CANNON FUNDAMENTALS EXAM (2026-2027)
QUESTIONS AND CORRECT ANSWERS GRADED
A+
Which of the following is an example of tangible personal property?
A.Family Residence
B.IBM Stock
C.Jewelry
D.Rental House
C. Jewelry
Property such as trees or shrubbery purchased at a nursery become:
A.Real property when they are planted
B.Tangible property when they are sold
C.Real property when they are bought
D.Tangible property when they are possessed
A: real property when they are planted
A property comprised of land and everything attached to the land, including
minerals such as oil, iron ore, and others is known as:
,A.Tangible personal property
B.Intangible personal property
C.Real property
D.Personal property
C. real property
Determine the result of the transfer for the following question.
A to B. Which of the following is true following this transfer?
A.B has a fee simple interest
B.B has a joint interest
C.A has a future interest
D.B has no interest in the property
A. B has a fee simple interest
Determine the result of the transfer for the following question.
A to B for life and then to C. Which of the following is true following this
transfer?
A.B has a fee simple determinable interest, C has a remainder interest
B.B has a life estate, C has a reversionary interest
C.B has a life estate, C has a remainder interest
D.B has a fee simple determinable interest, C has a fee simple interest
C. B has a life estate, C has a remainder interest
,Determine the result of the transfer for the following question.
A to B for 10 years and then to C. Which of the following is true following this
transfer?
A.B has an estate for years, C has a remainder interest
B.B has a life estate, C has a reversionary interest
C.B has a determinable interest, A has a reversionary interest
D.C has a reminder interest; A retains a life estate
A. B has an estate for years, C has a remainder interest
Determine the result of the transfer for the following question.
A to B as long as B is found drug-free in annual tests. Which of the following is
true following this transfer?
A.B has a fee simple interest
B.B has a determinable interest subject to a condition
C.B has a remainder interest
D.B has a life estate
B. B has a determinable interest subject to a condition
A to B for life, then to C. Which of the following is true following this transfer?
, A. A has a fee simple interest
B. B has a reversionary interest
C. B has a future interest
D. C has a remainder interest
D. C has a remainder interest
Under joint tenants with rights of survivorship (JTWROS), when one tenant dies,
which of the following best describes the result?
A.Her share passes through her Will to her heirs
B.Her share passes by law to her heirs, not through her Will
C.Her share passes to the surviving joint tenant regardless of what her Will says
D.The asset must be sold and the estate gets half of the proceeds
C. Her share passes to the surviving joint tenant regardless of what her Will says
A decedent owns $400,000 in his own name, a $200,000 home in joint tenancy
with his spouse, and a $100,000 life insurance policy with the children as
beneficiaries. The amount passing through probate is which of the following?
$400K
Your client owns a $200K home in joint tenancy, a $15K car in his own name, and
$8k CD in his name alone, and a $100K life insurance policy with a cash value of
$10k, payable to his wife. What is the value of his probate estate?
QUESTIONS AND CORRECT ANSWERS GRADED
A+
Which of the following is an example of tangible personal property?
A.Family Residence
B.IBM Stock
C.Jewelry
D.Rental House
C. Jewelry
Property such as trees or shrubbery purchased at a nursery become:
A.Real property when they are planted
B.Tangible property when they are sold
C.Real property when they are bought
D.Tangible property when they are possessed
A: real property when they are planted
A property comprised of land and everything attached to the land, including
minerals such as oil, iron ore, and others is known as:
,A.Tangible personal property
B.Intangible personal property
C.Real property
D.Personal property
C. real property
Determine the result of the transfer for the following question.
A to B. Which of the following is true following this transfer?
A.B has a fee simple interest
B.B has a joint interest
C.A has a future interest
D.B has no interest in the property
A. B has a fee simple interest
Determine the result of the transfer for the following question.
A to B for life and then to C. Which of the following is true following this
transfer?
A.B has a fee simple determinable interest, C has a remainder interest
B.B has a life estate, C has a reversionary interest
C.B has a life estate, C has a remainder interest
D.B has a fee simple determinable interest, C has a fee simple interest
C. B has a life estate, C has a remainder interest
,Determine the result of the transfer for the following question.
A to B for 10 years and then to C. Which of the following is true following this
transfer?
A.B has an estate for years, C has a remainder interest
B.B has a life estate, C has a reversionary interest
C.B has a determinable interest, A has a reversionary interest
D.C has a reminder interest; A retains a life estate
A. B has an estate for years, C has a remainder interest
Determine the result of the transfer for the following question.
A to B as long as B is found drug-free in annual tests. Which of the following is
true following this transfer?
A.B has a fee simple interest
B.B has a determinable interest subject to a condition
C.B has a remainder interest
D.B has a life estate
B. B has a determinable interest subject to a condition
A to B for life, then to C. Which of the following is true following this transfer?
, A. A has a fee simple interest
B. B has a reversionary interest
C. B has a future interest
D. C has a remainder interest
D. C has a remainder interest
Under joint tenants with rights of survivorship (JTWROS), when one tenant dies,
which of the following best describes the result?
A.Her share passes through her Will to her heirs
B.Her share passes by law to her heirs, not through her Will
C.Her share passes to the surviving joint tenant regardless of what her Will says
D.The asset must be sold and the estate gets half of the proceeds
C. Her share passes to the surviving joint tenant regardless of what her Will says
A decedent owns $400,000 in his own name, a $200,000 home in joint tenancy
with his spouse, and a $100,000 life insurance policy with the children as
beneficiaries. The amount passing through probate is which of the following?
$400K
Your client owns a $200K home in joint tenancy, a $15K car in his own name, and
$8k CD in his name alone, and a $100K life insurance policy with a cash value of
$10k, payable to his wife. What is the value of his probate estate?
