A husband has a 1/3 curtsey interest in his wife’s property at her death.
c. A husband or wife may claim 1/3 elective share of the other’s estate at the decedent’s death.
d. Neither spouse can sell his or her separately owned property without the other’s signature.
c. A husband or wife may claim 1/3 elective share of the other’s estate at the decedent’s death.
2.2 Under the Uniform Commercial Probate Code, the purchaser of trade goods by way of a bulk sale must:
a. Withhold payment until he receives a tax clearance on the seller.
b. Run a credit check on the seller before making payment.
c. Not use the goods until the seller’s creditors have had one year to present their claims.
d. Present the seller with a credit check of his own credit.
a. Withhold payment until he receives a tax clearance on the seller.
ANSWER: A
2.3 Jackson Hillario exercised his right of election when his wife died and left everything to her ex-husband. He will receive:
a. A portion of her real property, but the jewelry automatically goes to her daughter.
b. A portion of her real property and ALL of her personal property.
c. A portion of both her real and personal property, depending on how long they were married.
d. Nothing
c. A portion of both her real and personal property, depending on how long they were married.
ANSWER: C
2.4 At least one member of the board of directors of a Hawaii corporation must be:
a. A U.S. Citizen
b. A Licensed real estate broker.
c. A college graduate with a degree in business administration.
d. A resident of Hawaii.
d. A resident of Hawaii.
ANSWER: D
2.5 Which of the following would NOT be a benefit of placing real property in a land trust?
a. Avoids ancillary probate for non-residents.
b. Allows the property to be registered in Land Court.
c. Serves as an alternative to an agreement of sale.
d. Prevents partioning.
b. Allows the property to be registered in Land Court.
ANSWER: B
2.6 The beneficial interest of the owner of real property held in a land trust is considered:
a. real property
b. mortgaged property
c. beneficial property
d. personal property
d. personal property
ANSWER: D
2.7 In Hawaii, a partnership which participates in real estate dealings as part of its business must…
a. must have an individual licensed broker designated as the principal broker of the brokerage business.
b. must have all members of the partnership licensed, with one as a licensed broker in charge of the brokerage business.
c. must have all persons involved in the brokerage aspects of the business licensed as brokers
d. must have a licensed broker to supervise the licensed salespersons but anyone who is licensed as a broker may operate independently on behalf of the partnership.
a. must have an individual licensed broker designated as the principal broker of the brokerage business.
ANSWER: A
