IIA IIA Certifications IIA-CFSA Questions & Answers

• Question 51:

  The responsibility of setting an estate includes:

  A. Taking possession of the property included within thedecedent'sestate

  B. Valuing the estate's property

  C. Paying any debts of thedecedent's

  D. All of these

  Correct Answer: D

• Question 52:

  Unlike trust, there is no conveyance of title to the account assets. When the ________ relationship is established; legal title to the property remains with the principal.

  A. Guardianship

  B. Estate Administration

  C. Agency Services

  D. None of these

  Correct Answer: C

• Question 53:

  The duties of a guardian in guardianship arrangements are similar to those of a trustee.

  Specifically, the guardian is obligated to: 1) Protect and preserve the assets 2) Submit an inventory and appraisal to the court 3) Retain or divest assets 4) Use principal and income for the benefit of the ward 5) Submit an annual accounting to the court

  A. Only 1.3,4

  B. All of these

  C. Only 1, 2

  D. All except 3

  Correct Answer: D

• Question 54:

  Charitable trust that is an irrevocable trust and that may be testamentary or inter-vivos (Between living persons) is called:

  A. Foundations

  B. Charitable Remainder Unitrust

  C. Charitable Remainder Annuity Trust

  D. None of these

  Correct Answer: D

• Question 55:

  Performance as _____________ is normally the only true trust relationship administered by a corporate trust department.

  A. Trustee under a bond indenture

  B. Bank under a bond indenture

  C. Trust under a bond indenture

  D. None of these

  Correct Answer: A

• Question 56:

  The administration of personal trust accounts is primarily controlled by all of the following EXCEPT:

  A. Terms of Governing instrument

  B. A will

  C. Trust agreement

  D. Court order

  Correct Answer: A

• Question 57:

  Which one of the following is not commonly granted trustee's powers?

  A. Pertaining to the retention, purchase and sale of assets

  B. Those pertaining to distributions of principal

  C. Those pertaining to make dealings

  D. None of these

  Correct Answer: C

• Question 58:

  Defined benefits and defined contribution plans and individual retirement accounts are commonly administered:

  A. Corporate Trusts

  B. Charitable Trusts

  C. Estate Administrations

  D. Employee benefit trusts

  Correct Answer: D

• Question 59:

  Personal trust accounts may be:

  A. Living or testamentary

  B. Revocable or irrevocable

  C. Both of these

  D. None of these

  Correct Answer: C

• Question 60:

  Trust under will is a term referred to:

  A. Living trust

  B. Testamentary trust

  C. Revocable trust

  D. None of these

  Correct Answer: B