Legal Environment in Business > EXAM > Trusts - Prof. Beyer – 2022 Exam Practice Questions – COMPLETE SOLUTION (All)

Trusts - Prof. Beyer – 2022 Exam Practice Questions – COMPLETE SOLUTION

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Trusts - Prof. Beyer – 2022 Exam Practice Questions – COMPLETE SOLUTION Steven transfers legal title to Thomas and equitable title to Brenda. Is there a sufficient split of title to create a trust? - ✔✔Yes Steven retains legal title and transfers equitable title to Brenda. Is there a sufficient split of title to create a trust? - ✔✔Yes Steven transfers legal title to Thomas and retains equitable title. Is there a sufficient split of title to create a trust? - ✔✔Yes Steven transfers legal title to Thomas and equitable title to both Thomas and Brenda. Is there a sufficient split of title to create a trust? - ✔✔Yes because sole trustee is not the sole beneficiary Steven transfers legal and equitable title to Thomas. Is there a sufficient split of title to create a trust? - ✔✔No, there must be at least a slight split of title Steven transfers legal title to both Thomas and Brenda and equitable title to Brenda. Is there a sufficient split of title to create a trust? - ✔✔Yes because sole beneficiary is not the sole trustee Steven transfers legal title to both Thomas and Brenda and equitable title to both Thomas and Brenda as well. Is there a sufficient split of title to create a trust? - ✔✔Yes because there is not a single person with both legal and equitable title Settlor created a valid trust naming Tom and Theresa as trustees. On Jan. 10, 2018, they conveyed all of their legal title to Bruce, the only beneficiary of the trust. What are the ramifications of the trustees' conduct? - ✔✔Merger Paul gave Arthur written authority to sell some of Paul's property located in another state and to remit the proceeds back to Paul. Did Paul create a trust? - ✔✔No, this is an agency relationshipAdam and Brooke were neighbors. Adam borrowed a stepladder from Brooke to install a ceiling fan in Adam's living room. Brooke gave Adam her dog to feed and care for while Brooke went on vacation. Brooke lent Adam her notebook computer for one month in exchange for Adam's promise to to buy her a new battery for the computer. Did any of these transactions create a trust? - ✔✔No, these are all bailments Oscar conveyed real property to George as follows, "To George and his heirs but if tobacco products are sold on the premises, the I or my heirs may reenter and terminate the estate." Did Oscar create a trust? - ✔✔No, fee simple subject to a condition subsequent

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