Property Ownership
In South Dakota, an 'inter vivos trust' is a trust that:
ATakes effect at death (testamentary trust)
BIs created during the grantor's lifetime (living trust)✓ Correct
CIs created by a court order
DOnly holds commercial real estate
Explanation
An inter vivos trust (living trust) is created during the grantor's lifetime, unlike a testamentary trust created by will. It can be revocable or irrevocable and is commonly used to avoid probate in South Dakota.
Related South Dakota Property Ownership Questions
- An appurtenant easement in South Dakota 'runs with the land,' meaning:
- In South Dakota, 'encroachment' occurs when:
- A lis pendens recorded against a South Dakota property provides notice that:
- Which form of co-ownership includes the right of survivorship?
- Real property is distinguished from personal property primarily by:
- A cooperative (co-op) housing arrangement in South Dakota differs from a condominium because:
- Fee simple absolute ownership is best described as:
- In South Dakota, which of the following would be classified as 'personal property' rather than 'real property'?
Practice More South Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Dakota Quiz →