Property Ownership
In Louisiana, a 'testamentary trust' holding immovable property must be:
AApproved by the LREC before taking title
BCreated by valid testament and established in accordance with Louisiana Trust Code provisions✓ Correct
CLimited to properties worth less than $1 million
DLimited to charitable organizations as beneficiaries
Explanation
A testamentary trust is created by will (testament) and must comply with Louisiana's Trust Code (Title 9 of the Louisiana Revised Statutes). The trust may hold immovable property as a trust asset, managed by the trustee for the beneficiaries.
People Also Study
Related Louisiana Questions
- Louisiana License Law is found in which section of the Louisiana Revised Statutes?Louisiana License Law
- Title to Louisiana immovable property is transferred by recording the Act of Sale in:Escrow & Title
- Under Louisiana law, acquisitive prescription of immovable property in good faith with just title requires possession for:Property Ownership
- In Louisiana, a 'testament' (will) disposing of immovable property must be in which form to be valid?Property Ownership
- In Louisiana, the broker's trust account must be used to hold:Agency
- In Louisiana, a property held in a 'revocable trust' (living trust) for estate planning purposes has the owner as trustee during their lifetime. When used for real estate, the trust:Property Ownership
- Under Louisiana Civil Code, a 'building restriction' (restrictive covenant) running with the land is created when:Property Ownership
Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
Study This Topic
Practice More Louisiana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Louisiana Quiz →