Professional Fiduciary License Exam Study Guide questions || || || || || || ||
with verified detailed answers || || ||
Is a guardian or conservator personally liable on an instrument in the course of guardianship or
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conservatorship? - ✔✔No, unless the guardian or conservator fails to reveal their representative || || || || || || || || || || || || ||
capacity or identify the estate. || || || ||
What must a guardian or conservator do to avoid personal liability on an instrument? - ✔✔They
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must reveal their representative capacity and identify the guardianship or conservatorship estate
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in the instrument.
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What must the conservator do with regards to real property owned by the conservatee? -
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✔✔Record his or her letters with the county recorder's office in each county where the || || || || || || || || || || || || || || ||
conservatee owns real property. || || ||
When should the conservator record their letters with the county recorder's office? - ✔✔No later
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than 90 days after being appointed as conservator.
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Limited conservator does not have the following powers or controls unless are specifically
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requested in the petition for appointment of a limited conservator and granted by the court in its
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order - ✔✔1. Fix Residence or specific dwelling of the specific dwelling of the limited
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conservatee 2. Access to the confidential records and papers 3. To consent or withhold consent to || || || || || || || || || || || || || || || ||
the marriage of the limited conservatee 4. The right of the limited conservatee to contract. 5. The
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power of conservatee's right to give or withold medical consent. 6. The limited conservatee's right
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to control his or her own social and sexual contacts and relationships. Decision concerning the
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education of the limited conservatee. || || || ||
Notice of Petition for Appointment of Guardian or Conservator - ✔✔Notice must be given not
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less than 15 days before hearing, notice of time and place of the hearing .
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Deposits and withdrawal of money of conservatee - ✔✔The guardian or conservator may depsoit
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money or withdraw money out of the conservatorship account with order of court.
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, Guardian or conservator deposit personal property of the estate - ✔✔The guardian or conservator
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may deposit personal property of the estate with a trust company for safekeeping and withdraw
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the personal property without court order.
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A trust company serving as guardian or conservator may deposit securities that constitute all or
|| || || || || || || || || || || || || || ||
part of the estate in a securities depository pursuant to 775 of financial code - ✔✔Section 775 of
|| || || || || || || || || || || || || || || || || ||
the California Financial Code is related to the payment of dividends by common trust funds:
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Dividends
The directors or trustees of a common trust fund must pay semiannual dividends to the holders of
|| || || || || || || || || || || || || || || || ||
shares or beneficial certificates.
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Payment amount ||
The dividends should be roughly equal to the trust's net income for each fiscal year.
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A professional fiduciary practice administrator is a person appointed to take over the
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responsibilities of an incapacitated or deceased fiduciary - ✔✔is a person appointed to take over || || || || || || || || || || || || || || ||
the responsibilities of an incapacitated or deceased fiduciary
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In California, a practice administrator can have many powers, including: - ✔✔Employing people
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to assist with the management, winding up, and disposal of the practice
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Creating a plan for the disposition of the practice || || || || || || || ||
Agreeing to the sale of the practice and its goodwill || || || || || || || || ||
Reaching agreements with successor counsel for division of fees || || || || || || || ||
Acting as successor counsel for a client of the deceased or disabled licensee
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Practice Administrator responsibility - ✔✔render an acounting and petition for approval by the
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superior court making the appointment. Upon settlement of the accounting the practice
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administrator shall be discharge and the sure on his or her bond exonerated. || || || || || || || || || || || ||
Who determines if the disabled attorney can resume his or her law practice - ✔✔The court
|| || || || || || || || || || || || || || || ||
appointing the practice administrator determines upon petition that the disabled attorney has
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with verified detailed answers || || ||
Is a guardian or conservator personally liable on an instrument in the course of guardianship or
|| || || || || || || || || || || || || || || ||
conservatorship? - ✔✔No, unless the guardian or conservator fails to reveal their representative || || || || || || || || || || || || ||
capacity or identify the estate. || || || ||
What must a guardian or conservator do to avoid personal liability on an instrument? - ✔✔They
|| || || || || || || || || || || || || || || ||
must reveal their representative capacity and identify the guardianship or conservatorship estate
|| || || || || || || || || || || ||
in the instrument.
