X and Y Buy a House Together, Each Contributing Half

question 22

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:

Hire and Fire

The ability or authority of an employer to recruit new employees and, if necessary, terminate their employment.

RUPA

The Revised Uniform Partnership Act is a set of laws intended to govern partnerships and their operations in the United States.

Statement of Partnership Authority

A document that delineates the extent of a partner's ability to make decisions and bind the partnership in contractual agreements.

Real Property

Land and anything permanently attached to it, such as buildings and structures.