Rules for the Distribution of Property in a Situation Involving

question 61

Multiple Choice

Rules for the distribution of property in a situation involving intestate succession:

• A) do not apply to property held in joint tenancy.
• B) apply where the testator has failed to name an administrator.
• C) prevent property from escheating to the state.
• D) have no application to real estate owned by the decedent.

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Definitions:

Promotional Allowances

Financial incentives provided by manufacturers to retailers for the purpose of advertising or promoting specific products.

Manufacturer List Prices

The recommended retail price set by the maker of a product, indicating the price retailers are suggested to sell at to consumers.

Acronym

A word formed from the initial letters of a name or by combining initial letters or parts of a series of words.

FOB

Free On Board; a term in international commercial law specifying at what point the risk of loss shifts from the seller to the buyer.