|| ||
What must the conservator do with regards to real property owned by the conservatee? -
|| || || || || || || || || || || || || || ||
✔✔Record his or her letters with the county recorder's office in each county where the || || || || || || || || || || || || || || ||
conservatee owns real property. || || ||
When should the conservator record their letters with the county recorder's office? - ✔✔No later
|| || || || || || || || || || || || || || ||
than 90 days after being appointed as conservator.
|| || || || || || ||
Limited conservator does not have the following powers or controls unless are specifically
|| || || || || || || || || || || || ||
requested in the petition for appointment of a limited conservator and granted by the court in its
|| || || || || || || || || || || || || || || || ||
order - ✔✔1. Fix Residence or specific dwelling of the specific dwelling of the limited
|| || || || || || || || || || || || || || ||
conservatee 2. Access to the confidential records and papers 3. To consent or withhold consent to || || || || || || || || || || || || || || || ||
the marriage of the limited conservatee 4. The right of the limited conservatee to contract. 5. The
|| || || || || || || || || || || || || || || || ||
power of conservatee's right to give or withold medical consent. 6. The limited conservatee's right
|| || || || || || || || || || || || || || ||
to control his or her own social and sexual contacts and relationships. Decision concerning the
|| || || || || || || || || || || || || || ||
education of the limited conservatee. || || || ||
Notice of Petition for Appointment of Guardian or Conservator - ✔✔Notice must be given not
|| || || || || || || || || || || || || || ||
less than 15 days before hearing, notice of time and place of the hearing .
|| || || || || || || || || || || || || ||
Deposits and withdrawal of money of conservatee - ✔✔The guardian or conservator may depsoit
|| || || || || || || || || || || || || ||
money or withdraw money out of the conservatorship account with order of court.
|| || || || || || || || || || || ||
, Guardian or conservator deposit personal property of the estate - ✔✔The guardian or conservator
|| || || || || || || || || || || || || ||
may deposit personal property of the estate with a trust company for safekeeping and withdraw
|| || || || || || || || || || || || || || ||
the personal property without court order.
|| || || || ||
A trust company serving as guardian or conservator may deposit securities that constitute all or
|| || || || || || || || || || || || || || ||
part of the estate in a securities depository pursuant to 775 of financial code - ✔✔Section 775 of
|| || || || || || || || || || || || || || || || || ||
the California Financial Code is related to the payment of dividends by common trust funds:
|| || || || || || || || || || || || || ||
Dividends
The directors or trustees of a common trust fund must pay semiannual dividends to the holders of
|| || || || || || || || || || || || || || || || ||
shares or beneficial certificates.
|| || ||
Payment amount ||
The dividends should be roughly equal to the trust's net income for each fiscal year.
|| || || || || || || || || || || || || ||
A professional fiduciary practice administrator is a person appointed to take over the
|| || || || || || || || || || || || ||
responsibilities of an incapacitated or deceased fiduciary - ✔✔is a person appointed to take over || || || || || || || || || || || || || || ||
the responsibilities of an incapacitated or deceased fiduciary
|| || || || || || ||
In California, a practice administrator can have many powers, including: - ✔✔Employing people
|| || || || || || || || || || || || ||
to assist with the management, winding up, and disposal of the practice
|| || || || || || || || || || ||
Creating a plan for the disposition of the practice || || || || || || || ||
Agreeing to the sale of the practice and its goodwill || || || || || || || || ||
Reaching agreements with successor counsel for division of fees || || || || || || || ||
Acting as successor counsel for a client of the deceased or disabled licensee
|| || || || || || || || || || || ||
Practice Administrator responsibility - ✔✔render an acounting and petition for approval by the
|| || || || || || || || || || || || ||
superior court making the appointment. Upon settlement of the accounting the practice
|| || || || || || || || || || || ||
administrator shall be discharge and the sure on his or her bond exonerated. || || || || || || || || || || || ||
Who determines if the disabled attorney can resume his or her law practice - ✔✔The court
|| || || || || || || || || || || || || || || ||
appointing the practice administrator determines upon petition that the disabled attorney has
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