Quiz 5 Study Guide

Question 1

The party who acquires possession, but not the title, of personal property by one party to another, under agreement

Answer 1

Bailee

Question 2

The transfer of possession, but not the title of personal property by one party to another, under agreement

Answer 2

Bailment

Question 3

The party who gives up possession, but not the title, of personal property in a bailment

Answer 3

Bailor

Question 4

The inherent power of a government to take private property for public use. In the U.S. just compensation to the property owners is required.

Answer 4

Eminent domain

Question 5

All property which is not real property

Answer 5

Personal property

Question 6

Land and those objects permanently attached to land

Answer 6

Real property

Question 7

Any carrier required by law to convey passengers or freight without refusal if the approved fare or charge is paid (e.g.) airline, train, etc.).

Answer 7

Common carrier

Question 8

One to whom goods are shipped by common carrier

Answer 8

Consignee

Question 9

One who ships goods by common carrier

Answer 9

Consignor

Question 10

A woman who has been appointed by the court to settle an estate

Answer 10

Administratrix

Question 11

A man who has been appointed by the court to settle an estate.

Answer 11

Administrator

Question 12

Recipient of the proceeds of a life insurance policy: one who inherits property as specified in a will.

Answer 12

Beneficiary

Question 13

Personal property left by will

Answer 13

Bequest / Legacy

Question 14

An addition or amendment of a last will and testament executed with the same formality of the will

Answer 14

Codicil

Question 15

The body of a dead human being, deprived of life, but not yet entirely disintegrated

Answer 15

Decedent (corpse, dead human body)

Question 16

A gift of real estate made by will

Answer 16

Devise

Question 17

One who inherits real estate under a will

Answer 17

Devisee

Question 18

Exists when person executes a power of attorney which will become or remain effective in the event he or she should later become disabled.

Answer 18

Durable power of attorney

Question 19

The property of a deceased person, both real and/or personal

Answer 19

Estate

Question 20

A man appointed by the will of a deceased person to carry out the provisions thereof and settle the estate.

Answer 20

Executor

Question 21

A woman appointed by the will of a deceased person to carry out the provisions thereof and settle the estate.

Answer 21

Executrix

Question 22

An instrument in writing authorizing one person to do anything for the principal. In other words, one party has full power of attorney for another party.

Answer 22

General power of attorney

Question 23

One who inherits, or is entitled to receive property by will or laws intestacy

Answer 23

Heir

Question 24

A will written entirely by the testator with his own hand

Answer 24

Holographic will

Question 25

The state or condition of dying without having made a will

Answer 25

Intestate

Question 26

The succession of an heir at law to the property and estate of his ancestor when the latter has died without a will

Answer 26

Intestate succession

Question 27

Listing and valuation of a decedent’s assets by personal representative of the estate

Answer 27

Inventory

Question 28

One’s relatives collectively; referring to blood relationship (legally, the surviving spouse is not a kin)

Answer 28

Kin

Question 29

One who inherits personal property under a will.

Answer 29

Legatee

Question 30

A document which governs the withholding or withdrawal of life-sustaining treatment from an individual in the event of an incurable or irreversible condition that will cause death within a relatively short time, and when such person is no longer able to make decisions regarding his/her medical treatment

Answer 30

Living will

Question 31

Oral will declared or dictated by testator during last illness before appropriate witnesses to dispose of personal property and afterwards reduced to writing (not valid in all states)

Answer 31

Nuncupative will

Question 32

The method of dividing an estate by which an equal share is given to each of a number of persons, all of whom stand in equal degree to the decedent.

Answer 32

Per capita

Question 33

The method of proportionately dividing an estate between beneficiaries according to their deceased ancestor’s share

Answer 33

Per stirpes

Question 34

Person who represents and administers the estate of deceased persons (e.g., executors and administrators)

Answer 34

Personal representative

Question 35

An instrument granting someone authority to act as agent or attorney-in-fact for the grantor; an ordinary power of attorney is revocable and automatically terminates upon the death or incapacity of the principal

Answer 35

Power of attorney

Question 36

The process where the estate of a decedent is administered

Answer 36

Probate

Question 37

A court having jurisdiction over estates

Answer 37

Probate court

Question 38

The property of a decedent that is subject to administration by the executor or administrator of an estate

Answer 38

Probate estate

Question 39

The condition of leaving a will at death

Answer 39

Testate

Question 40

A man who makes a valid will

Answer 40

Testator

Question 41

A woman who makes a valid will

Answer 41

Testatrix

Question 42

One who holds title to property or another position of trust to a beneficiary; in funeral arrangements, the person who has the right to control funeral does so on behalf of all survivors

Answer 42

Trustee

Question 43

An instrument executed with required formality by a person making disposition of their property to take effect upon their death.

Answer 43

Will