Paralegal Advanced Competency Exam (PACE) Practice Exam

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Study for the Paralegal Advanced Competency Exam (PACE). Utilize flashcards and multiple-choice questions designed to enhance your knowledge of paralegal standards and competencies. Prepare effectively and increase your chances of passing!

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What type of property is classified as a bequest?

Real estate only
Personal property other than real estate
Property acquired through a legal contract
Any property owned by the deceased

The correct answer is: Personal property other than real estate

A bequest specifically refers to a disposition of personal property through a will. This term is traditionally associated with personal property other than real estate, which aligns with the definition of the term in estate planning and probate law. When someone makes a bequest, they are usually indicating how they would like certain personal items—like money, jewelry, or other assets that are not classified as real property—to be distributed upon their death. While the term "property" can sometimes broadly encompass various classifications, in the context of bequests, it is distinctly pointing towards personal property. Thus, the correct identification of a bequest as relating to personal property other than real estate is essential for understanding estate distribution and the legal terms used in wills and trusts. Other choices do not accurately reflect the specific legal terminology regarding bequests.