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Fundamentals of Estate Planning Test (HS330) - American College Exam Questions

Last updated on June 20, 2026

97% Exam Compliance
400 Total Questions
1
Question
All the following statements concerning ownership of property in the form of a joint tenancy with right of survivorship are correct EXCEPT:
Options
A Joint tenants need not be related either by blood or marriage.
B All joint tenants must have equal interests in the property.
C Either real property or personal property may be the subject of this type of ownership.
D Upon the death of a joint tenant, his interest in the property passes to his estate or heirs.
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2
Question
Which of the following statements concerning filing the federal estate tax return is correct?
Options
A The estate tax return must be filed within 9 months of death unless an extension is granted by the IRS.
B For persons dying under current law, an estate tax return must be filed for all U.S. citizen
decedents.
C An automatic two-year extension for filing the estate tax return is granted when the decedent dies overseas.
D A one-year extension for filing the estate tax return is granted when the estate contains a closely held business interest.
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3
Question
Which of the following statements concerning both the joint tenancy with right of survivors hip and the tenancy by the entirety forms of real property ownership is correct?
Options
A Both forms of ownership provide that an owner can sell his interest in the property at any time without destroying the form of ownership.
B Both forms of ownership are restricted to two equal owners at any one time.
C Both forms of ownership are restricted to husband and wife.
D Both forms of ownership provide that a deceased owner’s interest passes to the surviving owner.
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4
Question
A woman is the income beneficiary of an irrevocable trust. Which of the following powers given to her will cause all the assets in the trust to be includible in her gross estate for federal estate tax purposes?
Options
A The power to direct the trustee to pay trust assets to her limited in amount to an ascertainable standard relating to her health and education
B The testamentary power to direct the trustee to use trust assets to pay her estate taxes
C The power each year to direct the trustee to pay her an amount of trust assets not exceeding the
greater of $5,000 or 5 percent of the assets held by the trust
D The testamentary special or limited power to direct the trustee to distribute trust assets to her children
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5
Question
All the following statements concerning an estate for a term of years are correct EXCEPT:
Options
A The tenant has the right to possess the property during the term of his interest.
B It is an interest in property established for a specific duration.
C The tenant may transfer the property at the end of the term of his interest.
D An interest may extend beyond the lifetime of the grantor.
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