Creditor X filed a claim against the estate and the personal representative denied the claim because there was not enough money to pay the creditor. On what basis was Creditor X's claim disallowed?
a. Estate insolvency
b. Presentation of the claim after the expiration date
c. The claim is incorrect or invalid
d. Statute of limitations
Q. #2The _____________ _____________ give the personal representative the legal authority to gather financial information from banks and other sources, as well as to act on behalf of the estate.
Fill in the blank(s) with correct word
Q. #3The ethical obligation to be honest with the court is the duty of:
A) candor.
B) competence.
C) confidence.
D) representation.
Q. #4If a paralegal is charged with writing a letter to a client that the client has the option of suing another for breach of contract, that paralegal will be drafting:
A) an opinion letter.
B) a retainer.
C) a memorandum to client.
D) a fee agreement.
Q. #5On average, a personal representative must file an inventory with the court within 30-90 days after being appointed.
a. True
b. False
Q. #6Which of the following information is necessary in order to obtain the approximate value of a vehicle?
a. Year
b. Make and model
c. Mileage
d. All of the above
Q. #7What type of business entity is a business organization providing limited liability to its owners, but not taxed as a corporation, which is a cross between a sole proprietorship or partnership and a corporation, having characteristics of each?
a. Limited partnership
b. General partnership
c. Limited liability partnership
d. Limited liability company
Q. #8All states require real property to be formally appraised to determine the fair market value to be listed on the inventory.
a. True
b. False
Q. #9Bribery is a white collar crime.
Indicate whether the statement is true or false
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