MATCHING -A Future Estate in Real Property That Takes Effect on on the Termination

question 27

Multiple Choice

MATCHING
-A future estate in real property that takes effect on the termination of a prior estate created by the same instrument at the same time

• A)chattel
• B)chose in action
• C)nonprobate property
• D)intestate succession statutes
• E)joint tenants
• F)partition
• G)community property
• H)commingling
• I)fee simple estate
• J)remainder
• K)digital assets

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Definitions:

Weighted Average

A calculation that takes into account the varying degrees of importance of the numbers in a data set, giving weight to some data points more than others.

Gross Profit

The financial metric calculated by subtracting the cost of goods sold from total sales revenue.

LIFO Method

An inventory valuation method that assumes the last items placed in inventory are the first ones sold; stands for Last-In, First-Out.

Physical Count

The process of manually counting the actual inventory on hand at a specific point in time to verify stock levels and accuracy of records.