X and Y Buy a House Together, Each Contributing Half

question 7

Multiple Choice

X and Y buy a house together, each contributing half of the cost.The house is registered in the name of X, that is, X is the legal owner of the house.X will be a trustee and Y will be a beneficiary under:

• A)An express trust.
• B)A resulting trust.
• C)A discretionary trust.
• D)A unit trust.

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Definitions:

Supreme Court

The highest judicial court in a country or state, which has the ultimate authority in interpreting the law and constitution.

Lower Court

A court of law that is lower in the hierarchy than an appellate court and typically is the first level at which legal cases are heard.

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A writ from a higher court asking a lower court to send it the record of a case for review. The United States Supreme Court uses certiorari to review most of the cases it decides to hear.

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Intermediate appellate courts in the federal court system that review decisions of federal district courts, regulatory commissions, and other federal courts.