QUESTION 9
An estate must be reported within ………… of date of death in terms of section 7 of the Administration of Estates Act 66 of 1965:
A.
seven days
B.
fourteen days
C.
twenty-one days
D.
one month
1 points
QUESTION 10
An executor may consider the following method of liquidation where the testator bequeathed his entire estate to his two daughters and made a testamentary stipulation that all the estate assets must be sold:
A.
award of assets in specie (award assets in the same form as they were held by the deceased)
B.
redistribution agreement
C.
section 38 takeover
D.
total sale of assets
E.
partial sale of assets
1 points
QUESTION 11
The liquidation account, as a subsection of the liquidation and distribution account, reflects:
A.
how the assets are going to be distributed
B.
the liquidity of the estate at date of death
C.
income earned and expenditure incurred in the estate after date of death
D.
assets and liabilities of the estate at the date of death
E.
all of the above
1 points
QUESTION 12
Identify the document that contains the following testamentary provision: 'We, D and E, bequeath our estates as follows: D's estate to C and E's estate to G.'
A.
single will
B.
joint will
C.
mutual will
D.
a will making provision for massing of estates
1 points
QUESTION 13
X's attorney drafted a will for him based on his (X's) instructions and the will was validly executed. Unfortunately the attorney wrote on page 2 of the will 'I bequeath the residue of my estate to my friends A and B' instead of 'I bequeath the residue of my estate to my friends A and C', in accordance with X's instructions. Advise X as to what can be done in order to give effect to his (X's) true intention:
A.
X can amend his will
B.
the court can amend X's will
C.
the court can interpret X's will to give expression to his (X's) true intentions
D.
the court can rectify X's will
1 points
QUESTION 14
A's estate consists of the following assets: a house valued at R2 000 000, a motor vehicle valued at R1 000 000 and cash in the sum of R1 000 000. The liabilities of the estate amount to R2 000 000. The executor's remuneration was not fixed by the testator in the will. With reference to the above set of facts, indicate the remuneration that the executor will be entitled to:
A.
R380 000
B.
R240 000
C.
R140 000
D.
R70 000
E.
R350
1 points
QUESTION 15
The liquidation and distribution account in a deceased estate has to be submitted to the Master within:
A.
fourteen days after the date of death
B.
six weeks after letters of executorship have been issued
C.
six months after the date of death
D.
six months after the appointment of the executor