Identify Which of the Following Statements Is True

question 73

Multiple Choice

Identify which of the following statements is true.

• A)An individual making a qualified disclaimer can determine to whom the disclaimed property will pass.
• B)A qualified disclaimer must be made within six months after (a)the day the property is transferred, or (b)the day the person receiving the property becomes age 21, whichever is later.
• C)One of the tests that a qualified disclaimer must meet is that it must be an irrevocable, unqualified, written refusal to accept property.
• D)All of the above are false.

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Definitions:

Extract Minerals

The process of removing solid minerals from the earth, which are then used in various industries and products.

Fixture

An item of property that is attached to a building or land in such a way that it becomes part of the real property.

Decorative Urn

A vase, often ornate, used as a home decoration or to hold the ashes of the deceased.

Fee Simple Absolute

A type of ownership of real property that grants the owner limitless, perpetual rights to the property, including the rights to use, sell, or bequeath the property.